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Old 04-05-2010, 07:06 AM
 
938 posts, read 601,650 times
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Default Why don't roofing companies offer financing?

I need to replace my roof in a hurry but no roofing companies(good ones) offer financing. why is that?
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Old 04-05-2010, 07:18 AM
 
Location: West Michigan
12,142 posts, read 21,562,311 times
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Because they have to buy the material and pay the labor right away. Same reason you won't find anyone to change your electrical, or plumbing with financing. They are Contractors, not banks; so they don't want to fund somebody elses project and have to wait a long time to get paid the amount they already had to lay out. If you need to finance a project; go to your bank, or put it on a credit card, don't ask a contractor to shell out their own money to cover you and take a risk of not getting it back.
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Old 04-05-2010, 08:10 AM
 
Location: Seaford, Delaware
3,350 posts, read 10,057,078 times
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Go to Lowe's or HD and put it on thier CC. They will do installation with purchase, and pay the contractor and you will have a big CC bill to pay monthly. If it's something immediatly necessary and you don;t have the cash, that's about the only way to do it.
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Old 04-05-2010, 08:32 AM
 
1,745 posts, read 1,028,208 times
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Get a home improvement loan
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Old 04-05-2010, 09:51 AM
 
Location: Kansas City North
2,095 posts, read 2,725,734 times
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Quote:
Originally Posted by ShaneSA View Post
Go to Lowe's or HD and put it on thier CC. They will do installation with purchase, and pay the contractor and you will have a big CC bill to pay monthly. If it's something immediatly necessary and you don;t have the cash, that's about the only way to do it.
I totally disagree with this advice. Arranging for roofing through Lowes, HD, Sears, etc. you'll pay MUCH more than simply contacting a roofer direct. Call your insurance company if you need recommendations.

And Lowe's and HD credit cards' APR are horrific. Better to get a home equity loan, home improvement loan, or even a signature loan at a credit union!!
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Old 04-05-2010, 12:16 PM
 
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thanks for the advice guys. I will look into all avenues posted to see which is better.
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Old 04-05-2010, 01:01 PM
 
21,186 posts, read 16,456,661 times
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Originally Posted by 4Horsemen View Post
thanks for the advice guys. I will look into all avenues posted to see which is better.
Also, HUD programs have funds now. Some grants, some loans and some deferred loans.
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Old 04-06-2010, 12:50 AM
 
Location: Historic Bessemer Alabama
629 posts, read 2,479,219 times
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Try a HUD Title 1 loan. Domestic Bank in Rhode Island did ours. They will loan up to 25k for Home improvements. You have to turn in an estimate and they come verify that you spent the money on what you said you did. I think they will go as long as 20 years on it.
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Old 04-06-2010, 06:38 AM
 
Location: Houston, Texas
10,427 posts, read 29,083,342 times
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Quote:
Originally Posted by Okey Dokie View Post
I totally disagree with this advice. Arranging for roofing through Lowes, HD, Sears, etc. you'll pay MUCH more than simply contacting a roofer direct. Call your insurance company if you need recommendations.

And Lowe's and HD credit cards' APR are horrific. Better to get a home equity loan, home improvement loan, or even a signature loan at a credit union!!
Yes OKey you are correct. After all the harping I/we do about Home Depot and Lowes rape prices I still get shocked when some one tells others to go there and pay double. That ol attitude that "I need a home improvement project and therefore I have to go to Home Depot" attitude has to stop. This means the big orange who only wants your little green has done an awesome job of branding their name into gullible heads.

If you really really really want to overpay you can go to Sears, everyone has a Sears card.

Some very large roofing companies do finance. Look harder. But how it works is the roofing company does not actually lay out the money for materials and labor. They have a deal wtih a bank, usually Wells Fargo does these kind of rape loans. The roofing company takes the app and passes it to the bank who qualifies you just the same as if you went directly to them for a loan.. If approved, they give the roofing company the whole amount and the customer makes payments to the bank. And yes the bank kicks back either a flat fee like $100 or maybe $15 a month for the life of the loan to the roofing company. Yes kickbacks are all legal. Cops get kickbacks all the time from tow truck drivers they call.

Here is another idea and I know roofing companies do this. I do this too. You ever see those 12 months no payments no interest charges advertisements? They work the same exact way as described above. The roofing company gets their money from the bank and the customer makes payments to the bank.

Honestly I doubt very much any bank is going to make a loan unless you have an 850 SCAM oops I mean FICO score. Last I herd there was only 6 American citizens left to meet that criteria. Banks just are not making loans in these depression times.
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Old 06-09-2010, 10:23 AM
 
Location: San Antonio, TX, USA
5,126 posts, read 6,955,774 times
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Quote:
Originally Posted by ShaneSA View Post
Go to Lowe's or HD and put it on thier CC. .
Lowe's and Home Depot do have special financing offers, 6 months no interest, etc. so I can see why you gave this suggestion.
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