Whether you are dealing with an emergency roof repair or planning a complete roof replacement, there are several ways financing can help you get the project completed. Before you choose the best option for your situation, however, you must keep in mind certain considerations. Unless you have enough cash for this kind of investment, make sure you take a closer look at the following:
1. Term
In the context of financing, it refers to how long your loan will last. The longer the term, the more interest you’ll have to pay over the loan’s timeframe, but with likely smaller monthly payments. Completing a shorter loan term means taking on higher monthly payments.
2. Interest Rate
When comparing financing offers for your roof repair or replacement, make sure to consider the interest rate. After all, it will determine how much you’ll pay based on the original loan amount you intend to borrow. Your credit score and financial profile as well as the bank or lender are some of the factors that come into play here. You’ll get lower interest rates if you have a stable source of income and maintain a good credit score.
3. Type of Debt
Weigh the pros and cons of the type of debt you want to incur to finance your roofing project. Revolving debt is one that you get when you use a credit card. While it can give you immediate access to funds, see to it that you don’t miss out on payments every month. Otherwise, your credit score will take a hit. An installment debt, meanwhile, is a loan repaid in monthly installments, including interest. It is more structured than the revolving debt type because you know when you’ll get to finish the payments. However, failure to meet your obligations will increase fees and impact your credit standing.
As the leading roofer in the area, Christian Brothers Roofing offers many different financing options. We are always available to walk you through the various options to see what best suits your needs, whether it be through a quick phone call or a free on-site estimate. Call us today at (502) 244-0208, or fill out our contact form to request a free estimate.
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