News & Advice

Yes, you can pay monthly for a new roof through different financing options. Here are some common ways to spread the cost of a new roof into manageable monthly payments.

Roofing Company Financing

• Many roofing companies offer in-house financing or partner with lenders to provide payment plans.
• You can typically choose from various terms (e.g., 12, 24, or 60 months) with fixed interest rates.
• Some companies offer promotional financing with low or 0% interest if the balance is paid within a certain period.

Home Improvement Loans

• Personal Loans – You can apply for a personal loan from a bank or online lender. These loans often have fixed rates and terms (e.g., 3-7 years).
• Home Equity Loans or Lines of Credit (HELOC) – If you have equity in your home, you can borrow against it. These options may offer lower interest rates than personal loans, but your home is used as collateral.

Credit Cards

• Using a credit card, especially one with a 0% introductory APR offer, can be an option for financing. However, this works best if you can pay off the balance before the promotional period ends to avoid high-interest charges.

Government Programs

• Some local governments offer low-interest loans or grants for home improvements, including roofing, especially for low-income homeowners.
• The Federal Housing Administration (FHA) offers Title I loans, which are specifically designed for home improvements.

Insurance Payment Plans (If Covered)

• If the roof damage is covered by your homeowner’s insurance, you may only need to pay the deductible, which some insurance companies offer to finance.

Other Stuff

• Interest Rates – The rates can vary widely depending on your credit score, the lender, and the type of financing.
• Loan Terms – Longer loan terms mean smaller monthly payments but may result in higher overall costs due to interest.
• Down Payment – Some lenders or roofing companies may require an upfront payment.

Exploring different options and comparing rates and terms can help you find the most affordable and convenient way to finance your new roof.