Your rep just spent 90 minutes at a kitchen table. The homeowner loves everything - GAF Timberline HDZ in Charcoal, ice and water shield upgrade, new valley flashing. Total: $18,400. Then comes the line that kills 60% of deals: "We need to think about it."
Translation? They can't afford it right now.
Most reps walk away here. They'll say something like "totally understand, take your time" and mark it "thinking about it" in the CRM, knowing they're never hearing from these people again. The rep who knows financing options doesn't walk away. They pivot.
Why Financing Knowledge Is Your #1 Close Rate Multiplier
Here's what nobody talks about: product knowledge doesn't close deals when budget is the real objection.
You can explain drip edge installation techniques until you're blue in the face. Doesn't matter. The homeowner sitting across from you making $65,000 a year doesn't have $18,000 in their savings account. They might have $2,000. Maybe.
The financing conversation multiplies your close rate because it changes the question from "can I afford $18,000?" to "can I afford $215/month?" That's a completely different conversation. One you win. One that actually gets roofs sold.
But here's the problem - when homeowners say they have bad credit, most reps freeze. They think financing means perfect 750 credit scores and stable W-2 jobs. Wrong. There are seven legitimate financing paths that work with credit scores from 500 to 620. You just need to know which one fits which homeowner.
Option #1: In-House Payment Plans
Let's start with the simplest path - contractor financing. Not every company offers this, but if yours does, it's your first move for bad credit situations.
How it works: The roofing company extends credit directly. No third-party lender. You're essentially letting the homeowner make payments to your company over 6-18 months. Some contractors charge interest (8-15% typical), others don't if paid within 12 months.
When to use it: Homeowner has income but credit is trashed (580 or below). Maybe a medical bankruptcy three years ago. Steady job, just bad history.
The conversation: "We actually have an in-house option where you make payments directly to us. No bank involved. As long as you can handle $350/month for 12 months, we can get started Monday."
Option #2: Third-Party Financing (GreenSky, Mosaic, Synchrony)
This is where most roofing companies start. Your company probably has relationships with 2-3 of these platforms.
GreenSky accepts credit scores down to 600-620 depending on income, offers loans up to $100,000, and structures them as deferred interest (0% if paid within 6-24 months) or fixed-rate installments. Application takes 10 minutes on your phone at the kitchen table.
Mosaic goes slightly lower - they'll approve credit scores around 600 and focus heavily on home improvement. Popular in the roofing space because they fund 100% of project costs with no down payment required.
The script: "Let me pull up our financing partner real quick. They work with homeowners in your exact situation. It's a soft credit check first - won't hurt your score - and we'll see what monthly payment they can do for you."
Option #3: Home Equity Loans/HELOCs
If the homeowner has equity, this is the cheapest money they'll find. Interest rates around 8-10% vs. 15-20% for personal loans. But it takes time and requires decent credit (usually 650+).
When it works: They've owned the home for 5+ years, owe $180,000 on a house worth $320,000. That's $140,000 in equity. A $20,000 roof job is easily financeable.
When it doesn't: They bought the house 18 months ago. Zero equity. Or their credit is 580 and banks won't touch them for equity-based lending.
Option #4: Personal Loans (Online Lenders)
When credit is rough (500-620 range) but the homeowner has steady income, online personal loan lenders are the move. They're more flexible than traditional banks but charge higher rates.
Upstart will approve down to 600 credit score, up to $50,000, rates 8-36% depending on profile. They weigh education and job history more heavily than traditional FICO scores.
LendingClub goes down to 600 as well, loans up to $40,000. Application takes 15 minutes, funding in 2-4 days once approved.
Avant accepts scores as low as 580. This is your bad credit specialist. Rates are steep (19-36%), but they approve people nobody else will touch.
Option #5: Credit Cards (0% APR Offers)
Sounds crazy for an $18,000 job. But hear me out.
If the homeowner has decent credit (680+) and can get approved for a new card with a $15,000 limit and 15-21 months of 0% intro APR, they can put the entire job on the card and pay it off over 18 months interest-free. That's cheaper than any loan.
The math: $18,000 ÷ 15 months = $1,200/month. If they can swing that payment, they pay zero interest.
Option #6: Government Programs (FHA Title I, PACE)
These are the secret weapons for terrible credit situations.
FHA Title I Loans
No minimum credit score required. Read that again. The Federal Housing Administration doesn't set a credit floor for Title I home improvement loans. Banks can set their own requirements (most want 620+), but the program itself? Open to anyone who isn't currently defaulted on another federal loan.
Up to $25,000 for single-family homes, fixed rates, no collateral required under $7,500. Repayment terms up to 20 years.
PACE Financing (Property Assessed Clean Energy)
This one only exists in certain states - Florida, California, Missouri, and a handful of others. But where it exists, it's a game-changer for bad credit.
How it works: The financing gets added to the property tax bill. The homeowner pays it back over 10-20 years through their annual tax assessment. No credit check required - approval is based on home equity (need 10% minimum) and being current on property taxes. Interest rates around 7-9%.
Option #7: Insurance Claims (Storm Damage)
This isn't financing - it's the homeowner realizing they don't need financing at all.
The scenario: Hail storm came through six weeks ago. Homeowner thinks their roof is fine. You get up there and find $22,000 in damage. Their deductible is $2,500. That's the only money they need to come up with.
Homeowners with bad credit often don't file claims because they assume they can't afford the deductible. Wrong. A $2,500 deductible is financeable with Option #1 (in-house payment plan) or even a credit card.
The Scripts: How to Ask About Budget Without Being Awkward
Most reps avoid the money conversation until the very end. That's backwards. You need to know their budget reality within the first 15 minutes, or you're wasting everyone's time.
Opening Budget Question (Use This Early)
"Before we dig into options, let me ask - are you planning to pay for this out of savings, or were you thinking about financing? No wrong answer - I just want to make sure I'm showing you solutions that actually fit your situation."
When They Say "We Can't Afford It Right Now"
Don't say: "Well, take your time and give me a call when you're ready."
Say this: "Got it. Let me ask - is it more about having $18,000 sitting in your account right now, or is it about whether you can handle a monthly payment? Because those are two different problems with two different solutions."
Presenting Payment Options
"So here's what a few different paths look like: If you went with our financing partner, you're looking at about $280/month for five years at 12% interest. If you've got some equity and can wait a few weeks, a home equity line would get you closer to $240/month at 8%. Or if you need to keep monthly payments under $200, we can stretch it to seven years, but the interest goes up. Which of those feels most doable for your budget?"
When Credit Is The Issue
They'll sometimes volunteer it: "Our credit isn't great."
Don't flinch. Don't act surprised.
"That's actually pretty common in roofing - a lot of homeowners have been through medical stuff, divorces, whatever. Here's the thing: we work with homeowners all across the credit spectrum. There are options that don't even look at credit scores. Can I ask - are you in the 500s, or more like low 600s? Just helps me point you to the right program."
When Financing Isn't The Answer (And How to Walk Away Gracefully)
Sometimes the homeowner genuinely cannot afford the roof. Not through financing, not through payment plans, not through any creative structuring.
The signs:
- They're unemployed and have been for 6+ months
- They're behind on mortgage payments already
- Monthly income is $2,200 and they're asking about a $22,000 roof
- They mention bankruptcy filing is imminent
In these situations, don't force financing. You're setting them up to default, which screws everyone.
The Graceful Exit
"I appreciate you considering us, but I'm going to be straight with you - based on what you've shared about your situation, I don't think financing makes sense right now. The monthly payments would put too much pressure on your budget. Here's what I'd recommend instead: Get caught up on your mortgage first. Build up $3,000-$5,000 in savings over the next 6-9 months. Then call me. If you need emergency tarping in the meantime to stop leaks, I can do that today for $400 and it'll buy you time to get your finances in order. Does that make sense?"
Practice This Until It's Second Nature
Financing conversations feel awkward the first 10 times you have them. By the 30th time, they're natural. By the 100th time, you're closing deals other reps walk away from.
The homeowner sitting across from you doesn't care about your shingle knowledge as much as you think they do. They care about whether you can help them solve the problem without destroying their budget. If you can present three financing paths in two minutes and make it feel helpful instead of salesy, you'll close 40% more deals than reps who freeze at "I can't afford it."
GhostRep's AI Role Play lets you practice these exact conversations until financing becomes as natural as talking about drip edge. You're not reading scripts off your phone - you're having real conversations with AI homeowners who throw every budget objection at you. 500 scenarios. Budget concerns. Bad credit questions. The "let me talk to my spouse" stall. All of it.
Practice the financing conversation until it's muscle memory. Your close rate depends on it.
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