We help with roof loans for bad credit all the time!
Are you looking for roof loans for bad credit? Do you have the earning means but not the optimal credit? Look no further. Here at American Standard Roofing, we work with several lending institutions to help get you roof loans for bad credit.
A recent report by CNN money points out:
The U.S. economy grew 3.7% in the second quarter, a very big upward revision than the first official estimate, 2.3%, according to the Commerce Department’s measure of gross domestic product, the broadest measure of economic activity. Economists projected the new number to be 3.2%.
This positive growth in US economy is a welcome news in the roofing industry. It means financial institutions that lend money will be more willing to provide roof loans for bad credit.
Unfortunately, not every roofing contractor is willing to help homeowners with less than perfect credit history get roof loans for bad credit. Homeowners in Metro Detroit area have faced much hardship in the the recent past.They have been unable to keep up with their home, auto and other loan payments resulting in bad credit history. Not exactly a position to be stuck in when you are looking for roof loans for bad credit. Fear no more though. Our experts at American Standard Roofing advise that banks are now approving credit score as low as 400. They have also made a comprehensive list of recommendation when looking for roof loans for bad credit.
1. Simple Interest Loan:
When it comes to roof loans for bad credit, this is the go to loan you should look at. A homeowner can end up paying less in interest than a standard loan if he/she makes payments early. A potential drawback however can be that if payments are not timely, borrower ends up paying substantially more.
2. Prepayment Penalty:
Always make sure there is no prepayment penalty for the loan. This is useful because if the homeowner wants to pay his/her roof off early, there would be no penalty on that.
3. Fixed APR:
Our experts recommend going for fixed rate roof loans for bad credit, instead of a variable one. It provides ease of mind to borrower knowing that the rate is fixed for the duration of the term and will not go up after a certain time period.
4. Unsecured Loan:
By definition, an unsecured loan is given by keeping in view the borrower’s creditworthiness. This means no use of property as collateral. This is a much safer loan to get when searching for roof loans for bad credit. It also comes recommended from our team.
5. Shop Around for Best Options:
Make sure that when you are approved for the loan, you can shop around with different contractors, suppliers or manufactures. Sometimes loan approvals come with limited choices. This step will help ensure you can get the best deals out there.
6. Show Full Income:
Sometimes homeowners who apply for a loan fail to show complete annual income. Income includes not just your salary but any other sort of payment that might be included in your household. This can have a major impact on the result of loan approval.
7. Down Payment:
Sometimes making a down payment also helps. Lending institutions sometimes decide whether they want to give a loan based on down payment. Making a down payment shows positively when asking for roof loans for bad credit.
While not the most ideal situation, most of the times people with bad credit need a cosigner. It helps tremendously if the cosigner and the borrower of the loan share the same house. It makes the decision easier for lending institutions.
We’re here to help!
Now that you know what to look for in a loan, you can apply directly through our website. We will find you the best roof loans for bad credit available. We’re Michigan’s #1 roofers. We have been in business for over 36 years. We know the right people who can get you financing. Call us today at (248) 350-2323. Or CLICK HERE. We’ll get you approved!