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What It Takes to Offer Financing for Your Roof
Many people want to know how to pay for a roof with no money. While you can search for grants, attempt crowdfunding, or even take out a loan using your home as collateral, one of the fastest and easiest ways to pay for your roof is through financing. All you have to do is ask your contractor! Proven Contracting offers financing, but not all contractors do. It’s an option that makes a big difference for both customers and roofers because financing can mean the difference between getting a roof and keeping a customer.
What it Takes to Offer Financing
In order to be able to offer financing, a roofer must be in business for a certain number of years, and have good credit and a positive reputation. The lender may also study the company’s bookkeeping practices, and get references from businesses that provide contracting materials.
In this way, being able to offer financing is in and of itself a way to identify a good contractor. That’s because any company that fails to meet the criteria required by a lender has also failed to meet some pretty basic benchmarks of being a reputable business.
Proven Contracting offers financing through Service Finance Company (SFC), LLC and GreenSky®, which, along with Wells Fargo, makes up a significant portion of the contracting financing market. SFC and GreenSky® are nationally licensed sales finance companies whose services are only available through contractors, which means that a customer can’t go straight to SFC or GreenSky® in order to arrange financing. Proven Contracting is a preferred financier through both SFC and GreenSky®.
Whether you’re talking to Bayville roofers, Brick roofers, or Toms River roofers, a conversation with a potential roofer might simply end after they say, “We don’t offer financing.” That’s because not everyone has the funds to make a lump sum payment for a new roof. With the option to arrange financing, the conversation can continue smoothly.
How to Apply for Financing
Finding out if you qualify for financing only takes a few minutes. All you have to provide is your phone number, Social Security number, email address, driver’s license number, and disclose the details of your mortgage and income. Proven Contracting will then call SFC and you’ll know within moments if you’ve been approved. You will get an unsecured loan, which means that you don’t have to put anything, like your home, for example, up for collateral.
It’s important to note that the credit history check is a hard inquiry, so it will stay on your credit report for 24 months. However, the impact on your credit score only lasts 12 months. Sometimes you might not get approved for the exact plan that you want, but you can then receive a counter offer for a different yet still workable payment schedule.
What Sort of Financing do we Offer
Proven Contracting has found to be the best financing option for customers is a plan that offers the lowest interest rate over an accommodating amount of time with zero payment up front. Some customers may prefer zero interest simply because they don’t like interest. For these clients, Proven Contracting has the opportunity to make an upfront payment and to then make payments directly on the principal. The figure will be added to the cost of your roof, with the upfront portion being sent straight to the lender. Which option you go with depends on your situation and preferences.
Some people may, for example, have most of the money needed for a new roof in savings and require just a few extra months to pay off the rest. Others may require several years, and that’s okay. Whatever your situation is, Proven Contracting will put together a plan that will work for you.
There’s also no prepayment penalty, so if you find yourself with an unexpected infusion of funds, say from a company bonus, then you can make a payment directly toward your principal or pay off the entire balance without any adverse consequences.
Why Financing Matters
Financing can make a big difference because the need for roof replacement can strike at any moment. Many customers don’t ask themselves, “When should I replace my roof?” until they notice some of the telltale signs of a roof in disrepair. They may spy granules from the shingles collecting around their homes; shingles that are blown off, cracking, or warped; algae or mold growth; or flushing and cement damage. These are symptoms of a roof already in need of replacing, so you don’t want to wait much longer once you notice them.
Holding off on getting your roof replaced simply because you don’t have the funds to pay for your roof with one lump sum can lead to even greater damage. You also don’t want to settle for a company that doesn’t have as strong of a reputation or access to the best materials just because you’re falling a few thousand dollars short. You want the best roof made out of the best roofing materials.
Proven Contracting is that company. Since 2018, we’ve held Master Elite® Roofer status from GAF, a premiere roofing material manufacturer. We also currently have a 4.9 star rating on Google based on 109 reviews.
How much it’ll cost to install a new roof varies. For a 2,000 square foot roof in Ocean County, you should expect to pay between $7,000 and $12,000. Although, a large home with a more complex design can take a few days and upwards of $15,000. But while the amount of time and money it takes to replace your roof may vary, what won’t change is the quality you should expect from Proven Contracting.
Bottom Line
With Proven Contracting, you can get the roof you deserve as soon as you need it. If you need a few thousand dollars more to work with a company as well regarded as Proven Contracting, financing can be arranged for you to pay off your roof with low monthly payments that meet your budget. And if you need a payment plan so that you can afford a roof replacement in the first place, Proven Contracting will work with you to make sure you get the roof you need.
