Best Deck Financing

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.

Best Best Deck Financing Loans for 2024 — Full Overview

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.

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.