Can You Finance a New Metal Roof? Basic Options

There are a number of situations where financing needs may come into play, and when purchasing a new metal roof is a common example. Can you finance a new metal roof? You absolutely can, and there are a few options for doing so.

At Mid Michigan Metal Sales, we’re here to offer an unmatched range of metal roofing supplies for clients around Michigan, including metal roofing panels, metal roofing shingles and more. We know that a metal roof can be a significant investment, and we work with clients on a variety of payment and financing options. Here are some various approaches you might take to financing a new metal roof for any structure.

Credit Card

In many cases, the simplest and most convenient way to finance a new metal roof is through the use of a credit card. If you have a high enough limit, you can simply put the entire balance on your card and pay it off over time. Some cards even offer introductory periods with 0% APR on purchases, giving you some time to pay off the balance without accruing interest.

However, it’s important to carefully consider the interest rates and fees associated with your credit card before using it for such a large purchase. If you cannot pay off the balance within a reasonable amount of time, you may end up paying significantly more in interest than you would with other financing options.

Personal Loans

Another option for financing a metal roof is to take out a personal loan from a bank or credit union. These loans typically have lower interest rates and longer repayment terms compared to credit cards, making them a more affordable option in the long run.

Additionally, personal loans allow you to make fixed monthly payments, making it easier to budget for your metal roof without any surprises. However, keep in mind that this will require going through the application and approval process, which could take some time before funds are available.

Home Equity Loan or HELOC

In other situations, borrowers may be able to finance a metal roof through a home equity loan or home equity line of credit (HELOC). These types of loans use the equity in your home as collateral and typically have lower interest rates than credit cards or personal loans.

However, keep in mind that with these options, you are putting your home at risk if you are unable to make payments on the loan. Additionally, there may be closing costs associated with these types of loans, so it’s important to consider all factors before deciding on this option.

Renovation Loan or Cash-Out Refinance

Two other options for financing a metal roof are renovation loans and cash-out refinances. Renovation loans provide funds specifically for home improvement projects, while a cash-out refinance involves taking out a new mortgage with a higher loan amount and using the extra funds to pay for the metal roof.

Both of these options have lower interest rates compared to credit cards and personal loans, but they also come with additional fees and requirements. It’s important to carefully consider all aspects before deciding on one of these options.

In-House Financing

Finally, some metal roofing companies offer in-house financing options for their customers. This may involve setting up a payment plan directly with the company or working with a third-party lender that partners with the company.

While this may be a convenient option, it’s important to carefully review the terms and interest rates associated with in-house financing, as they may not always be the most affordable option. Additionally, some metal roofing companies may require a down payment or credit check before approving financing.

What to Consider

As you’re exploring options for financing a new metal roof, there are a few important factors to keep in mind.

• Interest rates: The lower the interest rate, the less you will pay in total over time. Be sure to compare rates between different options.
• Fees: Some financing options may come with additional fees, such as closing costs or application fees. These can add up and affect the overall cost of your metal roof.
• Repayment terms: Consider how long you have to repay the loan and whether or not your monthly payments fit within your budget.
• Credit score requirements: Some financing options may have minimum credit score requirements, so it’s important to know where your credit stands before applying.
• Risks: Remember that any type of financing involves risk, so it’s important to carefully consider your options and choose the one that works best for your financial situation.

At Mid Michigan Metal Sales, we understand that financing a new metal roof can be a major decision. That’s why we offer a variety of payment and financing options to make it easier for our customers to invest in high-quality metal roofing solutions. Contact us today to learn more about how we can help you finance your next metal roof project in Michigan!