Min. credit score
Up to $50,000
Up to 5 years
18% - 35.99%
$1,500 - $20,000
2 - 5 years
4.99% - 16.99%
Up to $100,000
2 - 20 years
5.94% - 35.97%
$1,000 - $50,000
3 or 5 years
5.99% to 35.99%
$2,000 - $50,000
3 or 5 years
$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
- 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
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
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.