Fence Financing

Can you finance a fence?

Yes, there are plenty of options for financing for fencing. What is best for you will depend on your credit score and personal circumstances, but we’ll guide you through everything you need to know about fence financing here.

Top lenders that offer fence financing

SoFi

SoFi

✔ Funding: Borrow $5,000 - $100,000
✔ Minimum Credit Score: 680
✔ APR: 4.99% to 19.53%
✔ Loan term: 2 - 7 years
✔ Funding turnaround: 1 - 3 business days

With SoFi personal loans, borrowers can get access to up to $100,000 with APR starting as low as 4.99% with extra bonus perks ($500 for each funded loan) and fast turnaround time. 24/7 customer support available.

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Best Egg

Best Egg

✔ Funding: Borrow $2,000 - $50,000
✔ Minimum Credit Score: 640
✔ APR: 5.99 - 29.99%
✔ Loan term: 3 - 5 years
✔ Funding turnaround: 1 - 3 business days

With Best Egg personal loans, borrowers with fair to good credit can get funding for 3-5 years and have the option to use the loan for a variety of purposes.

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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 are some of the most popular types of fences?

Here are the top six types of residential fences:

• Chain link fence: this is affordable, durable, practical, and doesn’t require much maintenance, but it’s not the most aesthetically pleasing option
• Privacy fence: this is usually made of precast concrete panels but can simply be any form of solid fencing that’s at least 6’ high
• Brick wall fence: this a good permanent option that can offer a lot of privacy and/or is aesthetically pleasing, but may not be the best option for areas that experience intense earthquakes
• Wood fence: a classic fence with many different options, from open rail fencing to full wood panels
• Vinyl or PVC fence: this low-maintenance option is durable, provides privacy, and comes in several colors
• Bamboo fence: the most eco-friendly option, bamboo fencing is often used for partitioning and yard fencing

How much does a new fence cost?

The cost of a new fence depends on several factors:

• Purpose: whether you want your fence for security, privacy, to remedy uneven ground, or reduce noise or wind
• The materials you choose for your fence
• The type of area you live in
• The local availability of the materials you choose
• The size of your home i.e the amount of land you wish to enclose

New fencing costs (on average) $5 - $50 per linear foot depending on the type of fencing you choose and installation expenses. Most homes will cost $1,500 - $3,000 to fence.

How can I get fence financing?

There are five primary ways you can finance your fence:

1. Use your savings: This is the most sensible option as it doesn’t involve borrowing money. Even if you can’t cover the entire cost of the fence with your savings, it’s good to use as much of your own money as possible (without leaving yourself vulnerable in an emergency). If you can, budget months in advance and map out a realistic timeline for your project.
2. Get a personal loan: This type of loan is unsecured, meaning they don’t require collateral. Instead of asking you to pledge your home or possessions, lenders lean on your credit profile to decide if you’re eligible. Interest rates are usually 5% - 30%, though it depends on your credit score, income, current debt held, how much you want to borrow, the term, and other factors.
3. Use a credit card: This option isn’t always usually suitable but can be used.  Those with good credit scores may get lower interest rates through personal loans, so this option works best when you have a credit card with an introductory 0% APR period.
4. Get a HELOC: This is a line of credit in which you’ll only be able to access up to 85% of your equity. The amount you’re approved for will also depend on your creditworthiness.

Because a HELOC means you’re putting up your home as collateral, it also means you’ll typically be charged lower interest rates than with an unsecured personal loan. Despite this, it’s important to remember that if you fail to repay the loan, you could lose your home.

1. Get a home equity loan: As with a HELOC, home equity loans involve using your home as collateral. While HELOC interest rates can be fixed or variable, home equity loan interest rates are fixed, with an average rate of 5.82%.