Replacing your roof can be a significant investment, and for many people, cost is a prohibitive factor. But what are you supposed to do if your roof fails? Fortunately, you have several financing options — and one of them is working through Synchrony to set up a payment plan.

Understanding Your Financing Options for a New Roof or Roof Repairs

You may be able to finance your new roof or roof repairs using Synchrony, one of the financial institutions we partner with. The following are a few advantages of financing your new roof or roof repairs with Synchrony:

• Simple application process
• Fast credit decisions
• Unsecured, revolving credit lines
• Promotional financing in some cases
• Convenient monthly payment options
• Online account management

Here’s a closer look at each.

Simple Application Process

Synchrony runs a very simple application process. Generally, all you need to do is answer a few questions and provide some financial information for the lender to make a decision on your financing. Many people can complete the application in a very short period of time.

Fast Credit Decisions

Generally, Synchrony makes quick credit decisions that enable you to get the funding you need fast. You don’t need to wait very long to find out whether this lender will cover your expenses for a roof replacement or roof repairs.

Unsecured, Revolving Credit Lines

This lender allows people to open lines of credit that don’t require collateral, which means you can take out an unsecured loan. That’s a huge benefit for people who need to borrow money for roof repairs or roof replacements.

Promotional Financing in Some Cases

Sometimes, Synchrony offers promotional financing. Promotional financing often means reduced interest rates or deferred interest for a certain period of time. If you’re borrowing when the lender offers promotional financing, you may be able to reap these benefits.

Convenient Monthly Payment Options

Rather than paying off your entire roof repairs or roof replacement all at once, you can set up convenient monthly payments. Depending on the length of time you choose to borrow, your payments may be lower or higher. Generally, you get to choose the loan terms when you borrow from Synchrony.

Online Account Management

With Synchrony, you can manage your entire account online. That makes it easy to make payments, check your remaining balance and even review your financing agreement’s terms.

Why Do People Finance Roof Repairs and Roof Replacements?

Roof repairs and roof replacements can be very costly. In fact, they’re among the most significant investments that homeowners need to make over time. And because roof repairs and replacements are necessary to maintain a safe and comfortable living environment, you generally can’t afford to delay. But if you don’t have the cash on hand to pay for repairs or a replacement, you may need to find financing that covers the cost.

Statistically, most Americans don’t have the savings available to pay for a complete roof replacement all at once. That’s why financing is such an attractive option. In a general sense, here are some of the reasons that people choose to finance roof repairs and roof replacements:

1. Immediate need
2. Preservation of savings
3. Manageable payments
4. Flexibility
5. Access to better materials

Here’s a closer look at each.

Financing a Roof Due to Immediate Need

Because many people don’t have cash on hand to pay for roof repairs or a roof replacement, it makes sense to finance. In fact, in that case, it’s the only option. And usually, roof problems can’t wait, particularly when they pose a threat to your home’s structural integrity. Leaks can cause serious damage, so you can’t put off repairs or replacement, and financing lets you address urgent needs right away rather than waiting until you’ve saved enough money.

Preserving Your Savings by Financing a New Roof

Even if you do have savings, you may prefer to finance the project to keep your savings ready for emergencies and other expenses. Financing allows you to spread out the cost over time while keeping your safety net in the bank.

Getting Manageable Payments Through Roof Financing

Because roofing projects can be fairly expensive, financing can help you break down one big expense into smaller, more manageable monthly expenses. Usually, when you finance a new roof or roof repairs, you can choose the terms of your loan. That means you can borrow for longer, and although that sometimes means paying more money and interest overtime, it also means lower monthly payments. That allows you to plan and manage your finances in a way you’re comfortable with.

Flexibility in Financing a New Roof

When you finance a new roof, you typically have the ability to double up on payments or, if you come into a large sum of money, even pay off the entire loan. You may also be able to refinance later, after you’ve made a number of payments, to get a lower interest rate or to lower your monthly payments if necessary. Usually, financing gives you options you wouldn’t ordinarily have when you’re on a budget.

Access to Better Materials Because of Financing a New Roof

Financing is one way to access higher quality materials or more comprehensive repairs that you couldn’t ordinarily consider. When you’re limited to your available cash, you have to stick with what you can afford right now. However, if you finance roof repairs or a roof replacement, you may be able to afford higher quality materials that will last longer and give you more peace of mind over the next several years.

What Other Options Do I Have to Pay for Roof Repairs or a Roof Replacement?

Financing isn’t always an option for people who need to pay for roof repairs or a roof replacement, and in those cases, you typically need to use your savings, put the project on a credit card, or take out a home equity loan or another type of loan. Because roof repairs and roof replacements are typically necessary and can’t be put off for very long, your options may be limited. If financing will be too difficult for you, you should talk to your roofing inspector. Your inspector can suggest the most affordable fixes and help you put off a complete roof replacement if possible.