Finimpact
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Best Deck Financing

A deck is a great addition to your home and can be used for years to come. However, it can be a pricey purchase and you may not have the disposable money to spend on it. That’s where deck financing comes in.

Deck Financing
Allison Bethell
Real Estate Expert

Not only will you be able to enjoy the great outdoors from your deck, you can also entertain there and eat al fresco meals. Additionally, a deck may even add value to your home. But these perks come with a price. The average deck costs $7,732 to build. If you want to add things like built in seating or custom planters, those will cost more. Patio financing will help you with upfront costs. Getting deck and patio financing from an online lender may be easier than using a traditional bank loan. The application process is usually faster and less invasive and personal loans don’t usually require any collateral. Our team of financial experts reviewed and ranked more than 30 lenders to help get you funded and ready to build your dream deck.

Our Top Picks for Best Deck Financing

penfed_logo
  • Low interest rates
  • No origination fees
  • You can apply with a co-borrower
Min. Credit Score
Min. Credit Score Not disclosed
Loan Amounts
Loan Amount $600-$50K
Est. APR
Loan Repayment 1-5 years
onemain_logo
  • Offers joint and secured loans
  • Accepts low credit borrowers
  • Can fund a loan the same or next business day
Est. APR
Loan Repayment Up to 60 months
Loan Amounts
Loan Amount $1.5K-$20K
Min. Credit Score
Min. Credit Score Undisclosed
lightstream._logo
  • Funding as soon as the same day
  • Allows joint applications
  • No origination fee
Min. Credit Score
Min. Credit Score Not Disclosed
Loan Amounts
Loan Amount $5K-$100K
Est. APR
Loan Repayment 24-240 months

How to Choose The Best Deck Financing?

When you have decided that you want to add a deck to your house and want to use porch financing to pay for it, you will want to carefully consider all of the loan costs and requirements. Our experts used the parameters below to rank the lenders that offer the best deck financing, so you can choose the one that best suits your needs and financial situation.

When comparing deck financing, consider the following factors:

  • Loan Features - Look at loan terms, loan amounts, and loan use limitations. Can you use the loan to build a deck? Know how long you have to pay back the loan, referred to as the loan term, and know what the minimum and maximum loan amounts are. You don’t want to borrow more than what you need but you also want to borrow enough to pay for any unexpected construction costs.
  • Interest rates and fees - Considers different types of fees, and minimum and maximum interest rates. Based on your credit score, what rate will you qualify for? Compare this to what other lenders are offering. Know all the fees before accepting the loan. Fees may pop up all over including origination fees, application fees, prepayment penalties, and late fees.
  • Application process - Consider the invasiveness of the application information requirements and if you can complete the application online, over the phone, or in-person. Does the company do a hard-pull or soft-pull credit score impact? Also, find out how long the approval takes and how long the loan takes to fund. Does the lender offer any distinctively competitive offerings? For example, if you get deck financing now, and want to later apply for pool financing, will you get a better rate or discounted fees?
  • Qualification process - Know if you’re going to qualify for deck financing with a particular lender so you don’t waste your time or get your hope up. Be aware of minimum credit score, income requirements, co-signer/joint application optionality, and membership requirements. For example, most credit unions require you to be a member before your loan is accepted.
  • Customer support - Consider accessibility to a live CSR rep, the degree of multi-channel support, and the availability of supplemental information and tools. When will someone be available to answer your questions? Does their website have helpful blogs or webinars?
  • Online user reviews - Check out reviews on independent review sites like Trustpilot and see what real users are saying. Look for overarching themes. For example, if multiple customers complained about funding times, or non transparency of fees, you may want to look elsewhere.
  • Perks and Bonuses - Consider specified service offerings like payment flexibility, advertising transparency, and advanced technology. Also, see if you get discounts for setting up auto-pay or for using some of the company’s other services.

1. PenFed: Best for a Credit Union Loan

PenFed is a credit union that offers full banking and lending services online and in its branches. It has a boutique feel so borrowers may get more personal attention here. A membership is required in order to obtain any personal loan including a deck loan. They offer personal loans, personal lines of credit, and home equity lines of credit.
Pros
Loan options: Choose which suits you
Benefits and discounts offered by credit union
No loan origination fee
Cons
Membership: Must join to get loan
Minimum credit score not disclosed
Website good be updated

penfed
Deck financing is primarily offered through personal loans which are based on the borrower's overall credit profile including their employment history and credit score. Loan amounts go up to $50,000 which would cover the costs of a nice deck. Terms are generally up to five years and can be flexible to suit your needs.

The Bottom Line

This lender is a good option for deck financing if you want to join a credit union and take advantage of their many benefits including affiliate discounts, low interest rates, and banking services. You also have a number of loans to choose from with PenFed.

2. OneMain Financial: Best for Small Loans

OneMain Financial offers deck financing through their personal loan division and you can find a specific section for home improvement and home projects. These are unsecured loans for smaller projects that offer fixed rates. Applications can be completed online, over the phone, or in a branch with a loan representative. The company operates hundreds of branches throughout the United States, as well as an online division.
Pros
In person: Personalized service
Soft-pull: Won’t impact credit score
Site: Easy to navigate
Cons
Low loan amounts: Only up to $20,000
Interest rates: on the high side, 18%+
Don’t offer many loan choices

OneMain
OneMain Financial offers smaller loan amounts which range from $1,500 to $20,000. Loan terms are between two and five years and minimum credit score requirements are not disclosed. Interest rates for their personal loans typically range from 18% to 35.99%.

The Bottom Line

This lender is a good option for deck financing if you want to take out a small loan and finance part of the deck or are building a more affordable deck. They’re also a good choice for people who want to be able to pop into one of their branches for a more personalized experience.

3. LightStream: Best for Low Rates

LightStream is an online consumer lender that aims to make lending as uncomplicated as possible. They are part of Truist and reward customers who have good credit with a fast and easy loan process. You can apply for a loan from their website or their app and funding can be as soon as the same day.
Pros
Satisfaction guarantee: $100 if unhappy
Fast funding: Often same day
Discounts: Autopay and more
Cons
No customer service hours on Sundays
Higher loan amounts have higher rates
High minimum credit score: 680+

lightstream
LightStream offers deck financing through its personal loan division and you can use the loan for almost any purpose. Loan amounts go up to $100,000, so if you qualify, you can build your dream deck and use the best wood, stain, and even add multiple levels. In order to qualify for a loan, you need a minimum credit score of 680. Loan terms are flexible and typically range from two to twenty years.

The Bottom Line

This lender is a good option for deck financing because they reward their customers by offering discounts and perks. The application process is also seamless and funding is fast. They also offer a satisfaction guarantee and they plant a tree for every loan that they receive. The company is a great place to get a deck loan if you have a good, great, or excellent credit score.

4. Upgrade - Best for Discounts

Upgrade is a financial technology company that focuses on online lending and banking services. It offers personal loans for home improvements, debt consolidation, and major purchases. It also offers checking accounts with cash back rewards. You can apply for a deck or porch loan online and check your rate within minutes with just a soft-pull on your credit score.
Pros
Low credit score requirement: 560+
Discounts for auto pay and more
Check your rate quickly online
Cons
Origination fees charged
Average interest rates are higher in the rate range
May need to pay off debt to qualify

upgrade
Upgrade offers deck financing through its personal loans, specifically loans for home improvements. Loans range from $1,000 to $50,000 and loan terms are either three or five years. The minimum credit score requirement is 560 and interest rates typically range from 5.94% to 35.97%.

The Bottom Line

Upgrade is a good choice for deck financing if you want to take advantage of their borrower discounts. You can get a discounted interest rate for using one of their checking accounts and using auto pay. They offer a wide range of loan amounts and the minimum credit score requirement is on the lower side.

5. Best Egg - Best for Loan Resources

BestEgg is a lending platform that aims to make money accessible through its fast and simple personal loans. You can apply and check your rate in a few minutes without impacting your credit score. Deck loans are offered as unsecured personal loans in the home improvements category.
Pros
Tools to help keep finances on track
Easy to find loan resources on site
Check your rate quickly online
Cons
No credit score minimum disclosed
Higher loan amounts may have higher rates
Deck loans not available in all states

bestegg
A minimum credit score requirement isn’t disclosed on Best Egg’s site,but the company does check your credit, income, and employment history during the application process. Rates typically range from 5.99% to 35.99% and terms are either three or five years. Loan amounts range from $2,000 to $50,000 so if you qualify, you could use deck financing for all or part of building your new deck.

The Bottom Line

Best Egg is a good place to turn if you want deck financing that can be done quickly online with little hassle. There are two repayment terms to choose from, a wide range of loan amounts, and a plethora of loan resources, financial information, and blogs available for free on the company’s website.

6. Rocket Loans - Best for Instant Loan Offers

Formerly known as Quicken Loans, Rocket Loans is an online lending platform that specializes in easy applications and speedy funding times. You can use one of their personal loans for home improvement projects to fund your deck project. You can select the loan that best suits your needs from the loan options you qualify for.
Pros
Fast funding: Quick as same day
Instant offers may be available
Loan process entirely online
Cons
Origination fees charged
Average interest rates may be higher
Rate check affects your credit

rocket loans
Rocket Loans offers deck financing through its home improvement loans which are set up as personal loans. They don’t require collateral and are based on the borrower’s overall financial profile including credit score, income, and debt. Interest rates vary and terms are either three or five years. Loan amounts range from $2,000 to $45,000.

The Bottom Line

Rocket Loans is a good option to check out for your deck financing needs. The company offers a number of different loans, an entirely online loan process, and fast funding times. They can give you an instant loan offer and some loans can be funded the same day you apply. This is helpful if you started building the deck, ran out of money, and needed some funds in a hurry.

Best Deck Financing - Feature Comparison

Company Name

Est. APR

Min. credit score

Loan Amount

Loan term

PenFed

5.49%+

Not disclosed

Up to $50,000

Up to 5 years 

OneMain Financial

18% - 35.99%

Not disclosed

$1,500 - $20,000

2 - 5 years

LightStream

4.99% - 16.99%

680

Up to $100,000

2 - 20 years 

Upgrade

5.94% - 35.97%

560

$1,000 - $50,000

3 or 5 years 

Best Egg

5.99% to 35.99%

Not disclosed

$2,000 - $50,000

3 or 5 years 

Rocket Loans

Varies

Not disclosed

$2,000 - $45,000

3 or 5 years

What is Deck Financing?

Deck finance is a specialty type of financing and can fall under a few different categories. It can be found in the form of a personal loan and may be referred to as a home improvement loan or an unsecured loan. It could also be a home equity loan or a Home equity line of credit (HELOC). These loan products are based on a variety of factors including the amount of equity in your home, how long you’ve owned the home, your credit score, and overall financial profile. Deck financing provides a way to purchase the deck you want without spending all of your cash to pay for it.

How Much Does It Cost to Build a Deck?

As is the case with most purchases, the costs to build a deck vary based on the materials used, labor costs, and location. Some areas are stricter with permits than others and you may also need to factor in landscaping and clean up costs. The size and shape of your deck will affect its cost as well. A smaller, square deck will be significantly cheaper than a large deck with multiple levels and staircases. The average deck costs $7,732 to build in the United States and most people spend between $4,093 and $11,382.

How to Get Deck Financing

Follow the steps below to get deck financing:

  • Be prepared: Know your credit score, and have your identification, bank statements, proof of employment, and tax returns handy. Keep everything organized so the process is more seamless. You should also know if you’re allowed to build a deck where you are. If you live in an HOA (homeowners association) you may need their permission first. And most areas do require building permits and plans before getting started.
  • Set a budget: How much can you afford to spend on a deck? Have room in the budget for additional labor and material costs because most home improvement projects go at least a little bit over budget.
  • Compare lenders and loan products: Know what each lender offers, how many applicable loans are available, and which ones you qualify for. The lenders on our list make it easy to compare their rates, terms, minimum credit score requirements, and the minimum and maximum loan amounts offered.
  • Apply: Apply online or over-the-phone, or in person, if those options are available and preferable to you. Fill out the loan application with all of the required personal and financial information and then wait for your potential approval.
  • Get funded: Funding may be as quickly as the same day or may take more than a month depending on the type of loan you choose. The lender may give you a check, wire the funds to your account, or you may have a debit card with access to a revolving line of credit to withdraw from.
  • Enjoy: Your new deck and all the happy memories it will bring!

Deck Financing Alternatives

Besides personal loans, there are several other alternatives to deck financing.

You could consider the following:

  • Do it yourself (DIY): Build the deck yourself or with some help from neighbors
  • Forego the deck: Purchase a cheaper alternative such as an outdoor cabana or premade gazebo
  • Borrow the money: Borrow from fiends, family, or neighbors
  • Fund it yourself: Use your own savings, cash, or sell stocks to pay for the new deck
  • Save on materials: Sometimes you can find lumber yard scraps or 2 x 4s that weren’t needed at a discounted price
  • Use a home equity loan: Borrow against the equity that you have stored up in your home. You can borrow a percentage of the equity and receive it as a lump sum to fund your deck purchase. This loan is also referred to as a second mortgage and generally functions as such.
  • Use a Home equity line of credit (heloc): This option also allows you to borrow against the equity in your home, but it operates more like a credit card. You get access to a revolving line of credit and can make withdrawals during the draw periods.
  • Borrow against your own money: Some banks and credit unions will let you borrow against what you already have in the bank and pay it back at a low interest rate

Conclusion

Deck financing can help you build the deck that will complete your backyard. The best deck financing offers multiple types of loans with competitive interest rates, transparent fees, and flexible loan terms. They also have fast funding times and easy application processes. Deck financing is a good option if you want the deck but don’t want to pay for it all with you own money.

Frequently Asked Questions(FAQ)

How do you get money for a deck?

You can get money for a deck from a variety of sources. You can, of course, use money you already have saved, or you can tap into your home equity and borrow the money to finance the deck. Additionally, you can get a personal loan from an online lender and use it to build your deck.

Can you finance a deck?

The short answer is yes, you can finance a deck. However, you will need to meet the lender’s qualifications first. These may include a minimum credit score requirement, a solid employment history, a low debt-to-income ratio, and enough income to be able to afford the monthly payments.

Can home equity finance a deck?

Home equity can certainly finance a deck if you qualify for the loan and have enough equity in your home. Home equity loans and HELOCs are designed to be used for home improvements and a deck is considered a home improvement. You can get one of these loans from an online lender, a credit union, or a bank.

Is adding a deck a good investment?

Adding a deck is considered a good investment. Typically, a wood deck will recover 106% or more of its cost once the home is sold. The deck will be a good financial investment but it can also be a good emotional investment by providing hours of outside enjoyment for the people who use it. However, keep in mind that there will be some upkeep involved. You may need to stain it every few years, sand down spintery areas, and possibly even weatherproof it if you live in an area with harsh weather. Other costs will include adding furniture and decor to the deck if you choose to do that.


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About the Author

Allison Bethell

Allison Bethell

Real Estate Expert

Allison Bethell is a content writer, real estate investor, small business owner, and consultant. She has a B.A. from Villanova University in Sociology and Business. She also holds several graduate certificates in early childhood development, screenwriting, and contract law.

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