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10 Year Home Improvement Loans For Good & Bad Credit Near Me

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Home improvement loans can provide homeowners with the funds they need to make home improvements. While some require collateral, some do not. Before getting a home improvement loan, familiarizing yourself with the various types can help you choose the right loan. Read on to learn more about 10 year home improvement loans and rates. 

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Learn More About 10 Year Home Improvement Loans

What is a home improvement loan?

A home improvement loan is a loan or line of credit that offers homeowners with funds to make home improvements. The two main types of home improvement loans are secured and unsecured. Secured home improvement loans require collateral. Examples of secured home improvement loans are home equity loans or a home equity line of credit. Unsecured home improvement loans do not require collateral. An example of an unsecured home improvement loan is a personal loan used for home improvements. Unsecured home improvement loans can be funded in as little as 1-2 business days, although funding times can vary. With quick funding and few restrictions, they are a popular option for many homeowners. 

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Is there such a thing as a 10 year home improvement loan?

Repayment periods for home improvement loans can vary. Factors such as the loan amount, the lender, and what the borrower qualifies for can impact the repayment period. With an installment loan, the repayment period represents the years or number of months until the loan is repaid in full. While 10 years may seem like a long time, for larger loans you may need 10 years to repay the balance. Keep in mind, though, the longer the repayment, the higher the cost of borrowing may be. Check offers at Acorn Finance today with your requested loan amount. In seconds you can receive personalized offers from top national lenders. 

Home improvement loans vs. equity financing

Home improvement loans and equity financing are different. While equity financing can be viewed as a type of home improvement loan, the types of loans are very different. 

  • Home improvement loan: Home improvement loans are an unsecured loan, meaning they don’t require collateral. Rather than collateral, they are funded on the basis of one’s creditworthiness. 
  • Equity financing: Equity financing involves borrowing against equity in your home. This is a type of secured loan that is backed by your home. If you default on the loan or fall behind, the lender can seize the collateral. The arrangement reduces risk for the lender, but potentially increases risk for the borrower. In exchange, though, borrowers can take advantage of competitive rates, long repayment periods, and higher loan amounts. 

What is the longest term for a home improvement loan?

In most cases the longest repayment period for a home improvement loan is 12 years, but repayment periods can vary. Some lenders may offer shorter repayment periods. Additionally, repayment periods can vary depending on the loan amount and what a borrower qualifies for. 

What is the average length of a home improvement loan?

Home improvement loans usually span from 1 year to up to 12 years. There are several variables that can be used to determine the appropriate repayment period. For example, if you borrow a small home improvement loan, say $2,000, it’s unlikely a 10 year repayment period would be suitable. You will need to qualify for the loan which can include the repayment period. To check offers with no credit score impact, visit Acorn Finance

Where to get a 10 year home improvement loan?

Banks, credit unions, and online lenders can offer home improvement loans. However, not all will have repayment periods up to 10 years. You may be searching for a 10 year home improvement loan in hopes of achieving a certain monthly payment. However, there are other factors that can impact monthly payment such as the interest rate. Comparing offers can help you find the right loan offer. Take advantage of our competitive lending marketplace with top national lenders to find a loan offer that works for you. 

What is the interest rate on a 10 year home improvement loan?

Interest rates for a 10 year home improvement loan can vary depending on the borrower’s qualifications and what the lender can offer. To determine what a fair interest rate is, compare offers. At Acorn Finance, you can check real offers in seconds with no credit score impact. With access to offers from top national lenders you can compare offers in one place. Comparing offers can help you confidently choose an offer, while giving you options to choose from. 

How do 10 year home improvement loans work?

Here’s how 10 year home improvement loans, that are not backed by collateral, work.

  • Get prequalified and compare offers: Getting prequalified allows borrowers to receive offers based on their personal information. Usually it only requires a soft credit pull so credit score is not impacted. During this stage borrowers have the opportunity to shop offers to find the best deal. While applying with lenders individually is one way to shop around, Acorn Finance offers a streamlined process. Check rates from our network of top national lending partners in seconds with no impact to your credit score.
  1. Approval: After getting prequalified, you’ll likely need to accept an offer. Upon acceptance, the lender will likely need to verify the information you submitted, which can include a hard credit pull. Once the process is complete, you can be approved. 
  2. Funding: Once your loan is approved you can receive funding in as little as 1-2 business days, although funding times can vary. 
  3. Repayment: Shortly after funding, repayment begins. Home improvement loans are usually repaid in fixed monthly installments with interest. With a ten year repayment period, you would make payments for ten years. You can choose to pay the loan off early, too, which can potentially save you money on interest. 

Are home improvement loans tax deductible?

Home improvement loans are usually not tax deductible. However, home equity loans, a type of home improvement loan, can be tax deductible. Home equity loans are secured debt, backed by the equity in your home. To learn more about tax advantages for homeowners, consult a tax professional or accountant. 

Alternatives to 10 year home improvement loans

If a 10 year home improvement loan is not the right fit for you, you can consider an alternative. 

  • Home equity loan
  • Home equity line of credit (HELOC)
  • Borrowing from a friend or family member
  • Saving up cash
  • Using a mix of savings and credit cards 

A 10 year loan is a big commitment. Take the time to prepare and ensure you find the best offer. Finding ways to make your finances work for you can take patience, but trust the process. Personal loans and home improvement loans offer flexibility and few spending restrictions, making them a versatile lending product for many situations. 

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What can I do with a $10,000 personal loan?

A $10,000 personal loan has a number of uses, including (but not limited to):
Home improvement Buying a car Wedding costs
Debt consolidation Medical bills Startup business costs

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