HomeGarage Financing

Direct Garage Financing

Request to prequalify for garage financing through a local contractor in our network.
Direct Garage Financing
If you’re ready to add more storage space to your home, we’ll try to connect you to garage builders in your area who offer financing.
Explore options to finance garage additions and remodels by filling out the form above.

How to Get a Loan to Build a Garage

Step 1
Fill out the form with your personal details, financial information, and garage loan needs.
Step 1
Step 2
Allow us to review your request in real time, and a pre-qualified offer for financing options may be presented on-screen.
Step 2
Step 3
If available, select an offer with terms that work for you and complete the garage loan application.
Step 3
Step 4
Work with your building contractor to complete the job while you repay the loan over time.
Step 4

What Is a Garage Loan?

A garage loan is used to finance a garage's construction, renovation, expansion, or building. Building a garage often includes pouring a foundation and adding finishes according to its purpose, such as windows, doors, plumbing, and electricity. Adding additional square footage to your home is almost always a great way to add value to your home, but the project itself can get expensive.

Renovate works with reputable contractors who offer affordable and flexible financing options so you can make the most of your property. Garage loan rates, amounts, and terms vary based on your creditworthiness and the building companies that offer financing.

For example, if you get garage financing for a project that costs $25,000 at an APR of 10% over 48 months, you would pay about $634 per month. Your total cost to repay the loan would be $30,425.

What is a Garage Financing Loan?

Types of Garages

There are many options to consider when planning a garage addition, but Renovate’s contractors have the experience and know-how to help you choose a garage build that works for you:

  • Attached: These garages are attached to the main structure of your home and provide easy access to your cars and storage. Attached garages most commonly house two to three cars and are built to match the facade of the main home.
  • Detached: As the name suggests, these structures are separate from the main home, which offers more flexibility in terms of placement, size, and design. Detached garages usually require more materials to build (foundation and electrical wiring), but you can also choose prefab structures.
  • Carports: Carports include a covered structure and two or three walls that surround the vehicles. Putting up a carport is a great way to protect your vehicles without spending the money required to build a garage. For example, you can buy a carport kit from a home improvement retailer and hire a contractor to install it.
  • Lofted: Two-story garages have a living quarters or storage area above the carport space. Some might opt to build an accessory dwelling unit (ADU) to add more living space in addition to storage; however, you’ll need to ensure you follow local building codes required for lofted garages.

How Much Does a Garage Cost?

It costs between $35 and $90 per square foot on average to build a garage, though these costs can vary greatly depending on the material, foundation, finishes, and local labor rate. Higher-end garages can exceed $120 per square foot.

You can use a garage loan calculator to get a better idea of your project budget, but we’ve included a few estimates below:

Garage Cost Per Square Foot

The size of your garage plays a significant role in the overall cost when accounting for labor and materials. 

Size (Feet)Cost Estimate
12X24,16x24, 14x28 (1 car)$11,000–$27,000
20x20, 24x24, 24x30 (2 car)$20,000–$35,200
32x22, 36x24, 30x40 (3 car)$28,500–$62,000

Common Garage Add-on Costs

In addition to building the garage structure, you’ll need to account for additional finish work to complete the project.

Garage Add-onCost Estimate
Foundation$5–$37 per square foot
Windows$250–$1,000 per window
Garage door (one automatic)$1,850–$3,400
Insulation $0.60–$8 per square foot
Plumbing$0.40–$12 per linear foot
Electricity$10–$25 per linear foot

Common Garage Building Problems

A space used so frequently is bound to experience wear and tear. If you need to repair or upgrade your garage, our network of skilled contractors can help you address some of the following common garage building problems:

  • Failing floors or foundation: Chips, cracks, and crumbling are common with older concrete garage floors. You can add a sealant for smaller imperfections, but a new slab may be required if your foundation is settling and breaking.
  • Faulty garage doors: A garage door can break if the parts fail, the track is bent, or the door frame gets dented. Determine whether garage door repairs are worth it by pricing out the cost of a new door.
  • Not enough space: While most homeowners account for the number of cars they have when deciding on size, some overlook their storage needs. Storage can exist above the garage and on the walls. Remember to account for shelving and storage solutions when planning your next garage build.

Factors to Consider Before Installing a Garage

Many factors determine the project scope and process for adding a garage to your home. Renovate’s network of top-notch contractors will consider your storage needs, budget, and local building requirements to help you construct an outbuilding that’s both safe and beautiful.

Here are some of the aspects they might walk you through before starting a garage renovation project:

Size

Size

Even more than the materials, the size of the garage will impact the overall construction plan. Consider how many cars you want to store in the space and the kinds of vehicles you plan to protect. Our experienced contractors can help you map a layout that fits your storage needs and budget.

Common Add-on Costs

Common Add-on Costs

Beyond the shell of the garage, your project may also require certain features to finish the space accordingly — like adding windows, garage doors, insulation, storage space, and gutters.

Attached garages already have the benefits of being close to your home’s electricity, plumbing, foundation, and insulation, which could help you save money on the lesser-known costs of building a garage.

Durability

Durability

The materials used to build your garage will account for up to half the project’s total cost. Consider whether you want the facade to match your home’s exterior, as well as your overall budget. Brick garages will cost more than metal roofs, and installing vinyl siding over wood frames could also increase the price. (Don’t forget about the foundation and roof!)

Our best-in-class contractors can help you decide which building materials are best for your vision and budget so you can design a structure built to last.

Required Permits

Required Permits

Renovate’s network of skilled contractors can help you determine whether a permit is necessary for your project and pull them before starting the work. You’ll need a conversion permit if you plan to turn your garage into an ADU with an attached apartment or living space, but whether or not other permits are required will come down to your county or city, as well as the scope and intent of your garage addition.

Benefits of Garage Financing with Renovate

Renovate helps homeowners add value and space to their homes with a garage. Here are some of the benefits of using Renovate to secure a loan to build a garage:

No Additional Costs

No Additional Costs

It’s free to use our financing request form and connect with experienced contractors who may offer flexible financing solutions. Renovate will reference its network of pre-screened professionals and show you affordable payment plans for building a garage without a high upfront cost.

Competitive Loan Rates

Competitive Loan Rates

Renovate strives to connect homeowners with varying credit profiles to reputable, pre-screened contractors and direct financing options. Our large, inclusive lender network secures more opportunities for garage financing that helps break down your costs and makes your home improvement goals attainable.

Fast Funding and Approval

Fast Funding and Approval

With Renovate, you may get a pre-qualification offer in minutes. Submit your request using our online form, and we’ll try to connect you with contractors who offer garage financing near you, so you can get started updating an existing garage or building a new one quickly.

Apply for a Loan

Apply for a Garage Loan

Check Other Home Renovation Loan Options

Garage Financing FAQ

Garage financing may be available to homeowners with bad credit through private financing companies, but the interest rates and fees will be higher. It’s worth comparing lenders to determine who offers the best terms for making garage additions more affordable. You can typically pre-qualify for financing and view offers using a soft credit check, though a hard credit check will be performed during the application process. Applying with a cosigner may also improve your approval odds for financing with bad credit.

You can finance garages in several ways, including private financing options through qualified merchants. The loan terms available to you will vary by lender and loan type. You can also consider a HELOC to fund your garage using the equity in your home. In addition, some home building companies may offer leasing programs, allowing you to pay smaller monthly payments until the project is paid in full.

On average, building a garage generates between 75% and 85% return on the investment; however, the exact value depends on the type of garage built, its size, and the features you add to it. A well-designed and functional garage adds both home appeal and storage, two high-value benefits for homebuyers.

Dive Deeper Into Garage Financing

Finance a Home Renovation

July 15, 2024
16 minutes to read

The Complete Guide to Selling an Inherited Property

August 1, 2024
18 minutes to read

How to Implement the 30% Rule in Home Renovation

August 22, 2024
10 minutes to read
   
Renovate.com is a financial service technology provider specializing in connecting merchants and consumers with our network of independent lenders and contractors. While we host an application process on our platform, we are not a lender and do not make credit decisions. Our role is to facilitate the connection between consumers and potential lenders. This platform does not constitute a solicitation by Renovate.com to offer loans; all loan solicitations, terms, and conditions are provided by our independent lending partners.
The content provided on this Site is for informational purposes only and should not be construed as legal, business, financial, or commercial advice. You should conduct your own research and consult with professionals where appropriate before taking any actions. You assume responsibility for evaluating the merits and risks associated with the use of any information or other content on the Site before making any decisions based on such information or other content.
Advertiser Disclosure

The offers that appear on Renovate.com are from companies from which Renovate.com receives compensation. This compensation may impact how and where (including the order in which) offers are presented to consumers. Renovate.com does not make loan offers but instead pairs potential borrowers with lenders and lending partners. We are not a lender, do not make credit decisions, broker loans, or make short-term cash loans. We also do not charge fees to potential borrowers for our services and do not represent or endorse any particular participating lender or lending partner, service, or product. Submitting a request allows us to refer you to third-party lenders and lending partners and does not constitute approval for a loan. What you may be presented is not inclusive of all lenders/loan products and not all lenders will be able to make you an offer for a loan.