Most decks $10,000+ are financed rather than paid cash. The right financing depends on your equity, credit score, and how long you want to pay. Here's the honest comparison.
Best fixed-rate option if you have equity. You borrow a lump sum secured by your house at a fixed rate and pay it back over 10–15 years. For a $15,000 deck at 7.5% over 10 years, you'd pay about $178/month.
A line of credit secured by your house. You draw what you need, when you need it, and only pay interest on the amount drawn. Rate is variable and tied to Prime. Best for projects where the final cost isn't fully known yet.
Worth considering only if your current mortgage rate is higher than today's rates AND the project is large enough to justify refinancing costs ($3,000–8,000 in closing costs). Rarely the right move for a $15,000 deck alone.
Specialty lenders like LightStream, SoFi, and Upgrade offer unsecured loans without touching your home's equity. Rates are 1.5–3 points higher than secured options, but there's no lien on the house and funding can happen in 2–5 days. Best for homeowners with good credit and limited equity.
Most larger builders partner with a lender (often Synchrony or EnerBank). You'll see offers like "0% for 18 months" or "6.99% for 84 months." Read the fine print: deferred interest on the 0% deals means the full interest backdates to day one if you miss the payoff.
Legitimate contractor-financed deals can save money if you pay off the promotional period. Lazy ones are a trap. Always run the true APR math.
Based on deck financing data: 42% use a HELOC or home equity loan, 24% pay cash, 18% use contractor financing, 12% use unsecured personal loans, 4% refinance, and less than 1% use credit cards (the sensible ones — the rest don't tell the survey).