Options on roof financing for bad credit cases can seem scarce in the Wynnewood area. After all, who would want to lend money to serious credit risks? As it turns out, more than you might think.
In the following article, we’re going to talk about why that is. We’re also going to give you the five facts you absolutely must know if you need to replace your roof in the next few months. Let’s begin!
1. Getting a Personal Loan Is Still Possible
The threshold for personal loans is typically high if you are a Wynnewood homeowner wanting to take advantage of low-interest rates. That said, you can still get a personal loan at a higher rate if your credit is less-than-perfect.
What does less-than-perfect mean, though? According to the major reporting agency Experian, it goes from 580 to 669. This range is considered “Fair,” but that turns off many lenders anyway as it is below the average.
This credit score will still make a personal loan possible, though you can expect to pay a higher interest rate. Regardless of how high it is, however, you can be guaranteed that it’ll be better than most credit cards.
Just make sure that if you go the “how to pay for a roof with no money” route that you borrow the bare-bones minimum. That is, no more than necessary to get the job done. You can get a clear idea of what that number is by requesting a free quote from Bailey’s Roofing.
2. Unused Credit Cards Can Provide Quick Cash
Unused credit cards allow you to get a new roof and pay monthly. The downside to this is the very high-interest rates, which can typically run more than 19 percent. Still, there are ways around the interest rates if you’re able to balance-transfer the total via a special introductory rate to another card.
If you go that route, make sure you never miss a payment date or the interest will kick in. Also, make sure you pay the roof off before the end of the term.
3. Using Tax Refunds Toward the Project Is Recommended
Another new roof financing option with bad credit is to take the tax refund you would normally be getting and apply it to the project total. Some companies will allow you to use your tax refund as collateral on a loan. Examine your options to see what works best.
4. Making Payments Twice Per Month Helps
A fourth consideration to make if you want to finance a roof with bad credit is to send two payments every month, spaced two weeks apart. This cuts the amount of interest you have to pay on the life of the loan, and it can do it by hundreds if not thousands of dollars.
5. Considering Multiple Options Is Your Best Bet
Last but not least when it comes to roof financing is to know and incorporate as many of your options as you can. See what’s out there, and don’t commit to the first offer until you’ve had a chance to vet it against other available offers. There are many places online where you can check out what you qualify for.
Roof Financing for Bad Credit May Be More Challenging
That said, everything is when compared to good credit. It doesn’t mean you should give up, though.
Your roof financing for bad credit options total more than you think. If you’re a Wynnewood homeowner and would like to know more about what Bailey’s Roofing can do for you, click here for additional information.