Flexible Financing Plans for Your Dream Patio Furniture
Transforming your outdoor space doesn't have to strain your wallet. Our guide to patio furniture financing introduces you to a range of options that make luxury outdoor living accessible. From no-interest payment plans to rent-to-own programs, we cover the most practical ways to fund your patio upgrade. Whether you're eyeing that elegant lounge set or a chic dining collection, learn how to finance your perfect patio setup with ease.
Zarina S
Editor
Zarina S
Fact Checked
Update 14.02.2025
Patio Furniture Financing: Affordable Options to Outfit Your Outdoors

A patio furniture loan is a specialized form of financing that allows individuals to borrow money specifically for the purpose of purchasing patio furniture. This type of loan enables borrowers to acquire outdoor furniture items such as tables, chairs, sofas, loungers, and accessories without having to pay the full amount upfront. The loan amount can be used to cover the cost of the desired patio furniture, and borrowers typically repay the loan over a predetermined period, often with fixed monthly installments and an associated interest rate.

Lenders or financing companies may offer patio furniture loans, and the terms and conditions can vary, so it's important for borrowers to carefully review and compare options to find the most suitable loan to pay for outdoor patio furniture.

Features

  1. Specific Purpose. Patio furniture financing is designed specifically to purchase outdoor furniture items, such as tables, chairs, loungers, and accessories, for use in outdoor spaces like patios, decks, or gardens.
  2. Loan Amount. Borrowers can typically obtain a loan that covers the desired outdoor patio furniture cost. The loan amount may vary depending on the lender, the borrower's creditworthiness, and the loan's specific requirements, including the type of furniture (cheap or high-quality patio furniture).
  3. Flexible Repayment Terms. Patio furniture loans often offer flexible repayment terms, allowing borrowers to repay the loan over a set period. The repayment terms may include fixed monthly installments or customizable repayment schedules, depending on the lender's policies and the borrower's preferences.
  4. Interest Rates. Like other forms of financing, patio furniture loans may come with interest charges. The interest rates can vary depending on factors such as the borrower's creditworthiness, the lender's policies, and the loan term. It's essential for borrowers to carefully review and compare interest rates to ensure they are getting favorable terms.
  5. Loan Application Process. Borrowers are typically required to go through a loan application process, which may involve providing personal and financial information, such as identification, income verification, credit history, and eligibility check. The lender assesses this information to determine the borrower's eligibility for the loan.
  6. Options for Secured or Unsecured Loans. Patio furniture loans can be available as both secured and unsecured loans. Secured loans require collateral, such as other assets or property, while unsecured loans do not require collateral but may have higher interest rates.
  7. Choice of Lenders. Patio furniture loans can be obtained from various lenders, including traditional banks, credit unions, online lenders, and financing companies. Borrowers have the flexibility to shop around and compare loan options if they are interested in finding the lender that offers the most favorable terms and conditions.
  8. Accessible Financing. Patio furniture loans provide individuals with accessible financing options, allowing them to spread the cost of purchasing patio furniture sets over time rather than making a significant upfront payment.
  9. Potential Promotions and Offers. Some lenders or retailers may offer promotional deals or special offers on patio furniture loans, such as interest-free periods, deferred payment options, or discounted interest rates. Borrowers should explore these opportunities to save money or potentially enhance their loan's affordability.
  10. Purchase Freedom. With a patio furniture loan, borrowers have the freedom to choose the specific furniture items and brands they prefer, enabling them to create the outdoor space they desire while managing their budget through structured loan repayments.

    Pros and cons

    Pros
    • Affordable Payments. Patio furniture loans allow borrowers to spread out the cost of new outdoor furniture over a period of time, making it more affordable by breaking down the total amount into manageable monthly installments. In some cases, only an affordable down payment is required to feel the benefits of having new furniture.
    • Immediate Access to Furniture. With a patio furniture loan, borrowers can acquire the desired outdoor furniture items without having to wait until they have saved up the full amount. This allows them to enjoy their patio or outdoor space sooner and make the most of the current season.
    • Flexibility in Budgeting. Individuals can allocate their budget more effectively by opting for a patio furniture loan. Instead of depleting a significant portion of their savings, they can preserve their cash flow for other important expenses or emergencies while still furnishing their outdoor space. It is a way to finance patio furniture at a comfortable pace.
    • Upgrade Options. Patio furniture loans offer the flexibility to choose higher-quality or more stylish furniture options that might have been out of reach with a one-time cash purchase. Borrowers can select from a wider range of options and invest in durable, long-lasting furniture that enhances their outdoor living experience.
    • Credit Building Opportunity. Successfully managing and repaying a patio furniture loan can contribute positively to an individual's credit history. Making timely payments demonstrates responsible financial behavior, potentially improving their credit score and creating a foundation for future loan opportunities with favorable terms. The decision to finance outdoor furniture may help to reach a higher credit score for more significant loans like mortgages, etc.
    Cons
    • Interest Charges. Patio furniture financing typically involves interest charges, which can increase the overall cost of outdoor furniture. The actual purchase amount will be higher, in other words. Borrowers need to consider the interest rates and calculate the total amount they will pay, as it may be higher than the original purchase price. In some cases down payment is required, and this amount should be to be included in the household financial plan.
    • Potential Debt Burden. Taking on additional debt through patio furniture financing means borrowers will have ongoing monthly payments to manage. This can add to their overall debt load and affect their financial stability, especially if they have other existing loans or financial obligations.
    • Impact on Credit. Failure to make timely payments on a patio furniture loan can negatively impact the borrower's credit score. Late or missed payments can result in a lower credit score, making obtaining favorable terms for future loans or credit applications more challenging.
    • Limited Flexibility. Once borrowers commit to a patio furniture loan, they are locked into the repayment schedule. This lack of flexibility can be problematic if their financial circumstances change or if they encounter unexpected expenses, making it difficult to adjust or manage the loan payments.
    • Potential Overbuying. With financing options available, customers may be tempted to purchase more expensive or higher-end patio furniture than they actually need. Hot sales would attract them even if their savings are insufficient for such shopping. This can lead to overspending and financial strain, especially if the borrowed amount exceeds their budget or financial capabilities.

    How to get a patio furniture financing?

    1. Research Lenders. Begin by researching lenders that offer patio furniture financing options. Look for lenders specializing in consumer financing or specifically catering to furniture purchases. Compare interest rates, loan terms, and customer reviews to find a reputable lender.

    2. Check Eligibility. Review the eligibility requirements of the lender to ensure you meet the criteria. This may include factors such as minimum credit score, income verification, and age requirements.

    3. Gather Documentation. Prepare the necessary documents that may be required during the application process. This may include identification documents (such as a driver's license or passport), proof of income (such as pay stubs or tax returns), and any other supporting documents requested by the lender.

    4. Apply for Financing. Complete the application process provided by the lender. This may involve filling out an online application, providing the necessary personal and financial information, and consenting to a credit check.

    5. Review Loan Terms. Carefully review the loan terms and conditions offered by the lender. Pay attention to interest rates, repayment terms, fees, and any promotional offers or discounts that may be available.

    6. Submit Required Documentation. Submit any required documentation to the lender as per their instructions. This may involve providing copies of identification, income verification, or additional information they require for the loan application.

    7. Await Approval. After submitting the application and required documentation, await the lender's decision. They will review your application, assess your creditworthiness, and determine whether to approve the loan.

    8. Accept Loan Offer. If approved, carefully review the loan offer provided by the lender. Ensure you understand the terms and conditions, interest rates, repayment schedule, and associated fees. If you are satisfied with the offer in all details, accept it by signing the loan agreement.

    9. Purchase Patio Furniture. Once the loan is approved and accepted, you can proceed to purchase your desired patio furniture. Be mindful of your budget and select furniture within the loan amount.

    Best places to borrow a loan with bad credit

    Upgrade

    Upgrade is a prominent online lender that offers personal loans to borrowers with bad credit. They provide loan amounts ranging from $1,000 to $50,000, making them suitable for various financial needs. The minimum credit score required by Upgrade is relatively low, typically around 580. This makes it accessible to individuals with a less-than-stellar credit history. One notable advantage of Upgrade is its flexible repayment terms, which can extend up to five years. This longer repayment period allows borrowers to manage their monthly payments more effectively. However, it's worth noting that Upgrade charges origination fees ranging from 2.9% to 8%. Additionally, while they do not have any prepayment penalties, borrowers should be aware of the interest rates, which can be relatively high for individuals with bad credit.

    Upgrade review

    Upstart

    Upstart is another online lender that specializes in providing loans to borrowers with bad credit. Their loan amounts range from $1,000 to $50,000, allowing borrowers to access the funds they need for various purposes. Upstart utilizes a unique underwriting model that takes into account factors beyond just credit scores, making it more inclusive for individuals with limited credit history or low credit scores. The minimum credit score required by Upstart is typically around 580. One of the significant advantages of Upstart is its soft credit check, which means that applying for a loan does not negatively impact your credit score. Repayment terms offered by Upstart range from three to five years, providing borrowers with flexibility. While they do charge origination fees of up to 8%, it's important to note that they don't impose any prepayment penalties. However, borrowers with bad credit should expect higher interest rates.

    Upstart review

    LendingPoint

    LendingPoint is a bad credit lender that offers personal loans ranging from $2,000 to $36,500. They consider borrowers with credit scores as low as 585, making them accessible to individuals with bad credit. LendingPoint prides itself on providing fast funding, often disbursing funds within one business day. Their repayment terms typically range from two to four years, allowing borrowers to tailor their loan duration according to their needs. It's important to note that LendingPoint does charge origination fees that can be up to 6%. They also have a slightly higher interest rate compared to traditional lenders, which is to be expected when borrowing with bad credit. However, they do not impose any prepayment penalties, enabling borrowers to pay off their loans early if they desire.

    Lendingpoint review

    Universal Credit

    Universal Credit is an online lender that specializes in bad credit loans, offering loan amounts ranging from $500 to $15,000. Their minimum credit score requirement is relatively low, typically around 550, making them accessible to borrowers with poor credit. Universal Credit offers repayment terms ranging from six months to five years, allowing borrowers to choose a duration that aligns with their financial situation. While they charge origination fees, the amount may vary based on the borrower's creditworthiness. One notable advantage of Universal Credit is its willingness to consider applicants who have previously filed for bankruptcy. However, borrowers should be aware that the interest rates associated with bad credit loans from Universal Credit may be higher compared to traditional lenders.

    Universal Credit review

    OneMain Financial

    OneMain Financial is a well-established lender that specializes in bad credit loans. They offer loan amounts ranging from $1,500 to $20,000, making them suitable for various financial needs. OneMain Financial requires a minimum credit score of 600, slightly higher than some of the other lenders in this category. However, they have a reputation for considering other factors beyond credit scores when evaluating loan applications. OneMain Financial provides repayment terms that range from two to five years, allowing borrowers to select a term that fits their budget. It's important to note that OneMain Financial charges origination fees, which can vary depending on your residence state. While they do not disclose their interest rates upfront, borrowers with bad credit should expect higher rates.

    Onemain Financial Review

    Avant

    Avant is an online lender that specializes in offering personal loans to individuals with bad credit. They provide loan amounts ranging from $2,000 to $35,000, catering to various financial needs. Avant has a minimum credit score requirement of 580, making them accessible to borrowers with less-than-ideal credit histories. Repayment terms offered by Avant typically range from two to five years, giving borrowers flexibility in managing their monthly payments. While Avant charges origination fees up to 4.75%, they do not impose any prepayment penalties. It's important to note that Avant's interest rates can be relatively high for borrowers with bad credit. However, they provide a transparent prequalification process that allows borrowers to check their potential loan offers without affecting their credit scores.

    Avant

    Requirements and conditions

    1. Creditworthiness. Lenders may assess your creditworthiness by reviewing your credit history, credit score, and debt-to-income ratio. A higher credit score generally improves your chances of obtaining favorable loan terms.
    2. Minimum Age. You must typically be at least 18 years old to apply for a patio furniture loan.
    3. Proof of Income. Lenders may require proof of income to ensure you have the financial means to repay the loan. This can be in the form of pay stubs, bank statements, or tax returns. Based on your income, the lender prepares a custom-tailored financing plan for you.
    4. Identification. You will likely need to provide a valid form of identification, such as a driver's license or passport, to verify your identity.
    5. Loan Amount and Terms. The lender will determine the loan amount and terms, including interest rates and repayment periods. Reviewing these details carefully and ensuring they align with your budget and financial capabilities is important.
    6. Application Process. You will need to complete a loan application, either online or in person, providing personal and financial information as requested by the lender. This may include your name, address, contact information, employment details, and financial assets and liabilities.
    7. Collateral. Some lenders may require collateral for larger patio furniture loans. Collateral can be in the form of other assets, such as a vehicle or property, which the lender can seize if you default on the loan.
    8. Fees and Charges. Pay attention to any fees or charges associated with the loan, such as origination fees, prepayment penalties, or late payment fees. Review the loan agreement thoroughly to understand the financial implications.

    Ways to receive the money

    Under a patio furniture loan, the lender typically transfers the money directly to the retailer or seller from whom you purchase the patio furniture. Once your loan is approved and the necessary paperwork is completed, the lender will coordinate with the retailer to disburse the funds for the specific purchase.

    The lender may issue a check, make an electronic payment, or transfer the funds via other approved methods directly to the retailer. This ensures that the money is used solely for the purpose of purchasing the patio furniture and that the lender has control over the disbursement process.

    It's important to note that the lender's policies and procedures may vary. The specifics of the fund transfer may depend on the lender and the arrangements made between the lender and the retailer.

    Things to pay attention to

    1. Interest Rates and Fees. Review the interest rates associated with the loan and any additional fees, such as origination fees or prepayment penalties. Understand the total cost of the loan over its term to ensure it aligns with your budget and financial goals.
    2. Loan Terms and Repayment Schedule. Take note of the loan term and repayment schedule. Understand the monthly payment amount, due dates, and the total duration of the loan. Ensure that the repayment schedule fits comfortably within your budget.
    3. Eligibility Criteria. Understand the lender's eligibility requirements, including credit score criteria and income verification. Knowing the criteria upfront will help you assess your chances of approval and prevent unnecessary credit inquiries that could negatively impact your credit score.
    4. Loan Amount and Financing Options. Determine the loan amount you need for your patio furniture purchase and confirm that the lender offers loans within that range. Additionally, explore the financing options available, such as fixed-rate loans or promotional interest rates, and choose the option that best suits your needs.
    5. Penalties and Late Fees. Familiarize yourself with any penalties or late fees associated with missed or late payments. Be aware of the consequences of defaulting on the loan and how it may affect your credit score and overall financial situation.
    6. Fine Print and Terms and Conditions. Before signing the documents, carefully read and understand the loan agreement, including the fine print and terms and conditions. Pay attention to any clauses related to interest rate changes, early repayment options, or loan modifications. Seek clarification from the lender for any unclear or ambiguous terms.
    7. Impact on Credit Score. Understand that taking out a patio furniture loan will affect your credit score. Ensure that you can make the monthly payments on time to maintain a positive credit history. Additionally, verify with the lender if they report loan activity to credit bureaus.

      How to repay a patio furniture loan?

      Carefully review the loan agreement provided by the lender, which outlines the repayment terms and conditions. Take note of important details such as the monthly payment amount, interest rate, due date, and any additional fees or charges.

      Decide on a convenient payment method. You can choose to set up automatic payments with your bank or the lender, allowing the monthly payment to be deducted automatically from your bank account. Alternatively, you can make manual payments each month.

      Create a repayment schedule to ensure you make timely payments. Note the due date, mark it on your calendar, or set reminders to avoid missing payments. Plan your monthly budget accordingly to allocate the necessary funds for the payment.

      Ensure that you make the monthly loan payments on or before the due date specified in the loan agreement. Timely payments are crucial to maintaining a good repayment history and avoiding any negative credit score impact.

      Keep track of your payment progress and monitor your remaining balance. This will help you stay aware of the amount you have paid off and the remaining amount owed.

      If you have the financial means, consider paying off the patio furniture loan early. Early repayment can help you save on interest costs over the loan term and free up your budget sooner.

      If you encounter any financial difficulties or foresee challenges in making payments, it is important to communicate with the lender promptly. They may be able to offer options such as payment extensions or modifications to assist you during challenging times.

      Alternatives

      1. Personal Loans. A personal loan can be received from a bank, credit union, or online lender can. Personal loans typically offer a lump sum of money that can be used for various purposes, including purchasing patio furniture.

      2. In-Store Financing. Many furniture retailers, including those specializing in patio furniture, offer in-store financing options. This allows you to make the purchase and repay the amount over a specific period with fixed monthly payments.

      3. Credit Cards. If you have a credit card with a sufficient credit limit, you can use it to purchase the patio furniture. Be mindful of the interest rates and repayment terms associated with credit card use.

      4. Retailer-Specific Financing. Some retailers partner with financial institutions to provide specific product financing options. Check if the patio furniture retailer offers special financing programs to help you obtain the necessary funds.

      5. Home Equity Loans or Lines of Credit. If you own a home and have equity built up, you may consider leveraging that equity to obtain a loan or line of credit that can be used for purchasing patio furniture.

      Editorial opinion

      Patio furniture loans can be convenient for individuals who want to finance their outdoor furniture purchases. They offer the flexibility to spread the cost over time, making it easier to afford higher-quality or more expensive pieces. Additionally, some financing options may come with promotional interest rates or deferred payment periods, allowing individuals to enjoy their patio furniture while deferring immediate financial strain. However, it's essential to approach patio furniture loans with caution and consider their potential drawbacks. Taking on additional debt means managing additional financial obligations, including interest payments. It's crucial to evaluate the total cost of the loan, including interest charges and fees, to ensure it aligns with your budget and financial goals. Carefully read and understand the terms and conditions of the loan agreement, paying attention to interest rates, repayment schedules, and potential penalties. Remember: If you overestimated your financial situation, you may put to risk your credit score, and collateralized property may be repossessed. It is especially a sensitive moment if you use a home equity loan to finance patio furniture.

      Important

      Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

      How to Choose a Lender

      1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

      2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

      3. Carefully review all the terms and conditions of your payday loan contract.

      4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

      5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

      6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

      Additional Resources

      Sources

      FAQ

      Can patio furniture be used as collateral for a loan?

      Is it hard to get a patio furniture loan?

      What credit score do I need to get approved for a patio furniture loan?

      30.06.2023
      -
      Update 14.02.2025

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