Garage Financing

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Enter $600 - $100,000
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Garage Financing

Loans to Finance Your Garage

If you’ve ever had to live without a garage after having one, you’ll know it feels like you suddenly have so much stuff you don’t know what to do with. A garage offers so much beyond a place to safely store your car; it’s the ultimate storage area and workshop, too. If you aren’t fortunate enough to buy a property with a garage, you’ll need to buy and build one, and that can be costly.

Applying for a garage loan is fast and easy:

Fill out a simple and fast online application in just minutes

Compare best personalized rates and choose your loan offer

Borrow up to $100,000 as fast as next business day

Absolutely no negative impact on your credit score, ever.

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How it Works
Apply in minutes

Get pre-qualified in less than 2 minutes and compare offers from top lenders with no impact on your credit score.

Choose your offer

Compare and choose an offer that works best for you based on your timeline and budget needs.

Get funded

After your loan is approved with the lender of your choice, receive your funds as fast as 1-2 business days.

Compare Your Personal Loan Options

Lenders that offer garage financing


Lightstream Personal Loans


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.




Funding: Borrow $1,000 - $50,000
Minimum Credit Score: 660
APR: 5.94% to 35.97%
Loan term: 2 - 7 years
Funding turnaround: as soon as next business day

Upgrade offers borrowers with fair credit scores to obtain loans up to $50k. Joint applications are allowed. Origination fees may apply.

Best Egg

Best Egg Personal Loan

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.

What is the best way to finance a garage?

  • Personal Loan: This is a good option for most people looking to finance small garages, or for those with a high income who can borrow closer to a lender’s maximum (which is usually $35,000 - $100,000).
  • In-House Financing: Many garage companies (those who sell kits and those who build custom garages) will offer financing for your garage. This is usually through a partner lender. This can be a good option; just make sure you compare what they offer with what you can get through an independent personal loan lender.
  • HELOC: A Home Equity Line of Credit is like a credit card but in the form of a bank account - you’re given access to a line of credit secured against your equity in your home and can use it as and when you please, only paying interest on the money you borrow.
  • Home Equity Loan: A home equity loan is essentially a second mortgage, where you take out a loan secured on the equity you own in your home.
  • Cash-Out Refinance: This is another term for mortgage-refinancing, where you increase your mortgage amount so you can use the additional cash for your garage. This is only an option if your home is worth a decent amount more than your mortgage.
  • 401(k) Loan: Some 401(k) plans allow you to borrow from your future retirement fund. This is a good option if you want to avoid a credit check and interest, but make sure you find out exactly what it means for your future retirement plans, as they may not allow you to continue paying in until the loan is paid off.

Does adding a garage increase home value?

Yes, provided the garage is well built and in a convenient area, it will increase your home’s value.

What are my options when it comes to buying a garage?

  • Detached Garage: This is likely what you’re thinking about when you’re imagining your future garage. They generally match the exterior of your home if you choose a custom-built garage.
  • Prefab Garage: This is another name for a “Garage Kit” and is a good option if you are happy to install your garage yourself. If you’re looking for the cheapest option, a metal garage is usually the most affordable option.
  • Attached Garage: This will be a more costly option since it will be much like adding a room to your home (though you won’t have the same finishing and furnishing costs).
  • Portico Garage: If you want the convenience of an attached garage but don’t want the cost of an attached garage, you can consider a portico garage. This is where you connect a detached garage to your home via a covered walkway. This area can provide further storage.
  • Barn Garage: Barn and wooden garages usually provide additional loft space for storage. They are a good choice if you live in a semi-rural area and want your garage to fit in with the look of your home.
  • Car Port: If you have no interest in storing anything valuable in your garage and just want a covered area to get in and out of your car, a carport can be a much more cost-effective option than a full garage.

How do people afford to build a garage?

While you may get a handful of people who pay for their garage out of pocket, most people seek financing so they can spread the cost of their garage over a term of months or years.

Is it cheaper to build or buy a garage?

Buying a garage kit is generally the most affordable option, especially if you do the labor. Kits usually cost less than $10,000 (plus a few beers and burgers for your friends who help put it up).

How much does it cost to build a 20 by 20 garage?

20x20 feet is the minimum size of a 2 car garage, so is a good size if you want to store two vehicles or store one and use the other side for storage or as a workshop. As a very general guide, you can expect to pay around $28,000 for a 20x20 garage.

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What’s the best way to finance a metal garage?

Metal garages are one of the best options if you want something simple and aren’t worried about what temperature it is inside the garage (since they get very cold in winter and very hot in summer). Because they are not the most visually appealing or comfortable to use, they are usually cheap to buy and install - you can find one for $1,000 - $3,000 for one car. If you’re thinking of buying one of these garages, you may be able to finance your purchase with a credit card. Try to get a card with a low interest rate, 0% APR rate, or a good introductory offer to make the most of this option.

What is the cheapest way to build a garage?

If you’re looking to save costs significantly, consider a carport instead - you can enclose the sides to help make it more waterproof. Otherwise, a garage kit is usually the cheapest option unless you have experience building from scratch, and most people find a metal garage is the cheapest option.

What are the pros and cons of garage financing?


  • Improve the value of your property
  • Practical and will improve your quality of life
  • Allows you to spread the cost over months or years


  • You’re taking on debt for something you don’t really “need”
  • You may not make your money back when you sell your home

What credit score do you need for garage financing?

You’ll find the most affordable garage financing options if you have a credit score of 640 and above.

Can you get garage financing with bad credit?

Maybe, but be aware that your interest rates will probably be extremely high. For example, if your credit score is low your interest rate may be 30% - if your garage costs $10,000, you’re going to pay $13,000 for it over the entire course of the loan or even more if they have other fees.

Garage Financing Calculator

To find out how much your garage loan will cost you, use our calculator below:

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What are the best lenders for garage financing?

If a personal loan is the best form of financing for your garage, here are some of the best lenders:

Make sure you browse through the top garage personal loans we’ve compiled in our tables to find the one that’s the best fit for you.

Compare rates and apply

A new garage can provide much-needed storage space and improve the value of your home. If you’re ready to find the right financing for your garage, it’s time to compare rates and apply. We’ve found all the best garage personal loans and listed them in our tables so you don’t have to do any legwork - just find the loan that’s right for you and apply. Once approved, you’ll usually have the funding you need within 48 hours.

Need help finding the right loan?

No worries, we've got you covered! Compare personalized loan options in just minutes without impact on your credit score.

Compare Personal Loans in Minutes

Apply online and find your best rate without affecting your credit score.