Transforming Dreams into Reality: How to Finance Your Metal Building

  • 15 June 2023
  • Posted By Boss Buildings
Transforming Dreams into Reality: How to Finance Your Metal Building

Metal Building Financing

In the last few years, pre-engineered metal buildings have firmly established themselves as a strong, cost-effective option for a wide range of applications. From residential backyard steel buildings to enormous commercial metal structures, there’s no wrong way to use one of these buildings. And with their resistance to high winds, rain, rust, and even fires, it makes sense why so many people turn to these buildings for their home and business infrastructure.

But affordability will likely be a concern when purchasing any type of building. That’s precisely why so many metal building providers offer flexible financing packages that make owning your structure easy on any budget.

If you’re new to the industry, you might not know exactly how metal structures are priced and how financing works. But don’t worry! Below, we’ll cover everything you need to know to transform your dream building into a reality.

How is Metal Building Financing Different from Rent-to-Own Programs?

While traditional financing and Rent-to-Own (RTO) programs may seem similar on the surface, the two have some distinct differences. Financing allows you to secure a loan or financing agreement to purchase a metal building. With this option, you own the building from the beginning, and the financing terms typically involve monthly payments over a set period. This option is ideal for those who want immediate ownership and are financially prepared to make regular payments.

With a rent-to-own program, you make monthly payments to the building provider without taking out a loan. While you don’t own the building outright initially, you can purchase it outright at any time during the agreement. This option is especially beneficial for those who may not have the upfront funds or credit history for traditional financing avenues.

Qualifying for Financing

To qualify for traditional financing, several factors will need to be considered. By understanding these requirements, you can better navigate the financing process and secure the funding you need for your metal building.

One such factor is your credit score. While specific credit requirements may vary from lender to lender, having a good credit score significantly increases your chances of approval. In many cases, it’s recommended to have a credit score of 640 or higher to qualify for financing.

Other factors will be your employment history, income stability, and income-to-debt ratio. These factors will be considered by the financing provider during their approval process.

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How to Apply for Financing

Applying for financing allows you to secure the funds needed to acquire the metal building that suits your needs. Let’s outline the steps involved in applying for financing for a metal building:

1. Submit Application

The first step in applying for financing is to apply. This application typically requires you to provide personal information, such as your name, contact details, and employment information. You may also be asked to provide information about the metal building you intend to purchase, including its size, configuration, and additional features or accessories.

2. Get Approval

Once you have submitted your financing application, the next step is to wait for approval. The approval process may involve a review of your credit score, employment stability, and income. Boss Buildings evaluates applications on a case-by-case basis and offers options for individuals with varying credit scores. Their team will assess your application and inform you of the financing decision.

3. Submit Down Payment

If your financing application is approved, the next step is to submit a down payment. The down payment amount may vary depending on the total cost of the metal building and the specific financing terms. Typically, a down payment is required to secure the financing and initiate the process of acquiring your metal building. Once the down payment is submitted, you are one step closer to making your metal building project a reality.

4. Schedule Installation

After submitting the down payment, you can proceed to schedule the installation of your metal building. Boss Buildings will work closely with you to determine a suitable installation date that aligns with your preferences and availability.

Ready to Make Your Dream Building into a Reality? Boss Buildings Has the Solution!

With years of experience in the metal building industry, Boss Buildings can help you find the right steel structure for your needs. Whether you’re looking for metal building kits or a larger commercial metal building for sale, we have the skills, expertise, and dedication to deliver.

We proudly work with PowerPay to offer flexible financing for any budget or project. And if traditional financing doesn’t work for you, ask us about our RTO program!

So, if you’re ready to begin your metal building journey with the best, call Boss Buildings. Our building specialists are waiting to help you design and customize a steel structure that perfectly suits your needs. Your dream structure is only a call away. Contact us at (336) 673-3065, and let us handle the rest!