Financing
Financing a roof
Three offers, from a third-party lender, subject to credit approval. The second one is the one almost every contractor in America describes incorrectly, so we explain it at length rather than in a footnote.
We do not name the lender. Financing is arranged through a third-party lender and is subject to credit approval; the lender, the rate and the full terms are on the credit agreement, and you see all three before you sign anything. Anyone who quotes you a rate before you have applied is quoting you a rate nobody has underwritten.
The three, side by side
Read the fifth row across before you read anything else. It is the only line on which these three products behave differently from one another, and it is the line that decides which of them costs you the least.
| $0 down, terms to 60 months | 12 months interest-free | Extended term, reduced APR | |
|---|---|---|---|
| Due at signing | $0 | $0 | $0 |
| Term | to 60 months | to 60 months | to 120 months |
| APR range | 8.99%–17.99% | 17.99%–29.99% | 6.99%–12.99% |
| Example payment | $308on $14,500 at 9.99% for 60 months | —No representative payment: the figure that matters on this one is what happens at month 12. | $405on $32,000 at 8.99% for 120 months |
| If a balance remains | Nothing happens. The rate does not change. | All interest accrued since the purchase date is charged at once, on the whole amount. | Nothing happens. The rate does not change. |
$0 down, terms to 60 months
- Down
- $0
- Term
- to 60 months
- APR
- 8.99%–17.99%
A conventional fixed-rate installment loan. Nothing due at signing, a fixed monthly payment, and no promotional period to keep track of. It is the least exciting of the three and it is the one we recommend most often, because there is nothing about it to misunderstand later.
A representative example
$14,500 financed at 9.99% APR for 60 months is $308.01 per month. Total of payments $18,480.65.
Calculated from the amount financed, the rate and the term shown. Not an offer of credit, and not your rate.
12 months interest-free
- Down
- $0
- Term
- to 60 months
- APR
- 17.99%–29.99%
Pay the whole balance inside the promotional period and the accrued interest is waived. Leave any balance at all and it is not. Read the block below before you choose this one — it is not the offer most people think it is, and the difference is thousands of dollars.
12 months interest-free — how this actually works
This is a deferred-interest promotion. It is not a zero-rate loan.
Interest begins accruing on the full purchase amount on the date of purchase. If you pay the entire balance in full before the 12-month promotional period ends, all of that accrued interest is waived and you pay nothing extra.
If any balance remains when the promotional period ends — even a small one — the entire amount of interest accrued since the purchase date is added to your account at once. Not interest on what is left. Interest on the whole amount, for the whole 12 months.
Making only the minimum monthly payment will not pay the balance off within the promotional period. That is how these programs are designed. If you intend to use this offer, divide your balance by 12 and pay that.
Financing is provided by a third-party lender and is subject to credit approval. Rates, terms and promotional periods are set by the lender and may change. Not all applicants qualify. The lender is named on your credit agreement — read it for the complete terms before you sign, and read this paragraph again first.
Extended term, reduced APR
- Down
- $0
- Term
- to 120 months
- APR
- 6.99%–12.99%
A longer term at a lower rate, for a larger scope — a full exterior, or a replacement plus siding and gutters. The monthly figure is the smallest of the three and the total of payments is the largest, which is the trade and we would rather state it than let you find it.
A representative example
$32,000 financed at 8.99% APR for 120 months is $405.19 per month. Total of payments $48,622.72.
Calculated from the amount financed, the rate and the term shown. Not an offer of credit, and not your rate.
Get on the roof and know for sure.
Forty-five minutes, dated photographs, a written answer, and no obligation of any kind.