I had a roofing company come out to take a look at my roof last week,they gave me a decent estimate?
they really wanted my business so much,that they wanted me to get a home equity loan.I told them that I had bad credit.They were undeterred they said that they could get me a loan that would cover 13 years.I didn’t with them.The question that I have should I be suspicious when a roofing company tells me that they can get me a loan when everybody else says that I can’t /Any suggestions,ideas?
I wouldn’t trust them. They sound shady. Find another roofing company. These guys are up to something. Bet when the actual time comes to repair, that estimate is going to go up higher. They probably give a decent estimate to get you to trust them then they pull this home loan thing on you and then you trust them to do your roof but then they’ll jack up the price as time goes on.
There are other roofing companies out there who will give you a decent price without the shady side dealings.
October 14th, 2011 at 4:05 am
I wouldn’t trust them. They sound shady. Find another roofing company. These guys are up to something. Bet when the actual time comes to repair, that estimate is going to go up higher. They probably give a decent estimate to get you to trust them then they pull this home loan thing on you and then you trust them to do your roof but then they’ll jack up the price as time goes on.
There are other roofing companies out there who will give you a decent price without the shady side dealings.
References :
October 14th, 2011 at 4:12 am
I ran into that years ago when I tried to get some quotes for roofing and siding my house. The contractors who do that are usually in cahoots with consumer loan companies who charge ridiculous interest and fees. If you look at the "loan" they say they will arrange for you, it will show high rates and fees — not worth it! The contractor gets a kick-back or percentage from the loan company for getting you to take out the loan.
Even people with not so great credit can often get a bank home equity loan because the house they own is the security on the loan (of course, you need to have a good amount of paid off equity in it to cover that.) At this point such loans are very low interest, like less than 5%, if you can qualify. Those "consumer loans" that the roofers are likely pushing may be as much as 25% to 35% a year in interest and fees. Over 13 years you would pay more than they whole house cost just for the roofing job. No bargain there.
References :
30 years in the building and contracting business myself.