Can You Finance a Metal Garage? Your Options, Pros & Cons Explained

Many farmers, homeowners, and individuals buy metal garages not only to park their vehicles but also to use them in multiple ways. These structures are durable, sturdy, economical, and energy-efficient. Likewise, you can adjust the size, panels, frames, color, and overall look of the garage to use it the way you want. So, they are a smart investment. But sometimes you do not have enough funds to pay the upfront amount.

In this case, can you finance a metal garage? You might not be able to pay the upfront cost right now, but you can pay it in installments and many other ways. So, yes, you can finance a steel garage. In fact, there are multiple ways to finance one. Depending on your financial situation and credit profile, you can get a loan to buy a steel garage. Many financing options come with great flexibility, so they don’t even check credit scores of the buyer.

We break down your financing options, who offers them, what you will need to qualify, and the pros and cons of each path.

Options for Financing a Metal Garage

Typically, manufacturers, banks, and third-party lenders offer financing, and they check qualifications like income, down payment, credit scores, and more. But before you start thinking about the qualification, check out the financing options in the space below.

• Manufacturer Financing

If you find loan approval difficult from banks, many steel garage manufacturers can help you. They have direct partnerships with banks. Some steel building dealers also offer a rent-to-own financing option. Let’s learn about both in the space below.

• Metal Building Financing:

This option includes providing loans to steel building buyers. But not through the traditional way. A metal building dealer has a partnership with different banks to help the buyer finance the structure. It helps the buyer to get financing at a lower interest rate. Well, it depends from dealer to dealer. Some offer flexible payment options and ensure a quick approval process.

Pros:

• Easy to apply at the time of purchase
• Often requires minimal paperwork
• Flexible plans customized to the garage cost

Cons:

• Interest rates may be higher than banks
• Limited negotiation room
• May include fees or hidden charges

• Rent-to-Own Buildings:

Rent-to-own is a flexible financing option that lets you rent a metal garage. You make monthly payments like a tenant gives the rent to live in an apartment. So it’s just like rent, but unlike regular renting, you will own the building once you complete all payments.

It’s a popular choice for people who don’t want to or can’t pay the full amount upfront, have a low or no credit history, and need a garage quickly, without a loan approval process.

Pros:

• No credit check or low credit acceptance
• Quick approval
• No large upfront payment

Cons:

• The total cost is usually higher than buying outright
• You don’t own the building until the final payment
• May face repossession if payments are missed

• Personal Loans

These are unsecured loans from banks or online lenders. But you need to have a good credit score to qualify for personal loans. It helps to get fast approval. Have a look at the positives and negatives of this type of financing for a metal garage.

Pros:

• No collateral required
• Fixed interest and payment terms
• Can be used for any purpose

Cons:

• Higher interest for low credit scores
• Strict approval process
• Loan amounts may be limited based on income

• Home Equity Loans or HELOCs:

Home equity can be one of the most cost-effective ways to finance a prefab garage. So, if you are a homeowner and have built up equity in your home, you can invest in a garage. A home equity loan provides you with a lump sum of money based on the current equity in your home. It usually comes with a fixed interest rate and fixed monthly payments over a long repayment term, such as 10 to 20 years. On the other hand, HELOCs require a credit score to draw funds as needed. It is similar to a credit card. But typically have much lower interest rates.

Pros:

• Low interest compared to unsecured loans
• Larger borrowing amounts
• Long repayment terms

Cons:

• Your home is collateral, risk of foreclosure
• Requires appraisal and paperwork
• Slower approval time

• Credit Cards:

Well, some people do not go for this option, but still, it’s an option if you want to own a small steel structure. It can be useful in certain situations. If you want to buy a small prefabricated structure that doesn’t cost much, this option can be suitable. Moreover, you can use a credit card in one more situation, when you need money to make a down payment or install additional features in your garage.

A credit card might do the trick. But it’s also a viable solution if you have a 0% introductory APR card, which allows you to finance the garage interest-free for a set period (often 12 to 18 months).

Pros:

• Immediate funding
• May earn cashback or rewards

Cons:

• Very high interest rates if not paid quickly
• Can impact your credit utilization
• Risk of revolving debt

When Is Financing a Smart Move?

You will not need financing if you can pay the upfront price and buy the entire metal garage without any loans. You have to manage various things and pay several bills. It leaves you with not enough funds at the end of the month. Mostly, this is why you need financing whenever new construction is required. Well, there are many other reasons for choosing metal garage financing.

You need financing:

• If you are using the garage for business purposes
• When the garage adds property value
• If you qualify for low-interest credit
• In urgent weather/storage needs
• If you expand the business and need more space

Finance a Metal Garage Quickly with Carports Advisor

You have learned in which situations you need financing. But getting it from the right dealer is equally important. It ensures you do not fall for any trap. We are a reliable metal building dealer who provides a wide range of steel structures. We also help customers to finance steel garages, carports, barns, commercial buildings, and more. You can choose metal building financing and rent-to-own options on our website. They are designed to make your purchase smooth and affordable.

Whether you have excellent credit, do not have at all, or are still building it, Carports Advisor helps you choose the plan that fits your budget. Our transparent process, quick approvals, and experienced support team make it easy.

So, don’t let a tight budget delay your goals. Talk to our experts at (336)-914-1654 and share your requirements to buy a prefabricated structure. Likewise, we let you customize a building as per your needs so you can secure a personalized space. Share your needs with our team to clear all the doubts.