Best Deck Loans & Financing

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 how to pay for your new deck, which lenders offer the best deck financing, what to watch out for, and how much decks typically cost.

Best personal loans for deck financing

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.

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.

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 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 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 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).

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.

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 

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 market 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 (HELOAN) is a fixed, lump-sum distribution that usually carries a fixed rate. It's typically repaid in equal monthly installments over time, plus interest and fees. Repayment terms can be up to 30 years.

HELOCs

A home equity line of credit (HELOC) is a revolving credit line that you can borrow against, as needed, for a specified draw period. Like a HELOAN, you must have sufficient home equity to qualify and your home is used as collateral. 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 have the options 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

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.

• Compare funding times: 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. Make sure you get the money before your contractor starts working.
• Confirm the loan amount: Confirm the job's cost with your contractor and choose a lender that can deliver the funds you need. If you'd prefer a home equity loan, but don't have quite enough equity to finance a deck, consider supplementing with a personal loan. You may want to add a 10% cushion to budget for unexpected costs.
• Consider how you'll access funds: Do you need a lump sum at once? Perhaps you're doing the work and just need to pay for materials. Or would you prefer to borrow as needed to pay your contractor or crew in installments? If it's the latter, a HELOC or credit card may be better suited than a personal loan or HELOAN.
• Weigh repayment terms: How long do you need to pay back the loan? A low-interest or 0% credit card typically has a short repayment window, which can make monthly payments high. A personal loan or home equity loan, however, could be repaid over 7 or more years, depending on the lender and loan type. 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.
• Watch fees: Some loans charge an upfront origination fee, which can reduce the amount you receive. Home equity loans and HELOCs may have closing costs up to 6% of the loan amount. Consider how each lender's fees compare.
• Look for joint or cosigned loans: If you're struggling to secure a good rate on a loan or want to jointly borrow money with your spouse or partner, consider lenders that offer joint loans or let you apply with a cosigner. 
• Consider collateral requirements: Secured vs. unsecured loans have different pros and cons. Secured loans, like home-equity based loans, often have lower rates, but put your home on the line if you miss payments (you also need enough equity to qualify). If you'd rather not risk your home or pay (and wait) for the appraisal process, an unsecured loan — like a personal loan — could be a better option.
• Look for the lowest APR over the loan's term: Look to APR over interest rate to compare borrowing costs between similar loan types. Secured loans and shorter-term loans tend to have the lowest APRs — especially if you qualify for a 0% promotional APR. But watch out for rate adjustments (and deferred interest!) once the promotional period ends.

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

How to get a deck loan

1. Start by comparing different types of loans to find the best fit for your needs.  
2. Prequalify or get quotes from at least three lenders. 
3. Formally apply with the lender of your choice.
4. Await approval.
5. Review the loan offer and contract.
6. Sign loan documents to receive funding.

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. Approval could happen within seconds for an unsecured loan or take days or weeks if your home (or other collateral) needs to be appraised. If you're approved, you might receive money the same day or within a few business days.

How much does it cost to build a deck?

The cost to build a deck can vary by location, but generally speaking, you can expect to pay anywhere from $25 to $45 per square foot, says Thomas Borcherding, owner of St. Louis-based Homestar Design Remodel. However, that price will likely double if you opt for a deck built with exotic wood or composite decking, Borcherding says.

While a 10-foot by 10-foot deck may cost you $3,000 to $4,500 in a lower-cost market, the average deck will likely run you anywhere from $15,000 to $30,000, says Karen Watts, founder of new-homeowner consulting firm DomiSource.

Your final bill will depend on the materials you use, labor, and site prep, and you may have to deal with price increases as skilled trades endure labor shortages this year.

Are exotic-wood and composite decks worth the extra cost?

A wood deck built with pine, cedar, or redwood typically lasts anywhere from 15 to 25 years, Borcherding says, while exotic woods and premium composite decks can last up to 50 years. As such, composite decks, in particular, may be a better fit for homeowners who want to maximize their home's value and build a deck that lasts.

“When considering maintenance requirements and lifespan benefits, composite decking is an attractive choice,” he says. “Homeowners looking to maximize resale in the near or distant future may wish to use composite decking due to its fade resistance, ensuring a visually striking physical appearance.”

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.