What Are 5 Options to Consider When Financing a New Roof?

Whether a homeowner or business owner, getting a new roof can benefit you and your property in many ways. This new component can protect you better from the elements and increase your building’s energy efficiency. It can also increase property value and save you money in the long run by reducing maintenance costs. 

Although it may be worthwhile, remember that placing a new roof above your head can be costly. While paying for it through a personal loan is an excellent financing option, that usually only works if you have an outstanding credit score. Fortunately, you still have other choices to settle the payments. 

If you’re ready to make informed monetary decisions for your property, this article will enumerate the standard roof financing options to consider during this improvement project. 

1. Credit Card

If you have a good credit score, you may be eligible for a credit card that offers a 0% annual percentage rate (APR) introductory rate. It typically requires at least a fair credit score for approval. However, if you qualify, you may have a higher spending limit than other roof financing options. You must know that the 0% introductory rate is only beneficial if you can pay off the balance within that time frame.

You might pay a higher rate if you can’t pay off the balance before the 0% interest rate expires. Consider other financing options like personal or home equity loans if you’re unsure about repayment.

2. Personal Loan 

Personal loans are viable for home improvement projects like roof repairs. They give you a lump sum of cash you can use for any task. While you can determine the terms and interests by your credit score, options are available for all credit scores. Also, you can choose between online lenders, credit unions, or traditional banks based on your preferences.

3. Pay with Insurance 

If you should replace a damaged roof, you must determine if your home insurance will cover the expenses. While insurance companies typically cover roof damage caused by specific events listed in your policy, you must pay the damages yourself if the injury occurred because of wear and tear. 

You can determine if your insurance covers damage caused by unforeseen circumstances like fire, vandalism, or severe weather. Whether the entire roof replacement is covered depends on the claim. Consult your insurance provider to confirm coverage and file a claim, but remember to pay your deductible.

4. Pay with a Home Equity Loan or HELOC

Home equity loans are one-time lump sum loans with a fixed interest rate, while a home equity line of credit (HELOC) is a line of credit with a variable interest rate that you can use as needed. Both have similar repayment terms of 10 to 20 years. 

You can typically qualify for these roof financing options with a loan-to-value ratio (LTV) of 85% or less. You can calculate it by dividing the amount owed on the property by the appraised property value and multiplying by 100. Also, you must know your LTV before applying for a loan. While you can use these options for home renovations or repairs, you need good credit, stable income, and home equity to qualify.

5. Roofing Company Financing

Some roofing companies offer financing options, significantly larger nationwide corporations. However, small or local providers may not provide financing. If you’re unhappy with other financing options, consider looking into companies offering 0% interest for a limited time. Make sure to check the APR after the promotional period ends. When choosing a roof repair company, ask about their financing options.


The best financing option for your new roof depends on your monetary situation and credit score. You can determine the best choice for your needs by consulting financial experts, checking your credit score, and considering your preferences. 

If you need assistance determining the best roof financing in Charlotte, consult Weather Roofing! We’re ready to help you invest in your property and enjoy the peace of mind of fixed monthly payments. Let’s talk now!

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