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3 Ways to Finance Outdoor Kitchen

Last updated 03/19/2024 by

Jessica Walrack
If you have determined how much your dream outdoor kitchen will cost and are now trying to figure out how to pay for it, you have come to the right place. According to HomeAdvisor, the average cost to build an outdoor kitchen ranges from about $2,700 to about $16,000, which many homeowners don’t have just lying around.
Not to worry, though. There are several financing routes you can take to get the backyard addition you want.
Here, we will cover three options and how to identify the best one for your specific situation.

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1) Credit cards

Credit cards can be a good option to look into because you can use them for whatever purpose you choose; there are no restrictions on use. However, to determine if this is the best route, you will need to do the following:
  • See if your limit is high enough to cover the costs
  • See what interest rate you will get
  • Calculate how long it will take you to pay off the amount and how much it will cost you
One strategy you could use is finding a credit card with a 0% APR introductory period. If you can get approved with a high enough credit limit, you will be able to carry the balance throughout the introductory period without paying any interest on it. Ideally, you will pay the amount back during that promotional period to avoid paying a higher interest rate afterward.
Be warned, if you do take this route and don’t pay off the balance in time, the interest rate can be higher than the amount you would pay using other financing routes. However, if you do end up with a remaining balance as the introductory period is nearing its end, you could still possibly get a personal loan with a lower interest rate to pay off the credit card balance.
All of this, of course, hinges on getting approved, which depends on your creditworthiness.
Review and compare credit cards now to discover the best options for you.

2) Personal loans

Going straight for the personal loan is another route you can choose to take. There are a number of online lenders who are willing to extend loans for home improvements, which conveniently includes building a new outdoor kitchen. The loans typically have a set term and are paid in monthly installments. Often, they offer lower interest rates than are available on credit cards.
With the wide range of lenders available comes a variety of eligibility requirements, rates, and terms. For example, Lightstream is a popular lender that targets borrowers with good-to-excellent credit. Its rates are very competitive, it offers high loan amounts, and it doesn’t require borrowers with strong credit to provide collateral for purchases that typically require it.

Prosper is another popular lender, but it doesn’t necessarily target those with excellent credit. They provide lower loan amounts compared to Lightstream, but with decently competitive interest rates and a minimum credit score requirement of 640. There’s also Avant, which states that its typical customer has a credit score between 600 and 700, making it a better fit for those with a credit score under 640.
To find out which online lenders can offer you the best deal, you can utilize SuperMoney’s loan offer engine. It asks a few questions and then provides you with offers from leading lenders (don’t worry; it won’t hurt your credit score.) Then, once you identify the top lenders for your situation, check consumer reviews and read in-depth reviews on our Personal Loans Review page.

SuperMoney may receive compensation from some or all of the companies featured, and the order of results are influenced by advertising bids, with exception for mortgage and home lending related products. Learn more

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3) Home equity loan

The third financing route that can enable you to fund a new outdoor kitchen is taking out a home equity loan. This way, you can typically get the full amount you need and have a better chance of qualifying even if your credit score is low. Sandra Hamburg of Your Pro Kitchen recently remodeled her kitchen and says she chose a home equity loan because she could potentially write off the interest on her taxes and it offered her a low interest rate.
The downside is that, whether you opt to take out a second mortgage or a home equity line of credit, the process will be more intensive than the previous options and may include closing costs. Furthermore, if anything goes wrong, your house will be at risk for foreclosure.
However, this can be a good option if your credit score is low and you don’t qualify for a decent rate on a credit card or loan.

Finance the outdoor kitchen of your dreams

Now you know three viable options for financing the outdoor kitchen you’ve been dreaming about. Selecting the best option will involve checking out the rates and terms you qualify for, calculating the total cost to borrow using each route, and weighing the pros and cons (such as ease and risk involved).
Different personal loans come with different rates, fees and requirements, so check out what the best personal loans are to ensure that you choose the best option for you.

SuperMoney may receive compensation from some or all of the companies featured, and the order of results are influenced by advertising bids, with exception for mortgage and home lending related products. Learn more

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Jessica Walrack

Jessica Walrack is a personal finance writer at SuperMoney, The Simple Dollar,, Commonbond, Bankrate, NextAdvisor, Guardian, and many others. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and fun.

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