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Financing for a Roof Replacement in a Down Economy

Nov 16, 2022

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Home » Blog » Financing for a Roof Replacement in a Down Economy

Here’s How to Fund a Roof Replacement

When the economy is down, it impacts all of us at some level. Businesses may charge more for their services or products, and the resulting surge in prices can make money tighter for consumers. All of this combines to make financing a major project, like a roof replacement, much more difficult for homeowners.

Financing often makes sense for roof replacement projects as most homeowners simply don’t have the money for a new roof set aside at all times. And at a time like now, when many are struggling to stay afloat, flexible payment options mean a great deal when it comes to handling major expenses. 

Here at Dolan Roofing & Construction, we partner with Sunlight Financial to provide alternate options for our customers to finance a new roof or major repair. Here’s why financing your roof replacement may be the right move for a down economy. 

Why Might I Need Financing for a Roof Replacement?

Roof financing covers roof repair and replacement services in instances where insurance doesn’t apply (or doesn’t provide full coverage). Most homeowners insurance policies will cover roof damage as a result of storms, fires, or other accidental events, depending on the roof’s expected lifespan, maintenance, and other factors. 

But there are plenty of exceptions to this coverage, and certain homeowners insurance policies may provide less money to cover roof damage than others. For instance, while a policy that provides replacement cost value is more likely to fund your roof replacement in full, a policy that uses actual cash value will likely leave you with more out of pocket costs.

How Does Roof Financing Work?

Roof financing is often an ideal way to fund a roof replacement due to its convenience. A roof loan from a financial provider will be offered as a lump sum upfront that can then be used to pay for your roof replacement. The amount you’re eligible to receive, as well as the interest rate you’ll pay over the life of the loan, will depend on things like your financial history and credit score.

This form of financing is often more attractive to homeowners than a home equity loan, as it doesn’t require you to borrow against equity you’ve built up on your home.

Can I Delay My Roof Replacement?

In general, it’s best not to delay roofing services, as any problems that currently exist with your roof will only worsen over time. If you’re replacing your roof due to damage, age, deterioration, or other factors that leave your home and roof vulnerable to the elements, this should be done as quickly as possible. 

On the other hand, some homeowners may be looking to replace their roof for other reasons, such as improving their home’s appearance or replacing their existing roof with one made from a more durable material. 

While the aesthetic value of a roof replacement can likely be put off, even a roof replacement to protect your home with a more durable material like metal or tile may be best done sooner rather than later. These types of roofs may save money for homeowners in the long run due to their longevity, energy efficiency, and resistance to damage. Cost savings on repairs that may need to be made on less durable roofs can start adding up as soon as you install your new roof.

Dolan Roofing Partners with Sunlight Financial

Here at Dolan Roofing, we’re constantly striving to give our customers flexible options for financing their roof replacement or major roof repairs. Flexibility can make major roofing projects much less stressful on you—and on your bank account. 

We partner with Sunlight Financial* to provide our customers with more flexible roof finance options. Their roof financing options come with many attractive benefits, including: 

  • Pre-qualification that doesn’t affect your credit
  • Payments that fit your budget
  • Financing from $1,000 to $100,000
  • Financing without using home equity
  • No prepayment penalties

If you’re looking to replace your roof amid a struggling economy, you have options! Our team can help further educate you on roof financing and other potential avenues for funding your roof replacement or repair. Contact us today to learn more and schedule your inspection!

*Subject to credit approval. Ask for details.