Are you considering getting a new roof but worried about the cost? You’re not alone. Many homeowners find themselves in a similar situation, wondering about financing options for such a considerable expense.

Yes, new roofing financing is an option. Several roofing companies provide financing plans, which can help cover some or all of your roof repair costs. This makes managing the expense more manageable.

When financing a new roof, consider this: Roof financing gives you more control over how you pay the total cost. This flexibility can be a game-changer, especially when planning to sell your house soon.

Investing in a new roof is brilliant; it boosts a home’s value. A shiny new roof can increase your home’s selling price by about $12,000. 

How To Pay For A New Roof?

Don’t worry if you do not have a lump sum payment on your card to finance a new roof. There are plenty of other routes to consider. For instance, when I needed to replace my roof last year, I explored several financing options. Firstly, explore community grants. These are often available for those finding it tough to cover costs. 

I found a local community grant that covered a significant portion of my expenses, which was a huge relief. Also, consider roofing loans. They are a practical choice, especially for those with less-than-perfect credit. These loans have easier approval processes compared to unsecured loans. I opted for a roofing loan due to my imperfect credit score, and the approval process was surprisingly smooth and quick.

In case your roof needs replacement after hail damage, you can file an insurance claim too, which, if approved, after the steep or flat roof inspection for insurance, will give you roof replacement financing coverage.

5 Best Roof Financing Options in 2024

Consider home equity loans, personal loans, or roofing company financing plans when financing a new roof. Home equity loans offer lower interest rates but require home equity. Personal loans have quicker approval but higher interest rates.

Roofing company financing plans often provide flexible terms. For example, a $10,000 home equity loan at 5% APR over 10 years would cost approximately $106 monthly, totaling $12,720.

Here are a few options for roof financing:

1. Credit Card

Do you have a roof repair that needs more cash? Here is a smart move if your credit score is top-notch. Look into a credit card offering a 0% APR for the first 12 to 18 months. This is a smart way to handle your expenses without the burden of extra interest. 


  • Quick funding
  • Easy approval


  • High APRs
  • Variable rates

2. Home Equity Loan

Think of a home equity loan as a special way to borrow money using the value of your house. Imagine you are saving for a big roof repair or want to buy better building materials.


This loan helps by locking in a steady interest rate, making sure your payments stay the same. Also, you have up to 30 years to pay it back, which helps lower your monthly payments.


  • A fixed interest rate with set monthly payments
  • Easy-to-obtain large sums of money 
  • Consistent monthly payments


  • You might take on more debt payments
  • Chance of losing your house

3. Cash-out Refinance

Refinancing your mortgage to snag a better deal is a smart move in times of low interest rates. Consider a cash-out refinance, where you swap your current mortgage for a bigger one and pocket the difference to fund your roof repair.

When I was considering this option, I consulted with a financial advisor who provided invaluable insights.

This strategy shines if it lands you a lower interest rate than your current one. 

For example, my neighbour opted for a cash-out refinance last year and managed to secure a rate that was 2% lower than their previous mortgage, significantly reducing their monthly payments while also covering their roof repair costs.


  • Predictable payments
  • Lower interest rates
  • Potential tax deductions


  • Closing costs

4. Contractor Financing

When looking for a roofing contractor, they offer ways to pay, like a personal loan or using a credit card.

It is a good idea to compare these options with other deals you find. Always read the details carefully so you understand what you are agreeing to. This is important because the terms can vary a lot. 


  • Interest-only during construction
  • Flexible Payments
  • Reduced Monthly Payments


  • Shorter-term loans are a risk

5. Home Renovation Loan

Are you considering a makeover for your roof to boost your home’s value, possibly in preparation for scenarios like a roof storm damage insurance claim

 Opting for fancier materials, like swapping out plain asphalt shingles for elegant tiles, can be brilliant.

Check out renovation loans. They differ from regular loans because they’re based on your home’s worth after the roof upgrade.


  • Loan amount based on “as-completed” value
  • A down payment of only 3.5%
  • Debt consolidation


  • Mortgage insurance required

How Long Can You Finance A New Roof?

When it comes to financing a new roof, especially when considering additional features like gutters with a metal roof, homeowners have various options.


 These choices span from shorter terms of around 2 to 6 years to longer commitments extending beyond 15 years.

A popular choice among many is opting for a financing term of 120 months or more.

This flexibility in financing terms allows homeowners to find a solution that best fits their financial situation.

Financing A Roof With Bad Credit

Financing a roof with bad credit can be challenging, but options exist. Home equity loans or lines of credit are possible if you have substantial home equity; however, they might come with higher interest rates.

Personal loans, often unsecured, are another option, though they typically require higher interest rates for those with poor credit.

Some roofing companies offer in-house financing plans, which can be more tolerant of credit scores but may include higher costs.

In need of a quick fix for your roof, perhaps due to issues like metal roof noise when it rains? Exploring financing options for home repairs is critical, especially if your credit could be better.

Generally, a credit score of 640 or more opens doors to better loan terms. But do not worry if your score’s around 580 – you still have a shot at a personal loan, though the terms might not be as favourable.

For instance, when my credit score was 600, I managed to secure a personal loan for my roof repair. Although the interest rate was higher, it provided the necessary funds to complete the project.One tip I found useful ways to improve my credit score slightly before applying, which helped me get slightly better terms.

Benefits of Financing a Roof:

  • Choose when to pay for your roof. Pay it all in the first bill without extra fees if that suits you.
  • There is no need to dip into your emergency fund or savings. Financing spares those vital reserves.
  • Plan your finances better by spreading out the cost rather than spending a large sum simultaneously.
  • Getting the loan is quick and straightforward, saving you time and hassle.
  • With financing, you gain a layer of security and accountability in the project.

Can You Finance A Roof FAQs

Should I Pay Cash or Finance for a New Roof?

Paying cash for a new roof avoids interest charges, but financing can protect your savings. Consider your financial situation and choose the option that best aligns with your current and future financial plans.

How To Get A New Roof For Free?

Getting a new roof for free is challenging but possible through specific grants, insurance claims for damage, or community programs. Check with local agencies and insurance providers for opportunities and eligibility criteria.

Should I take out a personal loan for a new roof?

A loan for a new roof is a viable option if you need more immediate funds. Compare interest rates and terms to ensure it is a financially sound decision and fits within your budget.

How long does it take to get approved for roof financing?

Approval time for roof financing varies but is often swift, possibly taking days or weeks. Some providers offer instant decisions, while others may take a few business days.

Do Roofing Companies Finance?

Yes, most roofing companies do offer financing options. However, they typically partner with third-party lenders rather than providing in-house financing.


When it comes to managing your finances, it’s all about your specific situation. Generally, the goal is to find money you can access fast, without high costs or steep interest rates. It’s like finding the best deal for your wallet.