Best Deck Financing For Good & Bad Credit

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Deck and Patio Financing

Deck financing can provide the funds you need to build the deck of your dreams. Deck loans can be used to finance materials, labor, and more.Building a deck can significantly increase your home value while providing a safe place for family and friends to gather. We have organized valuable information you’ll need to know if you are considering deck financing. Before committing to any kind of loan it’s important to do your research and make an educated decision. Keep reading to learn about deck financing options and more. Expand

What is deck financing?

On average, homeowners spend between $14,000 to $20,000 building a deck. Depending on the deck material, size, and other factors the cost of the deck can vary. If you don’t have the cash on hand or would rather save your cash for an emergency, you should consider deck financing. Although the cost of the deck loan may be higher than the cost of the deck, building a deck may still be a smart investment. In most cases, adding a deck to a home increases its value and makes it more desirable. Most homeowners recoup most, if not more, of their investment. Deck financing is fairly easy to qualify for and provides homeowners with a lump sum of cash to build a deck. Deck financing can also be used to improve or repair an existing deck. There are lenders dedicated to offering deck financing or some contractors may even offer deck financing. Most homeowners use an unsecured personal loan for deck financing. While there are other options available, unsecured personal loans are one of the least risky, easiest to qualify for, and fastest loan types available. Unsecured personal loans do not require collateral or money down and all credit types can qualify. If you default on an unsecured you risk lowering your credit score. However, if you default on a secured loan you risk losing an asset such as your home. A little later on we’ll go over some of the requirements to qualify for a personal loan. PrimeRates can connect you with reliable lenders that offer deck financing up to $100,000 with terms up to 12 years and interest rates starting at 4.99%.

How does deck financing work?

While terms can vary depending on your lender, the general idea and structure of most deck financing loans are very similar. Most deck financing is easy to manage and understand. If you are unsure about anything we strongly urge you to contact the lender for clarification. When you use a personal loan for deck financing the funds are issued as a lump sum that you repay monthly with interest. If you are using an unsecured and fixed personal loan, the monthly payment and interest rate should not change during the loan term. For example, if you borrow $10,000 at 4.99% with a 5 year term your monthly payment should be about $189. Before you apply for deck financing you should determine what you deck should cost. To get the most accurate estimate you should consult a professional. Most contractors offer to come out and provide free estimates for homeowners. When you use a personal loan you are charged interest on the full loan amount, not just the amount you use. This means you should borrow what you need to avoid paying additional interest. In addition, your monthly payment is determined by the amount you borrow, the interest rate, and the term. Before signing into the loan you should know what kind of monthly payment you can afford. There are a variety of personal loan payment calculators available online that you can use to estimate monthly payments. You may need to extend the term in order to achieve a certain payment. Most lenders do not have an early payoff penalty meaning you can pay the loan off early without extra fees. We recommend choosing a lender that does not have an early payoff penalty and trying to pay the loan off early. Paying as little as 10% extra each month can save you hundreds of dollars on interest.

Can you finance a deck?

Yes, you can finance a new deck or deck repair. Although the dream of having an extravagant deck may be exciting, the idea of financing a large amount of money may be scary for some of us. Or perhaps you are not sure if you even qualify for financing. However, you should know that deck financing is relatively easy to qualify for and does not involve much risk for the borrower. In addition, some lenders offer extremely flexible terms, thus allowing borrowers to achieve affordable fixed monthly payments. PrimeRates has lending partners that offer unsecured personal loans that do not require collateral or money down. In addition, some of their lending partners have a minimum credit score requirement as low as 540. If you have credit challenges you may want to apply with a co-applicant. If you are unsure if you qualify or not, don’t be scared to apply. Your credit score will not be affected. Unsecured personal loans can be a good deck financing option for new homeowners since they do not require collateral or equity in your home.

What types of deck financing is available?

If you are considering deck financing, you’ll need to decide which option is best for you. You should consider how much you need to borrow, how long you need to borrow the money for, and what types of deck financing you can qualify for. While it’s up to you to decide how much and how long you need to borrow money, we can help you understand qualification requirements for a few deck financing options. Deck financing options can include. . .

#1. Personal Loan

Personal loans are one of the easiest deck financing options to qualify for. In addition, personal loans are one of the lowest risk options for borrowers. For these two reasons, their slightly higher interest rate may be easily justifiable. We have focused primarily on this option throughout this blog because it’s a top choice for many homeowners. You can secure a personal loan through a bank, credit union, or online lender. Online lenders are usually easier to qualify for and offer competitive rates and high loan amounts. In addition, most online lenders have fast application processes and fast funding. If you use financing offered through a contractor, you will most likely be using a personal loan.

#2. Credit Card

Compared to personal loans, credit cards usually have much higher interest rates and lower limits. While the reward points and convenience of a credit card may be attractive, you should seriously consider other options. Credit cards may help finance some of the materials but in most cases they are not the best option for financing labor and materials. If you can afford a high monthly payment you may be able to qualify for a credit card with a promotional 0% period. Most likely, you’ll need substantial income and an excellent credit score to qualify for a high credit card loan amount with a promotional period.

#3. Home Equity Line of Credit (HELOC)

Homeowners that have equity in their home may be able to qualify for a home equity line of credit (HELOC). HELOC loans are similar to credit cards in the sense that you have access to a maximum amount of funds whenever you need them. However, you only pay interest on the amount of money you use. While HELOC loans can be used for deck financing, it may be hard to qualify for. In addition, it requires homeowners to borrow against equity in their home while using the home as collateral. Most lenders allow homeowners to borrow up to 85% of the value of your home minus the amount you owe. Home equity loans can provide high loan amounts and low interest but are much more risky for the homeowner.

How Does Deck Size Impact Cost?

Larger decks require more materials and labor which can only mean one thing. . . more money. If you have the room to build a larger deck we highly recommend investing the extra money. You want to create a deck that fits your space and makes your backyard stand out. Deck materials can also impact costs. You may want to consider cheaper materials in order to afford a larger deck size. Most decks cost between $20 to $40 per square foot including labor and materials. This means a 300 sq. ft. deck could range between $6,000 to $12,000 and a 600 sq. ft. deck could range between $12,000 to $24,000. If contractors are slow they may offer a discount for committing to a larger job. Don’t be afraid to ask the contractor how you can get any kind of discount and make reasonable suggestions. What you should avoid is intensely negotiating with any contractor and discouraging them from doing their best work. You just want to be sure the deal you are getting is fair for both parties.

Is adding a deck a good investment?

In most cases, adding a deck is a good investment. Not only can you expand living space and improve functionality of your home you can increase home value as well. Building a deck can make your home much more desirable for potential buyers. Most homeowners recoup about 70% to 80% of deck building expenses when it’s time to sell their home. Some experts project that homeowners will recup even more than that if the deck is built properly. If you can cut back on labor expenses, you may even make money when it’s time to sell by adding a deck to your home. Wood decks usually provide the best return on investment. Wood is usually pretty affordable to purchase which can translate to a higher ROI.

What’s the cheapest way to build a deck?

Most of us have a budget for building a deck. If you are looking for the cheapest way to build a deck, there are a few ways you can save money. Materials can be expensive and so can labor. The cheapest way to get materials is to check community sites such as NextDoor or Craigslist and look for people giving away materials. If you can’t find free materials you may want to consider a pallet deck. Pallets decks are usually inexpensive to build but may not last too long. Keeping your deck design basic can also help you save money. Adding customization can increase the cost of a deck. To save money on labor, consider doing some or all of the work yourself. Another important part of building a deck on a budget is proper planning. Planning ahead can help you keep costs down and avoid surprises. Keep in mind, the cheapest option may not always be the best option. You want to make sure that the money you spend is spent well. Building a high quality, attractive, and functional deck space can increase home value. Taking shortcuts or cost cuts that are visible may have the opposite effect. If you need to expand your budget you should consider deck financing.

How much does a 10×10 deck cost?

The type of material you use to build a deck can have a significant impact on the cost. According to Home Guide, the average deck cost per square foot using basic materials is $15. Average quality deck materials cost an average of $25 per square foot and premium materials cost an average of $35 per square foot. Therefore, if you are building a 10×10 deck it should cost between $1,500 to $3,500, depending on the materials you use. If you are able to build the deck yourself you may be able to use premium materials for the same cost as having a professional build the desk using basic materials. According to Home Guide, homeowners can build a 10×10 deck for about $700.

How much does a 20×20 deck cost?

Obviously, the larger the deck, the more it should cost to build. A 20×20 deck is 400 square feet, which is a pretty large deck. According to Home Guide, a 20×20 deck costs an average of $6,000 to $14,000, depending on the materials. Again, if you can build the deck yourself you can save a lot of money. In addition, you can still use deck financing if you build the deck yourself. Home Guide estimates that the actual materials to build a deck range between $4 to $12 per square foot, depending on the type of material. Labor on the other hand can range between $8 to $22 per square foot.

Does adding a deck increase property taxes?

The general rule of thumb with property taxes is that they go up when structural changes are made to your home or property. This means that a deck may increase property taxes. However, building a deck may still be worth the extra tax expense. Some states may offer tax exemptions for certain categories such as seniors or veterans. Before building a deck you should contact the local building and tax departments to get an estimate of tax increase. You should also verify whether or not you’ll need permits. In most cases, property tax bills are calculated by taking the assumed home value times the local tax rate.

How long does a deck last?

The type of deck material you use and how you care for it can determine how long it will last. Wooden decks are one of the most popular types of decks. Wood decks are usually inexpensive and appealing but they are susceptible to warping and rotting. Outdoor wooden decks are bound to get wet no matter what you do. If you properly care for a wooden deck it can last 20+ years. Wooden decks made from pressure treated lumber may last about 50 years. When it comes to choosing deck material you should take the location of a deck into consideration. if you live in a wet climate or your deck will be shaded most of the time, you may be at more risk for damages. To select the best type of material for your location, you should consult a deck professional for customized recommendations.

How much does it cost to build a deck yourself?

As we discussed earlier, building a deck yourself can save tons of money. When you break down the cost of building a deck it’s usually not 50/50 materials and labor but more like 25/75. If you have to purchase necessary tools, you’ll want to factor the additional cost into your estimate. However, purchasing new tools and equipment can be a good investment, especially for homeowners. Building a deck yourself can help you get a large or more premium deck for less money. If you still don’t have enough cash to cover the project, you can use financing for DIY decks. PrimeRates lending partners do not have spending restrictions so you can use the funds for just about anything from materials to tools. With the extra money from financing you may even want to finish the deck with landscaping or patio furniture. If you decide to build a DIY deck and use financing, you should do some research and planning to establish a project estimate. Once you have a project estimate you can apply for the appropriate amount of financing.

What are the requirements to qualify for deck financing?

Qualifying for deck financing may be easier than you think. If you have a credit score of 620 or higher, consistent income, and a reasonable debt-to-income ratio you may qualify for deck financing. If you are concerned about not qualifying you should apply with a co-signer.

How to Find Best Deck Financing Deals

PrimeRates offers a completely free platform designed to help homeowners find the best deck financing deals. PrimeRates is a top-rated website that partners with credible lenders that specialize in deck financing and home improvement loans. Users can view lenders based on credit rating and receive personalized loan offers without affecting their credit score.

How to apply for a deck loan

PrimeRates offers a free user-friendly and secure platform designed to help homeowners secure the best deck financing and loans. Homeowners can be connected to multiple lenders based on credit score, how much you need to borrow, and what you need a loan for. Submitting an application through PrimeRates is painless and does not affect your credit score. Within minutes you can receive multiple personalized loan offers. Most PrimeRates lending partners do not have spending restrictions meaning you can spend the funds on just about anything. This means you can borrow enough money to pay for a new deck, landscaping, patio furniture, and more.

Here are 3 easy steps to apply for deck financing loans through PrimeRates. . .

#1. Submit easy online application

#2. Select the best deck financing loan offer

#3. Receive funds quickly

Conclusion

In conclusion, all credit types can qualify for deck financing. In most cases, homeowners prefer to use a personal loan for deck financing. To find the best deck financing offer you should apply through PrimeRates. PrimeRates also partners with contractors that want to offer deck financing options for customers. Whether you are a homeowner or contractor, PrimeRates services are always free for you. With a no credit check pre-qualification, you have nothing to lose by applying through PrimeRates.

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Deck Financing