Deck Financing

Can you finance a deck?

If you are looking to cover the high costs of a deck but don’t want to wait to save up, there are financing options available that will give you the funding you need. We will look at the different options a little later.

Best lenders for deck or patio financing

AXOS Bank

AXOS Bank

✔ Funding: Borrow $5,000 - $50,000
✔ Minimum Credit Score: 700
✔ APR: 7.15 - 17.99%
✔ Loan term: 3 - 6 years
✔ Funding turnaround: within 1-3 business days

AXOS Bank offers loans up to $50k and great refinancing options on existing loans. Best for borrowers with higher credit scores..

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OneMain Financial

OneMain Financial

✔ Funding: Borrow $2,000 - $36,500
✔ Minimum Credit Score: no minimum requirement
✔ APR: 18.00 - 35.99%
✔ Loan term: 2 - 5 years
✔ Funding turnaround: 24 - 48 hours

With OneMain Financial, borrowers can obtain a personal loan of up to $20K without a minimum required credit score. Origination fees do apply and the lender offers bonus financial education tools and calculators.

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LightStream

LightStream

✔ Funding: Borrow $5,000 - $100,000
✔ Minimum Credit Score: 660
✔ APR: 2.49% - 19.99%
✔ Loan term: 2 - 7 years
✔ Funding turnaround: as soon as same business day

LightStream offers up to $100k personal loans as soon as same business day without origination fees and easy to use mobile app.

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What is the best way to finance a deck?

The best ways to finance a deck include:

• Savings: You should always consider using savings as your first option because it will save you money on interest and other costs associated with borrowing. Even if you can only cover some of the cost with savings, it will make your new deck much more affordable, minimizing the risks of debt.
• Personal Loan: If you don’t have enough savings, or don’t want to wait, one of the most popular ways to finance a deck is with a personal loan. A lender can provide you with a lump sum, often within one week, which you are then required to pay back in weekly or monthly installments, over a fixed term, with added interest. The amount you will get, as well as the interest rate offered, will depend largely on your creditworthiness.
• Credit Card: It is unwise to use a credit card to cover large expenses as their high interest rates make them particularly expensive. That said, if you are able to get a 0% APR introductory period, or qualify for an interest rate lower than 6%, this may still be a viable option to finance your deck.
• Financing through builder: You may have the option of financing a deck through your builder, although this won’t be available for all. Builders and contractors may offer 12- or 18-month financing through a third-party lender or credit union for costs of $10,000 and above, often with desirable rates. If your deck builder offers financing, make sure to do your research to ensure you can’t get a better deal elsewhere.
• HELOC: A Home Equity Line of Credit provides you with financing that you can use as and when you need to, only paying interest on the amount you use. With higher borrowing amounts and low interest rates, this is a great option for large purchases, but be aware that this type of financing puts your home at risk as it is used to secure the loan.
• Home Equity Loan: A home equity loan, often known as a second mortgage, works in a similar way to a personal loan. However, be clear that, like a HELOC, your home is put up as collateral so, if you default on loan repayments, you may forfeit your home to cover the amount owed.

Can you finance a Trex deck?

A Trex deck is a type of composite decking - a blend of wood fibers and plastic that helps to make the deck easier to maintain than a wood deck and is more stable than a fully plastic deck.

You can finance a Trex deck in the same way you can finance any other deck, so any of the options we’ll discuss here will apply to you.

Do deck companies offer financing?

Some deck companies will offer financing through a partner lender. If you are provided with this option, you should make sure to compare with outside lenders to ensure you can’t get a better deal elsewhere.