Financial Security and Anti-Fraud Authority

5 Ways to Finance Your Fence Installation Project

Fences not only enhance the curb appeal of your property but also provide privacy, security, and a designated boundary. However, installing a new fence can be a significant investment, with costs varying depending on the materials, size of the yard, and labor expenses. In this article, we’ll explore five financing options to help you bring your fence project to life without breaking the bank.

1. Retail Financing

Home improvement stores like Lowe’s and Home Depot often offer promotional financing options for fence installation projects. These options can include interest-free periods or low-interest financing plans, making it easier to manage the costs over time.

Lowe’s Financing Options

Six-month special financing: If you spend at least $299 on your Lowe’s Advantage Card and pay it off within six months, you can avoid paying any interest on your purchase. However, if you don’t pay off the entire balance within six months, you’ll be charged deferred interest from the purchase date.
84-month fixed-pay financing: For purchases of $2,000 or more, Lowe’s offers an 84-month fixed-pay financing option. If you qualify, you’ll have fixed monthly payments for 84 months at 9.99% APR.
In-home-consultant program: If you need to finance more than $2,500, you can opt for Lowe’s in-home-consultant program. A Lowe’s consultant will visit your home, determine the scope of the project, and provide a custom quote. You’ll then have fixed payments for 120 months at 9.99% APR.

Home Depot Financing Options

Home Depot Consumer Credit Card: If your fence costs you $299 or more and you can pay it off within six months, you won’t have to pay any interest. You may even have up to 24 months to pay it off interest-free, with a standard APR ranging from 17.99% to 26.99%.
Project Loan: Home Depot’s Project Loan, issued by GreenSky®, offers funds up to $55,000 for larger fence projects. The loan comes with fixed payments and APRs as low as 7.42%, depending on the length of the loan.

2. Apply for a Home Improvement Loan

A home improvement loan, also known as a personal loan, is an unsecured form of debt that can be used to fund your fence installation. These loans come with fixed APRs, terms, and loan payments, so you’ll know exactly how much you’ll pay each month and when the loan will be completely repaid.

Since home improvement loans are unsecured, lenders will rely heavily on your credit score to determine whether to lend you money and at what interest rate. Therefore, it’s essential to ensure your credit is in good shape before applying for a personal loan.

3. Consider a HELOC or Home Equity Loan

If you’ve built up equity in your home, you may be able to tap into it through a home equity loan or a home equity line of credit (HELOC). Both options can be great choices for homeowners, but there are key differences to consider.

Home Equity Loan

A home equity loan is a lump sum loan that you take out against your home’s equity. However, lenders typically limit your loan-to-value (LTV) ratio — how much of your home’s value you can borrow — to 85%. Like a personal loan, a home equity loan has fixed rates, terms, and monthly payments.

Home Equity Line of Credit (HELOC)

A HELOC works like a credit card, allowing you to borrow money as you need it instead of receiving a lump sum. HELOCs come with variable interest rates, and homeowners can often borrow up to 90% of their equity.

Pros	Cons
Can tap into your home’s equity May access lower rates than unsecured debt May be able to borrow more money than with other forms of credit	Debt is secured by your home, so you risk foreclosure if you can’t repay the loan Not available if you haven’t built equity Rates may be higher than traditional mortgages

4. Use a Rewards Credit Card

Rewards credit cards can be another way to finance your fence project while earning benefits like cash back or travel rewards. Depending on the credit card, you may receive rewards at a flat rate any time you swipe your card or only for certain purchases.

If you qualify for a 0% APR credit card, you can avoid paying interest during the promotional period, often 12 to 21 months. This can save you money, as your entire monthly payment will go directly toward repaying the principal. Just be sure to pay off the balance before the promotional period ends, or you’ll have to pay interest on the remaining amount.

Pros

Cash back rewards can help offset costs for fence installation
May earn travel, points, or cash back rewards
May receive a sign-up bonus

Cons

Rewards caps may limit how much you can earn on your purchases
Some cards charge annual fees
Good credit is often required

5. Save Up and Pay Cash

For some people, particularly those with bad credit or a lot of existing debt, saving up for your fence project instead of taking on new debt may be the best route. This option can save you money since you won’t have to worry about paying fees or interest on a loan or credit card.

On the other hand, if your fence is in need of emergency repair or replacement, you may not have time to save enough money. You also miss out on the opportunity to build your credit with on-time payments.

Pros

Avoids increasing your debt-to-income ratio
Don’t need to have good credit
Can save money by avoiding interest and fees

Cons

Miss opportunity to build credit
Can take time to save up enough cash
May not be feasible if you don’t have room in your budget for savings

Frequently Asked Questions

Can you finance a fence?

Yes, you can finance a fence, but you may need to have good credit to meet credit card or loan requirements. Bad credit can make it difficult to qualify for financing, and if you’re eligible, you may get stuck paying high APRs and fees.

What credit score do I need for fence loans?

The credit score you need for a fence loan depends on the lender. However, if you want APRs below 22%, you’ll likely nee to have a FICO® Score of around 740 or higher. If your score is lower than that, there are still financing options available, but you may pay more in interest.

Do fences increase property value?

Fences can increase the curb appeal and privacy of your home, which may raise its market value when it comes time to sell. According to HomeAdvisor, the average cost for a fence is $4,058 with most homeowners spending between $1,962 and $6,375.

Fences can also increase property values by 4%, according to Remodeling Magazine’s Cost vs. Value Report. However, this varies based on factors like location, material quality, and the market’s overall demand for fenced properties.

In summary, there are multiple financing options available when considering a fence installation project, each with their own pros and cons. Carefully evaluate these choices to find one that best fits your financial situation and needs.

Fence Financing at LendingTree, San Diego

Contact Information: If you’re looking to finance your fence installation in the San Diego area, visit Fence Financing by LendingTree. You can reach them directly at their toll-free number: +1-800-542-7962 or visit their website for more information: LendingTree’s Home Improvement Loans.

Advantages of Visiting the Local LendingTree Location

Personalized Service: Our team at LendingTree is here to guide you through every step of your loan application, ensuring that you understand all the terms and conditions clearly.
Local Knowledge: We are familiar with local market rates and can offer competitive interest rates tailored for San Diego residents.
Immediate Feedback: In-person consultations allow us to provide instant feedback and adjust loan offers based on your specific needs.

User Reviews

\”I visited LendingTree in San Diego to get a quote for my fence installation. The staff was incredibly helpful, explaining the different financing options available without any pressure. I left feeling confident about my decision and received my funds quickly.\” – John D., San Diego

\”The process at LendingTree was smooth from start to finish. They offered me a fair deal with a low interest rate, and the loan application forms were easy to fill out thanks to their knowledgeable staff guiding me through it all. Highly recommend!\” – Sarah M., San Diego