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The Best Way To Finance Your Roof Replacement

Roof replacement can be a costly and exasperating endeavor. But since your roof protects all your other possessions, there’s no way you can delay or get away with not replacing it if it’s old or damaged.

If you wait too long to take care of a roof replacement need, problems could go from bad to worse, causing interior damage and requiring you to replace the complete roofing system.

If you don’t have the money on hand to cover the costs of a new roof, financing is an option. Here, we’ve listed six best ways to finance your roof replacement.


Paying all at once with cash is the simplest and easiest way to get the job done. There’s no complicated paperwork or approval process involved, and you won’t have to worry about repayments and interests in the coming years. While you won’t be required to pay upfront, you’ll have to pay a deposit and transfer the remaining funds after the job is complete.

If paying in cash means cleaning out your bank account, you might want to consider other options to ensure you’re financially prepared for surprise expenses.

Credit Card

If you have an excellent credit score, you may qualify for a 0% APR credit card, which gives you a 12 to 18 months’ promotional period during which you pay no interest. A credit card offers a higher spending limit, but the repayment timeline is much smaller.

Home Equity Line of Credit (HELOC) or Home Equity Loan

Home equity financing can be a great option if you have equity built up on your home and want a predictable payment schedule. The great thing about HELOC is interest rates tend to be lower than personal loans and other financing options. However, the risk of using your home as collateral means you should only consider this option if you have a steady income and strong credit.

Personal Loan

If you have a great credit score, you can use a personal loan to pay for your roof replacement. Most lenders require a strong credit score and the loan is typically unsecured. You’ll want to ensure you can pay the monthly installments because the rates are often higher since there’s no collateral backing the loan.

Government Insured Loan

If you don’t want to max out a credit card or don’t have enough equity on your home, you may want to consider a government-insured FHA loan. 

Roofing Contractor Financing

If you don’t have cash on hand to pay for the full cost of your roof replacement project, you could decide to work with a roofing contractor who offers financing – either directly or through a lending partner.

Compared to personal loans, credit cards, or home equity financing, this process can be much more straightforward with easy-to-understand paperwork. In some cases, roofers can get special rates from banks and lenders they work with due to volume lending. You can also negotiate with your roofer to get affordable monthly installments.If you need a new roof in Norwood, MA, but you’re short of money, O’LYN Roofing is ready to help with sound advice, competitive financing, and premium roofing services. Contact us to request a free estimate and discuss roof replacement financing options which work for you.