Texas Grand Roofing doesn’t offer direct to consumer financing but many of our customers have financed their roof replacements. Below is a comparison of some options depending on your situation. We are not financial advisors and we recommend you seek advice from financially savvy people you trust or see an advisor for help before making a decision. We have compiled some information here but the financial markets change so please research well before making a decision.
- We can take credit card payments.
- You don’t have to apply for any additional financing, provided your credit line is sufficient to cover the costs.
- Some credit card providers offer low to 0% interest purchase financing if the roof cost fits their offer.
- We have to charge a 3% card processing fee per our payment processor.
- Without a special financing offer from your provider, credit cards have typically very high interest rates.
- Most special financing terms are for 6 months to 2 years with deferred interest. This means you have to pay off the entire amount within that term length or you will have to pay the interest for the entire time you carry a balance including the promotional period.
We don’t recommend using a credit card to make your payments unless you are waiting on funds from elsewear. While credit cards are the easiest means of payment they are typically the most expensive.
Personal or Home Improvement Loan
- Depending on your credit, the interest rates are typically much better than credit cards rates.
- Many banks and organizations offer these loans so rates and terms are competitive.
- Personal Home Improvement loans may offer higher loan amounts because your purchase is for home improvement and not general use.
- Despite promoting high “up to” loan amounts, many personal and even home improvement loans will only loan you between $1-5K depending on your credit.
- Interest rates for personal loans may still be fairly high.
If you are paying for a repair or are only borrowing money for some of the roof replacement cost, personal/home improvement loans may be a good option. They typically give a loan decision quickly and fund quickly as well. But since most providers won’t approve the average person for a loan over $5k, this is not the best option for covering a roof replacement.
Home Equity Loan
- Usually the best loan interest rates available.
- You can often apply for this kind of loan through your mortgage provider who already has your information and may speed the decision/funding process.
- Often term options lengths can be comparatively long, giving you more time to pay back the loan without paying such high interest rates.
- Your home is used as collateral to insure the loan is repaid. This is not a huge con because you need a good roof to protect your home’s value anyway so this is usually a reasonable trade off.
- Getting approval for a home equity loan may require a more extensive application process.
A home equity loan is almost certainly the best loan structure when borrowing for a roof replacement. You can typically borrow a higher amount and get a lower interest rate than any other kind of applicable loan.
While only you and your financial advisor can decide if any of the loan options listed here are right for you, home equity loans often provide the best structure for getting a loan of the size necessary to cover a roof replacement. Below are some links to loan providers. We are not affiliated with these providers nor endorse their specific loan packages. If you have additional questions, please contact us: 832-610-6255
Home improvement loans:
Home Equity Loans: