Deck Financing: Best Loans for a New Deck in August 2025 (and Deck Costs)

A new deck can elevate your home's vibe by serving as a space for relaxation and entertaining, transforming a stifling summer night into a swanky soiree for friends or family. However, financing a deck can be daunting, with the average cost of a deck often climbing into the tens of thousands of dollars. You might get a home equity loan to finance your deck, but if you don't want to wait or don't have the equity, a personal loan can be an effective solution.

Learn which lenders offer the best deck financing, how much decks typically cost, and how to pay for your new deck with a personal loan.

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Best personal loans for deck financing

LightStream

LightStream is our top pick for deck financing because it has industry-low interest rates, extended loan repayment terms, and a high maximum loan amount. Additionally, LightStream allows you to pick your funding date, which is a benefit for those who are planning ahead and don't need their funds immediately.

LightStream offers loans up to $100,000, which makes it a great fit if you're building a bigger deck or opting for exotic wood or composite material. However, borrowers need a credit score of at least 700 to qualify with LightStream, making it a poor fit if you have a lower credit score.

Citi

Like other lenders in this list, Citi offers competitive interest rates on deck financing. However, it stands out by having the second-lowest maximum APR of all Credible partner lenders at 19.49%. Plus, existing Citi account holders can get money the same day they're approved.

However, its maximum loan amount may not be enough if you plan to build a deck with premium materials such as exotic wood or composite. Note that you'll need to apply through Credible to be eligible for a Citi personal loan if you aren't currently a Citi credit card or deposit account holder of at least 12 months. You should also have very good credit.

LendingClub

The maximum loan amount offered by LendingClub is big enough to cover the cost of the average deck, and it offers repayment terms of up to seven years to allow for more affordable monthly payments. Borrowers with fair credit are eligible for deck financing with LendingClub, while borrowers with good to excellent credit may benefit from a low starting APR. In addition to competitive rates, LendingClub provides an excellent online experience that doesn't require a Social Security number for prequalification.

Upstart

Upstart offers personal loans up to $75,000 with very low starting interest rates for borrowers with very good credit. Funds can be available as soon as the next business day once you're approved. It also has generous eligibility requirements, making Upstart deck financing an option for borrowers with fair credit.

That said, repayment terms max out at five years, and origination fees can be high — especially if you don't have good credit.

Rocket Loans

Rocket Loans offers competitive APRs plus same-day funding, but it may be best for borrowers with excellent credit. We found that rates were better for borrowers with excellent credit, on average, compared to 12 other Credible partner lenders — based on 12 months of Credible personal loan data across 18 partner lenders.

However, the lender offers a maximum loan amount of $45,000 and maximum five-year repayment terms — making it a poor fit if you plan to build a bigger-than-average deck made from premium materials and need low monthly payments via an extended repayment term.

Best Egg

Best Egg is a great option if you're a homeowner who doesn't have enough equity to qualify for a home equity loan or HELOC, or if you'd prefer not to use your home as collateral. Instead, you can use the fixtures in your home as collateral, potentially securing yourself a lower interest rate than you could elsewhere. Best Egg also offers loans to borrowers with fair credit and has some of the lowest starting interest rates of all Credible partner lenders (except for LightStream and Upstart).

Methodology

Credible evaluated 32 lenders across 1,216 data points to find the best personal loans for deck financing. We feature lenders that offer deck loans and one or more of the following factors: high loan amounts, low rates, and financing options for fair credit.

Lender star ratings were established based on the following weighted categories:

• Rates and fees: 18.75%
• Eligibility and options for bad and no credit: 17.5%
• Availability: 12.5%
• Loan amounts and terms: 10%
• Customer satisfaction: 10%
• Customer service: 10%
• Efficiency and fund delivery: 10%
• Discounts: 7.5%
• Credible proprietary data: 3.75%

Credible's team of experts gathered information from each lender's website and from our partners directly. We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates. Each data point is verified by a senior editor to make sure it's accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.

Types of deck loans

Below are common ways to pay for your deck addition.

Personal loans

Personal loans are a type of installment loan. You receive money upfront and repay the loan over a set period of time with a fixed interest rate from 6.49% to 35.99% and fixed monthly payments (in most cases). But the average interest rate in 2025 for a 24-month personal loan was 11.57%, according to recent Federal Reserve data — more preferable than the average credit card interest rate at 21.16%.

Generally speaking, the personal loan application process takes only a few minutes, approval decisions can happen instantly, and funding can take just a few hours or up to a few days. Compared to other deck financing options, such as a home equity loan or line of credit, personal loans are fast and convenient. Also, unsecured personal loans don't require collateral.

Contractor financing

Compare financing options available directly through your contractor or deck builder. Some contractors offer their own loan solutions that help you pay for the deck you've been dreaming of, even if you don't have cash ready to go. And more are offering financing through loan apps like Affirm.

Like personal loans, contractor financing charges interest and might tack on fees. Remember, not all contractors offer financing. But even if yours does, compare its financing option against other alternatives to see which solution offers the best value for you.

Callout: Important: If a builder offers deferred-interest financing, you must pay off your entire balance before the offer deadline, or you'll be charged interest on the full original balance.

0% APR credit card

Some credit cards offer 0% promotional periods on purchases. Basically, any purchases you make within the promotional period won't accrue interest until the promo period ends. Once the promotion concludes, you'll pay interest on the remaining balance. Generally speaking, 0% APR offers range from 12 months to 21 months, although some cards may have 0% offers that last as long as two years.

Home equity loans and HELOCs

You might want to tap the amassed equity in your home to finance a deck project and potentially get a lower rate than unsecured loan options. Home equity is the difference between the resale value of your home and what's left on your mortgage. Generally, lenders limit how much you can borrow to no more than 80% or 85% of your home's equity.

• A home equity loan is a fixed, lump-sum distribution that usually carries a fixed rate. You'd repay it in equal monthly installments over time, plus interest and fees. Repayment terms can be up to 30 years.
• A home equity line of credit (HELOC) is a revolving credit line that you can borrow against, as needed, for a specified draw period. Most HELOCs have a variable interest rate, which means it and your monthly payment can change. Variable rates carry the risk of higher payments if rates increase.

During the draw period, you're often required to pay interest only on the amount you've borrowed. Once it ends, you'll begin to pay back the principal as well. HELOCs are best if you're not sure how much your deck will ultimately cost or if you want to tack on a few other home improvement projects down the line.

How to compare loans for a new deck

The best way to compare personal loans for a new deck is to prequalify with multiple lenders so that you can compare the key features of deck financing, including the APR, repayment term, monthly payment, and origination fees.

Once you've prequalified with multiple lenders, consider how each lender and loan type fulfills your requirements in the following categories:

• Time to fund: How soon do you need the money? Personal loans can fund as soon as the same day in some cases, while home equity loans and HELOCs can take a month or more. Lenders should be able to give you an idea of when your loan funds could be available.
• APR: Look to APR over interest rate to compare borrowing costs between similar loan types.
• Loan amount: Choose a lender that can deliver the funds you need. If you'd prefer a home equity loan, but don't have enough equity to finance a deck, consider supplementing with a personal loan.
• Delivery of funds: Do you need a lump sum at once? Or would you prefer to borrow in installments as needed? If it's the latter, a HELOC or credit card may be better suited to your needs.
• Repayment terms: How long do you need to pay back the loan? A low-interest or 0% credit card may have a short repayment window, up to two years. While a personal loan for deck financing could be repaid over 12 years, depending on the lender. If you'd prefer to wait on making payments, a HELOC requires minimal repayment during the draw period, which could last up to 10 years.
• Fees: Some personal loans charge an upfront origination fee, which can range from less than 1% to 12% of the loan amount, depending on your credit. Home equity loans and HELOCs may have closing costs up to 6% of the loan amount. Consider how each lender's fees compare.
• Cosigner option: If you're struggling to secure a good rate on a loan, consider lenders that let you apply with a cosigner. A cosigner is someone who's equally responsible for the loan and serves as a backup if you stop making payments. Note that cosigners should have good credit to help you qualify, and any late payments you make could impact their credit as well as yours.
• Secured vs. unsecured: If you have home equity, are you comfortable using your home as collateral? If not, look to a personal loan if you need a long-term home improvement loan.

Related: How To Compare Personal Loans: A Step-by-Step Guide

How to apply for a personal loan for building a deck

Applying for a personal loan is a quick process that requires basic paperwork for most applicants. Generally speaking, you should always prequalify with at least three lenders to ensure you're getting the best deal for deck financing. Once you've identified the lender and loan you want, you'll move from the prequalification step to filling out a formal application.

Typically, you'll need to provide proof of income, such as recent pay stubs, along with recent bank statements and personal information, such as your address, phone number, birthday, and Social Security number. If you provide the correct paperwork, an approval can happen within seconds of submitting your application. If you're approved, you might receive your funds the same day you apply with a same-day lender like LightStream. But most will send funds within a few business days.