Storage Shed Financing Near Me For Good & Bad Credit

How much does a shed cost?

Sheds can vary in price, as they can size, style, and functionality. On average, sheds cost between $1,875 to $8,250. The average price falls around $3,350. Custom sheds with amenities such as water and electricity can run closer to $30,750.

When it comes to estimating the cost of the shed, you’ll want to consider installation, too. 

If you’re considering shed financing, it’s helpful to know how much you need to borrow. Researching an accurate cost of the shed you desire is a good starting point. As you can see, there is a lot of variance in the price of a shed. To narrow things down, consider the size of the shed that you need. Sheds usually cost $15 to $145 per square foot, which is yet again another large variance. However, once you have an idea of the size shed your space can fit, and the size that meets your needs you can start shopping. 

What are the different sheds you can finance?

There is a wide range of sheds to choose from. From varying materials to sizes and details in between, finding the right shed may take some looking around. Some popular types of sheds include the following.

• Metal sheds
• Vinyl or plastic sheds
• Wood sheds
• Custom sheds or architectural designed sheds (sheds can be designed to pair with your home perfectly)

Sheds can also be categorized by the type of roof.

• Lean-to (slightly slanted style similar to a carport)
• Gable (a-frame style)
• Gambrel (barn style)
• Flat (simple style)

Exploring shed styles can help you determine what you’re looking for. Of course they can vary in price so you may want to take that into consideration as well. If you’re using shed financing, you may be able to expand your budget to build the perfect shed for your needs and home. 

Are storage sheds worth the money?

Sheds are a great way to expand storage or workspace. Compared to home additions or ADUs they’re rather economical too. It’s possible that in the event you go to sell your home, a shed may have a positive impact on the desirability and value. Whether you can justify the cost or not will depend on your personal needs and situation. 

Is it worth financing a shed?

Shed financing can offer several benefits such as fixed monthly payments or an expanded shed budget. However, it usually comes at a cost. Shed financing can help many individuals and families, but some may decide it’s not the right choice. Ultimately it’s up to you to decide if shed financing is worth it. Consider the benefit of the shed and any benefits or drawbacks of financing. The financing offer up for consideration may play a role in your decision too. 

Do sheds decrease home value?

As with most home improvements done right, sheds can positively impact the value and desirability of your home. While most of us are on a budget, it’s important to consider the quality, aesthetic, and placement of the shed. Certain decisions may cost more, but in the long run they can pay off. Taking shortcuts, even those that can save you money upfront, on home improvement projects can be costly down the road.  Shed financing can help expand your budget for a shed, thus helping you build the shed how you envision. 

Pros and cons of financing a shed

Financing may sound like an exciting solution, but remember, you are making a commitment for a specified period of time with most loans. It’s important to consider the pros and cons, such as those listed below. 

Pros:

• Increase desirability and value of your home
• Expand storage or workspace (for some this may help generate additional income)
• Fixed monthly installments 
• Competitive online marketplace so you can increase your chance of approval
• Keep savings intact 

Cons:

• Taking on debt
• Increasing the cost of the shed with financing costs (i.e. APR)
• Falling behind on payments can negatively impact credit 
• Taking a loan can negatively impact credit in the short term 

Can you get shed financing with no credit check?

Most loans, especially those not secured by collateral, are based on creditworthiness. This means at some point before the loan is approved and funded, the lender will need to perform a hard credit pull. While you may be able to receive pre-qualified offers without undergoing a hard credit pull, if you accept the offer you’ll likely need to consent to a hard credit pull. There are some financing options such as payday loans that can be obtained without a credit check. However, these loans are only available in small amounts and can be very costly. While it may sound ideal to get a loan with no credit check, most legitimate loans require a credit check. 

Can you get shed financing with bad credit?

Bad credit can feel like a heavy weight tied to your feet when trying to find shed financing. To increase your chances of approval, consider boosting your credit score before applying or applying with a co-borrower. Offers are more likely to be returned to borrowers with fair credit and above, although there are no guarantees. To boost your credit score, you can take advantage of credit monitoring services to analyze your credit report for insight on areas for improvement. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above and applicants can apply with  a co-borrower. 

See also: Pole Barn & Metal Building Financing