Fences add beauty, protection and definition to a yard. If you've decided that it's time to add a fence to your home, you may be finding the numbers for a fence installation cost daunting. The costs of labor and materials certainly can add up when you're looking at quality fencing options that will cover your complete yard. Fortunately, there are many tricks to make a fence installation cost more manageable.
The most common one is financing a fence using a loan. However, you're not fenced out from installing a fence if you can't qualify for a loan right now. Take a look at what you need to know about how to pay for a new fence at your home.
Financing a Fence
First, you can anticipate the type of interest rate you'll be offered when you apply to finance a fence by checking your credit score. While any score over 800 is considered exceptional, scores between 740 and 799 are also considered very good. Your rates may look a little higher once you get between 670 and 739 because this is considered just "good."
It becomes trickier to qualify once you get to the range between 580 and 669 because this is considered fair. In many cases, it's very difficult to obtain financing with a credit score below 580. Next, consider the types of financing options that are available to you. Here's a look at some common options for financing a fence:
- Home equity loan.
- Personal loan.
- Line of credit.
- Installment financing option.
- Credit card financing.
Exploring Some Financing Options
Do fence companies offer financing? Yes, many fencing companies actually offer their own in-house financing options that are very competitive. After all, these fence companies are motivated to get you to be able to afford your fence. However, financing offered through a fencing company isn't typically a loan product.
You're often getting an option to pay in installments. In some cases, you may be able to pay no interest for a number of months before interest kicks in. This is especially true with larger retail chains.
Does Lowe’s offer financing for fence installation? Yes, the company actually offers what it calls "special financing" for fencing. However, you must request this benefit at the time of purchase. The terms for financing a fence through Lowe’s typically include no interest if your bill is paid in full within 12, 18 or 24 months. Home Depot offers the option to choose 120-month financing with 9.99 percent APR to pay your fence off in smaller payments, while Home Depot also offers loans up to $55,000 for projects.
What Is the Going Rate for Fence Installation?
Fence installation cost varies by the type of fencing material, the size of your fence and the terrain of your yard. The average cost of installing a fence falls between $13 and $50 per linear foot of fencing purchased. While fence installation costs can be as low as $988, projects on the high end go for about $7,000.
So, how much does Home Depot charge for fence installation? The Home Depot website places the average cost to install fencing between $1,000 and $10,000.
Deciding to Use a Loan or Payment Plan for a Fence
Start by getting a quote from the fencing company you want to use. Inquire about any in-house financing options. Next, explore the terms you can get by pursuing financing on your own. This includes everything from a home equity line of credit to credit cards.
Keep in mind that home equity loans often have the lowest interest rates because these are considered "secure" financing options. Finally, calculate the interest you'd pay with all of the options you're considering to determine which loan or payment plan for a fence makes your fence more affordable.