Financing Your Metal Roof: Payment Options for Asheville Homeowners
Metal roofing’s upfront cost stops some homeowners even when the long-term value makes sense. If you’ve done the math and know standing seam is the right choice but can’t write a $25,000 check today, financing can bridge that gap.
The right financing approach lets you get the roof you want now while spreading payments over time. Here’s how financing works for metal roofing projects and what options are available to Western NC homeowners.
Why Finance a Metal Roof?
The Core Logic
Financing makes sense when:
- The long-term value justifies the investment
- You can afford monthly payments comfortably
- Waiting to save up means living with a failing roof
- Interest costs are less than value lost by waiting or choosing inferior materials
For many homeowners, these conditions apply to metal roofing decisions.
The Math in Practice
Scenario: Pay cash for shingles vs. finance metal
Option A: Pay $15,000 cash for shingle roof
- No financing cost
- Roof needs replacement in 20 years
Option B: Finance $25,000 for standing seam over 10 years at 8%
- Monthly payment: ~$303
- Total interest: ~$11,400
- Total cost: ~$36,400
- Roof lasts 50-60 years
Option B costs more in absolute terms, but you get a roof lasting 2.5-3 times as long. You avoid the cost, hassle, and disruption of replacement at year 20. Energy savings and insurance discounts during those years help offset interest costs.
When calculated as cost-per-year-of-protection, financed metal often wins.
When Cash Would Be Better
Financing isn’t always the right choice:
- If the interest rate is very high (12%+)
- If monthly payments strain your budget
- If you’re planning to sell within a few years
- If a less expensive roof meets your actual needs
Consider your specific situation rather than assuming financing is automatically right or wrong.
Financing Options Overview
Several financing paths exist for roofing projects. Each has pros and cons.
Contractor Financing (What We Offer)
Many roofing contractors partner with lending companies to offer financing directly to customers. At Secure Roofing, we work with Service Finance and Advancial.
Advantages:
- Apply during your roofing consultation
- Fast approval decisions
- Designed specifically for home improvement projects
- Contractor handles paperwork coordination
Typical Terms Available:
- 12 months same-as-cash (0% if paid within 12 months)
- Extended terms up to 144 months
- Fixed interest rates
- No prepayment penalties typically
How It Works:
- During your consultation, express interest in financing
- Complete a brief application
- Receive approval decision (often same day)
- Choose your payment term
- Project proceeds; payments begin after completion
Home Equity Loans
If you have equity in your home, a home equity loan (HEL) or home equity line of credit (HELOC) often offers the lowest interest rates for home improvements.
Advantages:
- Lower interest rates than unsecured financing (often 7-9%)
- Interest may be tax-deductible (consult your tax advisor)
- Larger loan amounts available
- Flexible repayment terms
Disadvantages:
- Your home is collateral (risk of foreclosure if you don’t pay)
- Requires sufficient equity
- Application and closing process takes longer
- Appraisal and closing costs may apply
Best For: Homeowners with substantial equity who want the lowest possible interest rate and are comfortable with a secured loan.
Personal Loans
Unsecured personal loans from banks, credit unions, or online lenders can fund roofing projects.
Advantages:
- No collateral required
- Faster approval than home equity
- Fixed monthly payments
Disadvantages:
- Higher interest rates than secured loans (typically 8-15%+)
- Lower maximum amounts
- Credit score heavily impacts rate and approval
Best For: Homeowners who don’t want to use home equity or don’t have enough equity for a HEL/HELOC.
Credit Cards
Using credit cards for roofing isn’t generally recommended, but in specific situations it might work.
Advantages:
- Existing credit, no new application
- Rewards points on spending
- Some cards offer 0% promotional periods
Disadvantages:
- High interest rates if not paid during promotional period
- Credit limits may not cover full project
- Can hurt credit utilization ratio
Best For: Only if you can pay off the balance during a 0% promotional period. Otherwise, avoid.
Cash-Out Refinance
Refinancing your mortgage to a higher amount and taking the difference in cash can fund home improvements.
Advantages:
- Potentially very low interest rate
- Spreads cost over long mortgage term
- Can consolidate other debts simultaneously
Disadvantages:
- Significant closing costs
- Resets your mortgage term
- Only makes sense if current rates are favorable
- Lengthy process
Best For: Homeowners already considering refinancing who can combine it with home improvement financing.
Our Financing Partners
Service Finance
Service Finance Company specializes in home improvement financing. They’ve been in business for decades and understand contractor/homeowner relationships.
What They Offer:
- Same-as-cash options (12 months)
- Fixed-rate extended terms (up to 144 months)
- Online application and account management
- Quick approval process
Typical approval takes minutes. We can often tell you during your consultation whether you’re approved.
Advancial Financing
Advancial is a credit union offering their Visa Rewards Plus card with promotional financing for home improvements.
What They Offer:
- 12 months interest-free financing
- Rewards points on purchases
- Credit union service approach
- Flexible payment options
This works well for homeowners who want a credit-based option with promotional 0% interest.
What Affects Your Financing Terms
Credit Score
Your credit score significantly impacts:
- Approval likelihood
- Interest rate offered
- Maximum amount available
General ranges:
- 750+: Excellent rates and terms
- 700-749: Good rates, most options available
- 650-699: Higher rates, fewer options
- Below 650: Limited options, high rates
If your credit score is lower than you’d like, consider whether improving it before applying makes sense, or whether waiting would leave you with a failing roof.
Income and Debt Ratio
Lenders assess your income relative to your existing debt obligations. Even with good credit, high existing debt can limit approval amounts.
Home Equity (for Secured Loans)
For HEL/HELOC, the equity you have (home value minus mortgage balance) determines how much you can borrow.
Most lenders allow borrowing up to 80-85% of your home’s value minus your existing mortgage.
Example:
- Home value: $400,000
- Existing mortgage: $250,000
- Maximum total liens (at 80%): $320,000
- Available equity to borrow: $70,000
Calculating What You Can Afford
Before pursuing financing, honestly assess what monthly payment fits your budget.
The Budget Test
Look at your monthly income and expenses. What payment amount wouldn’t strain your finances or require cutting essentials?
A common guideline: total housing costs (mortgage, insurance, taxes, plus any home improvement loans) shouldn’t exceed 28% of gross monthly income.
Payment Examples
For a $25,000 metal roofing loan:
| Term | Rate | Monthly Payment | Total Interest |
|---|---|---|---|
| 60 months | 8% | $507 | $5,420 |
| 84 months | 8% | $390 | $7,760 |
| 120 months | 9% | $317 | $13,000 |
| 144 months | 9% | $281 | $15,400 |
Longer terms mean lower payments but more total interest. Choose the shortest term you can comfortably afford.
Factor in Other Benefits
Your monthly energy savings and insurance savings partially offset the financing payment:
- Energy savings: $10-$20/month
- Insurance savings: $15-$40/month
- Potential offset: $25-$60/month
A $300/month payment that’s partly offset by $40/month in savings is really $260/month net.
Applying for Financing
Information You’ll Need
Have ready:
- Government ID
- Social Security number
- Employment information
- Income documentation (may not be required for all applications)
- Homeownership verification
The Process with Us
- Consultation: We assess your roof and provide a detailed estimate.
- Financing discussion: If you’re interested in financing, we explain available options.
- Application: You complete a brief application (can often do this during consultation).
- Approval: Most decisions come within minutes to hours.
- Contract: Once approved, we finalize the project contract with payment terms.
- Project completion: We install your roof.
- Payment begins: Payments typically begin 30-60 days after project completion.
What If You’re Not Approved?
If initial financing isn’t approved:
- Ask why (credit issues, income, etc.)
- Consider a co-signer
- Explore alternative financing sources
- Discuss smaller project scope or different materials
- Address credit issues and reapply later
Denial isn’t necessarily permanent. Sometimes addressing specific issues allows approval later.
Questions to Ask About Financing
Before committing to any financing:
Interest Rate and APR
“What’s the interest rate, and what’s the APR including all fees?”
Total Cost
“What’s the total amount I’ll pay over the loan’s life?”
Prepayment Penalties
“Are there penalties for paying off early?”
Payment Timing
“When do payments start, and what’s the due date?”
Late Payment Policies
“What happens if I miss a payment?”
Promotional Period Details (if applicable)
“What exactly are the terms for the 0% period? What happens if I don’t pay it off in time?”
Understand the answers before signing.
Making Your Decision
Financing a metal roof makes sense when:
✓ You need a new roof and metal is the best long-term choice
✓ You can afford the monthly payment without stress
✓ The interest rate is reasonable (under 10% generally)
✓ You plan to stay in the home long enough to benefit
✓ Waiting to save cash would mean living with a failing roof
Financing doesn’t make sense when:
✗ Monthly payments would strain your budget
✗ Interest rates are very high
✗ You’re selling the home soon
✗ A less expensive option would adequately meet your needs
✗ You could save the full amount within a reasonable timeframe
Get Started
If you’re considering metal roofing and want to understand your financing options, we’re happy to discuss them during your free consultation. We’ll provide a detailed estimate, explain available financing, and help you understand what monthly payment would look like for your project.
Call Secure Roofing at 828-888-ROOF to schedule, or fill out our online form. We serve homeowners throughout Asheville, Hendersonville, Black Mountain, Brevard, and Western North Carolina.
Related Articles:
- Metal Roofing Costs in Western NC
- Metal Roof vs. Shingle: 60-Year Cost Comparison
- Financing Options at Secure Roofing
- Metal Roofing Services
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- Link to cost pillar: /services/metal-roofing/metal-roofing-cost-western-nc/
- Link to metal roofing page: /services/metal-roofing/
- Link to financing: /financing/
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