Popular Roof Financing Options in Pittsburgh, PA

Roof Financing Pittsburgh

Roof damage happens over time, often leading to costly repairs and replacements. For example, the national average for a roof replacement is about $8,000. Pittsburgh roof financing options can ease the immediate financial load of this positive home investment.

Gotcha Covered Contracting offers superior roofing services in Pittsburgh, and the surrounding cities. We know homeowners can be hesitant to schedule essential roof repairs, or a complete roof replacement, because of the cost. However, various financing options we offer can make it more affordable.

 After reading, call us at (724) 581-8147 for more information!

Factors to Consider About Roof Financing

No two roofs have the same conditions and necessities. These differences can alter the cost of your roof replacement or repair. A few unavoidable cost-altering factors include the following:

  • Roof size
  • Roof material types
  • Roof style and format
  • Roofing contractor rates
  • Your geographical area

These factors mean you will require a quote from whoever you choose to repair, replace, or install your roof. While you can research average costs for your area, keep in mind your circumstances may differ and change the price.

Is It a Good Idea to Get Financing for Roof Replacement?

Generally, you should pursue a good financing deal. Roofs take a lot of damage, from UV radiation to protecting your building during storms.

Leaving roof damage unattended may cause further property damage, like water leaks, mold growth, or foundation issues.

However, repairing your roof often costs a hefty penny. Unless you have hundreds or thousands of dollars available, you will likely need Pittsburgh roof financing.

Some roofing companies that offer financing options do so straight from the company. However, most companies or contractors have partnerships with third-party providers to help reduce roof repair, replacement, and installation costs. Speak with your chosen team to figure out your options!

How Do Roof Financing Loans Work?

To explain how financing works, you’ll need to know a few key terms your service finance company might use. These include:

  • Principal: the amount of the loan at the onset
  • Term: the time you have to repay a loan, often within months or years
  • APR (annual percentage rate): how much the lending company charges you for the loan in interest. Lower APRs usually reduce fees and the effect of compounding interest.
  • Interest: how much you pay in addition to the principal

Consider two roof replacement loans with a $5,000 principal and monthly compound interest.

  1. Loan #1: 60-month term and 10% APR
  2. Loan #2: 120-month term and 14% APR

For loan #1, the shorter term means you pay more money to the loan company each month. If you pay $106.24 a month, loan #1 would likely cost you about $6,374.11. You would pay around $1,374.11 in interest on top of the $5,000 principal.

For loan #2, the company will likely allow lower monthly payment amounts because of the longer term. However, interest continues to compound each month in the background. If you paid $77.63 a month, you would pay around $9,315.99 with $4,315.99 in interest.

Shorter terms mean higher monthly payments, but they reduce the amount of time interest has to build up. Lower APRs mean even with longer terms, you pay less interest overall.

What Are Some Benefits of Roof Financing?

Those numbers may look scary, but a good financing deal can ease the stress of repayments and roof repairs.

Lower Monthly Payments

If you don’t have a lump sum of $5,000 for a roofing job, loans give you the funds quickly. Then, you can slowly repay the money over time, with careful consideration of the APR. Some loans also have low fixed interest rates, meaning the APR does not increase for the loan’s lifetime.

Defer Interest on Some Loans

Some loans have a grace period of a few months where you don’t compound any interest. After that, you pay minimum payments, usually at a fixed interest rate. If you pay off the loan within the grace period, you pay no interest!

Delay Payments

Like loans with interest grace periods, some loans have payment grace periods that last a few months. This often interest-free grace period gives you more time to build up funds to make at least the minimum payments.

Where Do I Find Roofing Companies That Offer Financing?

You can try looking for a personal loan for Pittsburgh roof financing, or you can call us at Gotcha Covered Contracting. Our team provides financing options for roofing needs in Pittsburgh, PA, and surrounding areas, including Wexford, Cranberry Township, and Allison Park. To learn more about how to fund your next roofing project, call (724) 581-8147.