What Credit Score Do You Need to Finance a Garage?
The short answer: a FICO score of 680 or higher qualifies you for our primary fixed-rate loan program. But whatever your score, there is a path to your Storage Sheds and Garages structure. Here's the full picture.
680 or Higher: Fixed-Rate Loans Up to $100,000
With a 680+ score, you qualify to apply for our best program, Consumer Financing through Upgrade:
- 9.99% APR fixed on 5-year terms
- 9.99% APR fixed on 7, 10, 12, and 15-year terms
- Up to $100,000 per borrower — no co-applicants, but multiple household members can each apply
- No down payment, no fees, no prepayment penalty, no land ownership requirement
Below 680: You Still Have Paths
1. Building Loan — Thrive Financial (coming soon). If the garage is going on property you own (lot numbers and parcel IDs accepted), credit scores from 550 can qualify for fixed terms of 5 to 20 years. Rates are based on your credit tier, and the paperless application delivers instant decisions.
2. Home equity — Figure Lending (if you own your home). Up to $750,000 with a minimum 600 FICO and funding in as few as 5 to 10 days. Qualification leans on your home equity rather than your structure purchase. Note that your home secures the loan — you could lose it if you fail to repay.
3. Rent-to-own for storage sheds. Buying a shed in PA, DE, NJ, or MD? Storage Sheds and Garages offers a separate rent-to-own program on qualifying storage sheds with no credit check — see our Rent-to-Own vs. Financing guide or ask your sales rep.
Does Applying Hurt My Credit?
Here's exactly when your credit is — and isn't — touched:
| Step | Credit Impact |
|---|---|
| Eligibility check on garage-lender.com | None — no credit inquiry at all |
| Applying to see your loan offers | None — soft pull only |
| Accepting an offer & eSigning | Hard inquiry — this is the only step that affects your score |
Tips to Qualify for the Best Rate
- Use total household income — include your spouse's income and the income of anyone living with you
- Pay down credit card balances before applying — utilization is a major scoring factor
- Don't open new credit accounts in the weeks before applying
- Check your credit report for errors at annualcreditreport.com — it's free