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Home improvement financing

New Member

Home improvement financing

Any advice on how to finance a new roof with poor credit?  Our roof is leaking and I don't have the cash to replace it.  FICO 595

6 REPLIES
Valued Contributor

Re: Home improvement financing

Home Depot and Lowes both offer "project financing" for major projects - their credit underwiting is not too difficult, however sub-600 scores might be an issue -talk to them in a store and see how it goes since they'll know you are standing there offering a profit based sale. I give you a 50/50 shot with your score, you might get lucky.

 

Note that I used a Lowes "project finance" at just under $10k for a roof at 84 months 4.99% a few years ago - paid it off in 36 months and I think the APR is higher now.

 

Edit/Add: You might be able to get away with a patched or repaired roof as a short term fix, years ago I had water running down my brick chimney inside, turned out just to be the flashing - couple hundred bucks - our roof was 26 years old before it had to be redone.. 

Community Leader
Valued Contributor

Re: Home improvement financing

The current 84 month project financing is 7.99
Community Leader
Epic Contributor

Re: Home improvement financing

How much equity do you have in your home?

Community Leader
Valued Contributor

Re: Home improvement financing


Jfreeo wrote:

Any advice on how to finance a new roof with poor credit?  Our roof is leaking and I don't have the cash to replace it.  FICO 595


When I got approved for Lowes, my EX score was around 660.  I started off at $500, but within six months, it was up to $10,000.  It currently sits at $15000 now which is okay since I don't have any major projects needing to be done.  The higher the FICO score, the higher the SL and you can always request a higher limit by calling Credit Solutions. 


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New Member

Re: Home improvement financing

At least 50,000, nearer to 75,000 based on the most recent sales on our street.

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Community Leader
Epic Contributor

Re: Home improvement financing

Then I would advise looking into a home equity line of credit (HELOC), which is secured by the equity in your house.