Roof Financing: ASR’s Guide For Homeowners
Roofing Financing Made Easy:
In today’s post, our panel of experts here at American Standard Roofing discuss roofing financing made easy and measure some pros and cons of financing itself.
Financing Comes At A Cost:
It should come as no surprise to most people that financing typically comes at a cost. Technically, that is never supposed to be passed on directly to the customer. It is instead supposed to come out of the roofers proceeds. None the less, this just means that the homeowner is going to get a better deal or “discount” if they pay by cash. However, this is not always an option. For certain people it does make more sense to look into roof financing further.
What To Look For In A Loan?
Our team advises to always make sure it is an unsecured loan with a fixed rate and no prepayment penalties. With that out of the way, lets focus on people that are trying to decide whether or not to finance with the option to pay cash if need be. Obviously, if you have no other option then to finance that new roof you only need to find the best program and estimate available. But for those individuals with the money in the bank that are trying to decided whether or not to keep it in the savings account, there are a couple further things to consider.
Always factor in the interest rate when looking for roofing financing. If you can get a better return through your own personal investments then go for it. Most of us are not financial gurus and only making a modest return on investment so therefore need to seriously consider how much financing is going to cost for the entire term of the loan. Next, take a good look into your future and try, to the best of your capabilities, to decide if you will have enough money if a disaster arises. Such disasters include medical emergencies or even the lose of a job. Unfortunately, this kind of stuff happens everyday. If paying cash for your new roof is going to even potentially put you in a position where you will not be able to care for yourself or your family then, once again, financing may be the answer.
Use Your Credit Line Wisely:
The last thing to consider if you are looking to finance is if you should jump on the opportunity to get more work done or purchase better materials with the line of credit you are opening. Most of the time, the finance company will extend you a credit limit just like a credit card and you can then decided what type of work you want done to fit within the allotted budget. Many customers endlessly shop for the best deal because they just don’t have a lot of cash saved up. But when you are borrowing money, it means that you are able to get a whole lot more done, or are able to purchase a nice upgrade, for a very minimal increase in the monthly payment. Yes, long term it does cost you more. What you have to weigh out in this circumstance if the added value in the additional work or material upgrade is worth the extra expense. for instance, if you are stuck between getting a cheap 3-tab shingle for your new roof paying cash or can get an upgraded architectural lifetime shingle if you finance, you are a lot safer long term sucking it up and going with the latter option.
We’re Here For All Your Roofing Needs!
We are certified and licensed roofing contractors. We have a lot of experience with roofing financing procedures. We also have over 36 years of experience in the industry. American Standard Roofing stands behind it’s work. Our reputation is important to us. We believe in never sacrificing quality for easy profits. We also stand behind our services for the lifetime of the product, both labor and material. That is why we are #1 metro Detroit roofers. Give us a call today at (248) 350-2323 to see how we can help you out.