There are many ways to finance your roof replacement if you don’t have ready cash on hand. In this blog, roof repair and installation company Rainier Roofing LLC shines the spotlight on contractor financing, and its advantages.
How Contractor Financing Works
Here’s how a typical contractor financing setup works: a roofing contractor works with a financing partner, usually a bank, to henl you manage the cost of the roofing project. Financing takes into account both the quoted cost along with the homeowner’s budget. The roof financing options, including the number of installments and payment method, will vary depending on the bank that’s willing to work with the contractor.
Advantages of Contractor Financing
Contractor or company financing offer several advantages over direct-lender financing:
- Special Rates — Contractors that offer financing receive promotions or special rates that are usually better than banks and other lenders, thanks to volume lending. These benefits can be passed on to customers, letting them get the most from the quoted cost on their roof estimates.
- Fixed Monthly Rates — Contractor financing is typically straightforward, and has fixed monthly rates. This means no hidden fees or compounded rates. What you see on the contract is what you will pay for, which makes it easier to prepare your monthly budget.
- Easy to Understand Terms — Terms and conditions are explained by your contractor’s representative, instead of a bank representative. This makes it easier to ask questions about financing and roofing during the same consultation.
- Simple Application Process — Most of the actual paperwork happens between the contractor and the bank. Homeowners can get feedback on financing approval within a day or two, ideal for out-of-season installations, where every day could count.
- Assured Project Completion — With contractor financing, there’s very little chance that your project won’t be finished due to insufficient funding. You can rest assured knowing that your contractor will see your roof to completion.
Rainier Roofing LLC offers financing options from Ygrene and Home Loan Investment Bank for residential and commercial roofing installation. Give us a call at (813) 920-9065 or fill out our contact form to schedule an appointment.