The Most Practical Ways to Pay for a New Roof

So, you’re ready to replace the most important component of your house: your roof. You did the research, weighed the options, and reviewed the top-quality products to put your dream roof over your head. But there’s one thing left to figure out: how you want to pay for your new roof. You’ve got options, from credit card to roof financing to reaching into your own back pocket or savings account. Consider the most practical ways to pay for a new roof.

Roof financing

Roof financing is a highly practical way to manage the cost of a new roof.

Smart roofers work with banks to secure special promotions and rates from volume lending — and to pass those benefits along to you. Expect a better deal than other avenues of direct-lender financing complete with convenient and affordable rates priced to fit your budget.

At King Quality, we offer roof financing with competitive payment plans and interest rates as low as 0% for the first five years. You can finance your project for up to 12 years with payments as low as 1% of the total job cost per month. Approval in 30 seconds or less means your dream home is just a quick phone call away.

Paying with cash

Cash makes it easy to pay for a new roof without dealing with the bank. The problem: few American homeowners have thousands of dollars stashed between the couch cushions.

You don’t have to shell out the full cost up front. Even paying a quarter or third of your new roof’s total price with cash will make a difference to the final cost.

If you can wait a few years for a new roof, adjust your budget over time. Put away $75 to $100 every month until you save enough to cover the cost of a new roof.

Home equity loan or second mortgage

There are pros and cons to borrowing money from a bank against the equity in your home.

On the plus side, fixed low interest rates and installment payments let you know exactly what to pay each month. You can also stretch out the loan over many years to further lower the monthly payment. And the interest on the installment payments is tax deductible.

However, there is one major downside: if you default on the loan, the bank can foreclose on your home and sell it at auction.

Home improvement loan

Single-family homes without much home equity can secure fast funding with a home improvement loan up to $25,000. Expect predictable and easy-to-budget fixed low interest rates with low monthly payments and terms between 3 and 7 years.

The downside: you’ll need to secure a mortgage or deed of trust to borrow over $7,500. And if you have bad credit, you’ll pay much higher interest rates.

If you go this route, borrow a loan with low or no closing costs and competitive interest rates.

HELOC: Home equity line of credit

A HELOC is basically a crossbreed between a home equity loan and a credit card. It’s a practical solution for homeowners with plenty of equity in their home.

Rather than receive a lump sum up-front (like a home equity loan), you borrow a sum of money up to a credit limit (like a credit card). A lender agrees to lend you a maximum amount within an agreed period with the equity in your home up for collateral.

Expect low but variable interest rates which could rise and impact your monthly payment and overall cost of the loan.

Paying with credit card

A credit card can be a safe option, the most costly option, or, in an emergency, your only option.

Gravitate towards credit cards with low interest rates and good rewards programs. Make sure you have enough room on the card and that you can pay it off quickly within a few months. And beware of credit cards that offer 0% interest for the first 12 months and then skyrocket the interest rate for the remaining months.

A credit card is an especially bad option if you can only pay the minimum each month. Imagine you finance a new roof for $6,000, secure a modest interest rate of 12.5% and pay only the minimum ($50 each month). The 106 total monthly payments would cost you an extra $2696.24 in interest charges.

However, during desperate times or on a tight schedule—and especially without access to cash or loans—you may have no choice but to put the new roof on the plastic.

Royal treatment for you and your home.

Get affordable roof financing with 0% interest for the first five years and approval in 30 seconds or less. Reach out to King Quality today.

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