You’re eyeing a new picket fence at the nearest home improvement store. It’s tall and white and will finally give you some privacy from the noisy neighbors.
You might even see an increase in the value of your home. A fence can net a 50% ROI if you sell your home.
You want this backyard fence very much – but how will you pay for it? Fence financing can be tricky; quality fences aren’t cheap.
Homeowners have many options to buy fencing materials when they’re low on money. Keep reading to learn three ways to go about financing a fence.
1. Retail Financing
You can use a home improvement retailer’s financing plan to buy your new fence. For example, say you want to buy wood fencing from RFC. They have a 9-month same-as-cash loan financing option.
A same-as-cash loan means you owe no interest or monthly payments during a promotional period. In this case, the duration is nine months.
Other retailer financing options include the Lowe’s Advantage Card. You can choose the:
- Six-month special financing: Spend at least $299 to qualify
- Pay off the balance in six months to avoid interest
- You’re charged deferred interest beyond six months
- 84-month fixed-pay plan: for purchases $2,000 or higher
- You have 84 months of payments at 9.99% APR
Home Depot’s Consumer Credit Card enables you to pay off a balance of $299 or greater in six months and won’t have interest. Special financing may get you 24 months of interest-free payments.
2. HELOC or Home Equity Loans
A home equity line of credit (HELOC) or home equity loan is another fence financing option. But you should know the difference before you make a decision.
HELOCs work like credit cards; you can draw money from your home equity to a certain limit. You can borrow as needed, and they come with varying interest rates.
A home equity loan will be taken out against your property. However, you’re usually limited to borrowing less than with a HELOC. Home equity loans have fixed rates, terms, and monthly payments.
3. Home Improvement Loan
Lastly, you can use a home improvement loan to buy your front lawn fence. This personal, unsecured loan is used to repair, restore, or upgrade your residence.
You’ll have a fixed APR, terms, and loan payments. You’ll know what you owe each month and when you’ll finish repaying the debt. However, unsecured loans require a good financial status and credit score.
You won’t need collateral to receive a home improvement loan, so lenders want to be sure they’ll get their money back.
You may like – The Top Benefits of Installing a Metal Pool Fence for Your Home
Are You Looking For Fence Financing?
Fence financing can help remove the stress of buying your new fence. You can opt for retailer financing, HELOCs, or home equity loans.
A home improvement loan can be helpful if you’ve got good credit. Weigh your choices carefully before picking one to purchase a backyard fence.
Home improvement involves much more than new fences and paying for them. If you find this article interesting, consider browsing the Home Essentials tab for more renovation, repair, and maintenance tips!
