Top 5 Myths About Outdoor and Landscaping Project Financing

A house with a covered deck and landscaped yard

Homeowners are beginning to invest more money and time in improving their outdoor spaces, and for good reason. Enhancements like fences, decks, and landscaping expand living areas while boosting the home’s appeal and worth.

Outdoor projects can be a pricey investment, though, due to labor and materials costs, which leads some homeowners to defer their plans. If this sounds familiar, financing options to make your dream project attainable might be worth considering. After all, waiting to complete a project will delay your opportunity to enjoy the rewards.

Read on if you’re holding out on financing your outdoor project because of common misconceptions! This article will debunk the myths that say loans harm your credit score, cash is king, credit cards are the best options, loan applications are lengthy and complicated, and only large projects are worth financing.

Misconception #1: A loan for an outdoor project will negatively affect your credit score

The common myth that taking out a loan will inevitably harm your credit score is a misunderstanding that needs clarifying. Responsible loan payback can bolster your credit profile because you demonstrate financial reliability to creditors when you secure a loan and consistently meet the repayment terms. This consistent repayment history will positively affect your credit score and showcase your ability to handle debt effectively.

And while some believe that lenders pulling your credit score will negatively impact your credit, that isn’t always true. Though it depends on the situation, if you’re rate shopping for home improvement loans, you’re unlikely to see a significant impact on your credit score.

Misconception #2: Paying cash is better than financing

Those who think paying cash is better than financing an outdoor project might be surprised to learn that it’s a strategy worth considering for many homeowners — especially if you can secure a 0% interest rate on a loan.

For example, financing through a loan can allow savings to build, which can be crucial in an emergency or unexpected expenses. Or, the cash can be invested in a high-yield account, increasing funds for future projects.

If you’re curious about which payment option is best for you, consult with a financial advisor or refer to authoritative financial websites to understand the full scope of benefits and to make a decision that aligns with your financial goals.

Misconception #3: Credit cards offer better rates

Are you tempted to put the expense of a large outdoor project on a credit card instead of financing it as a loan? Here are three good reasons not to fall for it without exploring your options:

  • Personal loans from lenders typically offer lower interest rates compared to credit cards, which can translate into significant savings over the loan term.
  • Loans also provide a structured repayment method with a clear timeline for debt repayment. This can help a borrower stay on track, unlike the revolving debt of credit cards, which can lead to ongoing balances and debt accumulation.
  • A personal loan can positively impact your credit score by diversifying your credit mix and establishing a consistent repayment history, provided payments are made on time.

Misconception #4: Home services loan applications are lengthy and complicated

It’s a common misconception that the loan application process is lengthy and complex, especially for outdoor projects. In reality, many lenders have streamlined their procedures and offer straightforward, user-friendly applications that can be completed quickly.

The key is understanding what’s expected. Borrowers should familiarize themselves with the required documentation and prerequisites, including proof of income, credit history, and project details. Having this information at hand can expedite the process.

Misconception #5: Only large-scale outdoor projects qualify for financing

Think only large-scale projects qualify for financing? In truth, the scope of projects eligible for financial support is impressively broad and covers everything from modest garden touch-ups to extensive landscape transformations.

Why? Financial institutions and specialized lenders understand that even smaller projects can significantly enhance the value and enjoyment of your home. This flexibility ensures that whether you’re planning a simple garden refresh or a full-scale outdoor renovation, there’s likely a financing option available to suit your specific project scale and financial situation.

Get your outdoor project financed with Rick’s today

Rick’s Custom Fencing and Decking works with lenders in the home services industry to help homeowners find loans that suit many projects and budgets. We’re offering 12-month, no-interest financing – perfect for your next spring project.

Whether you’re just looking for materials or want a complete installation, we can help the vision for your next project come true. Feel free to contact our team for an estimate! Our experts are ready to help you get started.


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