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Septic tank financing

Explore personal loans plus other types of financing for your septic tank.

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Carmen Chai

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Name Product Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
Loans Canada Personal Loan
5.4% - 46.96%
$300 - $50,000
4 - 60 months
Requirements: min. credit score 300
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Spring Financial Personal Loan
Spring Financial Personal Loan
9.99% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
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SkyCap Financial Personal Loan
SkyCap Financial Personal Loan
19.99% - 39.99%
$500 - $15,000
9 - 60 months
Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
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LoanConnect Personal Loan
LoanConnect Personal Loan
6.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
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Mogo Personal Loan
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
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Fairstone Secured Personal Loan
Fairstone Secured Personal Loan
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
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Septic tanks are a necessity if your home isn’t connected to the local sewer plant. But the costs of buying and installing one can easily set you back several thousand dollars. Even making repairs can be pricey. Luckily, there are several septic tank financing options for keeping this essential piece of equipment in top shape.

How can I finance a septic tank?

Consider starting with the following options when looking for septic tank financing.

Home equity loans

Home equity loans and lines of credit (HELOCs) are one of the most popular ways to fund home improvements, including repairing or replacing a septic tank. Also known as a second mortgage, a home equity loan involves borrowing against the amount you own in your home.

Backing your loan with your house can help you qualify for more competitive rates and terms than an unsecured personal loan, though you risk losing your home if you can’t pay it back.

Compare home equity loans

Fairstone Secured Personal Loan

Fairstone Secured Personal Loan

Alpine Credits Home Equity Loan

Alpine Credits Home Equity Loan

APR
APR 19.99% - 24.49% 10.00% - 22.99%
Loan Term
Loan Term 36 - 120 months Up to 60 months
Loan Amount
Loan Amount $5,000 - $50,000 $10,000 - $500,000
Fees
Fees Varies by province 5.00% - 8.00% of the APR covers closing & admin fees
Min. Credit Score
Min. Credit Score 560 300
Provinces/Territories Serviced
Provinces/Territories Serviced All across Canada AB, BC, ON, QC
Requirements
Requirements Canadian resident, age of majority in your province of residence, home equity to use as collateral Canadian citizen or permanent resident, must be a homeowner, no consumer proposal from past 3 years, no bankruptcy from past 7 years
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Unsecured personal loans

Borrowers with decent credit might want to take out an unsecured personal loan to finance a septic tank. If you can qualify for a personal loan, you likely won’t be eligible for government loans or grants.

It’s also less of a risk than a home equity loan since you don’t need collateral. Personal loans typically range from $500 to $50,000 with APRs ranging from 8% to 47% and terms lasting from six months to five years, sometimes longer. They’re provided as a lump sum that’s transferred directly into your account. Some lenders may ask you to specify why you’re applying for a personal loan, with home repairs as the main option. Learn more about unsecured personal loans.

Credit cards

While this is an unconventional option, you may be able to pay for your septic tank purchase, installation or repairs by swiping your credit card. This is a route worth considering especially if you can find a credit card with a 0% interest promotional period. In this case, your aim should be to try to pay off as much as possible before that promotional period is over to avoid the high interest rates that’ll kick in immediately after. If your credit card has incredibly steep interest rates, you’re better off shopping for another loan with better terms.

Personal line of credit

Homeowners may have an emergency personal line of credit set aside precisely for costly emergencies like replacing or repairing a septic tank. Similar to a credit card, a line of credit gives you a specified credit limit to use as you need. While personal loans give you a lump sum of funding you need to repay within a fixed amount of time, a line of credit stays open as long as you keep up with payments. Once you repay what’s withdrawn, you can re-access the money. You are only charged interest on what you use, too.

Seller financed loan

If you’re shopping for a septic tank, you may find septic system sellers have their own financing options and payment plans available to consumers. They’re worth asking about when you get a quote because the seller may offer incentives, like extended warranties or no money down, to try to win your business. Keep in mind that you may need to pass a credit check to proceed with this option though.

While it may be enticing to go with seller financing to make the process a one-stop shop, do your homework and comparison shop before deciding on which financing option is right for you.

Hardware store financing

Many of Canada’s top hardware stores including Canadian Tire, The Home Depot, Home Hardware, Lowe’s and Rona offer in-house septic financing programs including loans and credit cards. You may even be able to participate in a rewards program and earn points towards free or discounted items when you make purchases such as a septic tank.

The table below summarizes some of the financing and rewards options available at major Canadian hardware retailers:

RetailerLoan financingCredit card financingLoyalty/Rewards program
Canadian Tire
  • Spend $150 or more and get fee-free, zero-interest financing over 24 equal monthly payments
Triangle Mastercard
  • Earn 4% of your purchases back as Canadian Tire money (only applies to purchases at select retailers like Sport Chek, Hockey Experts and Sports Rousseau)
  • Earn 5 cents back on gas bought from Canadian Tire Gas+ and participating Husky stations
  • Different credit cards options available with different rewards options
Triangle rewards
  • Earn 5 cents in Canadian Tire money for each litre of gas you buy if you pay with cash or debit
  • No-receipt returns
  • Win contests and earn rewards faster with special events for Triangle rewards members
  • Get personalized offers through the Triangle mobile app
The Home Depot
Project loan
  • No annual fees
  • No down payment
  • Up to $50,000 credit available
  • Make project purchases for 6 months, then repay plus 6.99% APR.
  • For purchases under $1,000: Pay off in 12 equal monthly payments
  • For purchases over $1,000: 60 equal monthly payments
  • No early repayment penalties
Consumer Credit Card
  • No annual fees
  • No interest for single-receipt, in-store or online purchases of $299 or more (incl. taxes) if fully paid within 6 or 12 months depending on what you purchased.

Commercial Credit Cards
(2 different cards available)

  • No annual fee
  • Flexible payment options
  • Online account management and purchase tracking
  • Ability to authorize access to certain employees or to allow employees to have their own cards
Pro Xtra program
(only for registered businesses in Canada)
  • Track your purchases
  • Receive quarterly rewards
  • Use alongside your Home Depot Commercial Credit Card and get fuel savings, year-round in-store returns and the option to enroll in 60-day repayment terms.
  • No fee to join
  • Perks like a free snack or drink.
Home Hardware
  • Not available
  • Consumer and/or commercial credit cards may be offered by individual locations as Home Hardware is a cooperative of independently-owned member stores.
  • The Top Notch Rewards program allows you to earn points from your purchases and use those points towards local rewards or items from the Top Notch catalogue or website.
  • Aeroplan miles accepted
Lowe’s
  • Not available
Consumer Credit Card
  • Up to 24 months special financing on qualifying purchases of $1,999 or more.
  • 10% off an in-store purchase (discount of up to $100) when you open a new Lowe’s consumer credit card.
  • Up to 48 months fixed monthly payments at 8.99% on single-receipt purchases of $1,499 or more.
  • Pay for single-receipt purchases of $1,499 or more with your Lowe’s credit card and choose to make 48 equal monthly repayments with an 8.99% Annual Interest Rate (AIR).

Business account credit card or accounts receivable credit card
(for businesses only)

  • With a credit card, you get flexible payments and the ability to control spending as well as issue multiple cards to employees. Good if you have revolving credit needs
  • Generate invoices with an accounts receivable card and pay in full at the end of each month. Good for contractors, agencies, school systems etc
  • Get 5-10% off every purchase using Lowe’s Business Credit or through the Contractor Rewards Program (for contractors only)
  • Air Miles accepted

In addition to this, some companies have coupons on their website that offer discounts on services. You can typically use these in addition to financing to lower your cost even more.

Provincial tax benefits

Your province may offer a tax benefit, loan or grant program that can help offset the cost of a septic tank. While it’s unlikely that you’ll find opportunities designed to support the purchase and installation of septic tanks specifically, you may come across green initiatives or social supports that can be used for this purpose.

For instance, senior residents of Alberta may be able to get an equity-secured loan or grant through the Seniors Home Adaptation and Repair Program (SHARP) to fund home renovations so they can remain living independently as long as possible. Money can be used for walk-in tubs, stair lifts, roof and window replacement, electrical work and septic tank repairs, among many other things. Check with your provincial government to find out what opportunities may be available for you.

Representative example: Sandip gets a septic system

Sandip has just finished building her off-the-grid cabin in rural Quebec. She has just installed a solar panel system but now needs to get a septic tank system. She has opted for a model that costs $7,500.00 – which includes the system and installation costs. With only $2,000.00 available to cover her costs, she will need a loan for $5,500.00. With a very good credit score of 715, Sandip is offered a loan from an online lender for the full $5,500.00. She is offered an interest rate of 8.00% and a loan term of 1 year. Although she will have relatively high monthly payments of $478.44, her new off-grid lifestyle will allow her to afford this amount.

Cost of septic system$7,500.00
Loan typePersonal loan
Loan amount$5,500.00
Interest rate8.00%
Loan term1 year
Additional feesOrigination fee of 3.00% ($165.00)
Monthly payment$478.44
Total loan cost$5,906.24

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

How much does a septic tank cost?

Image of a septic tank in the groundSeptic tank costs can vary widely depending on how big your house is, where you live and what type of system you want to install. You can expect to pay between $1,000 and $3,500 for a plastic or concrete tank or between $9,000 and $13,000 for an aerobic treatment unit, which uses oxygen to break down organic matter more quickly than conventional septic systems would.

However, there are other related costs as well such as excavation, installation and (if necessary) tree removal and city permits. Altogether, you could be looking at a whopping $15,000 – $30,000 when all is said and done. Installation costs include renting a backhoe to dig the hole for the tank as well as hiring someone to put in the tank and plumbing. You might also have to dig up and repave your driveway to install the pipes leading to the septic tank. Once it’s installed, you need to have it inspected and pumped every few years, which can set you back hundreds of dollars at minimum.

Repairing a septic tank

There’s a chance that when you get your septic tank inspected, you’ll have to make repairs. This typically starts at $500 but can run as high as several thousand dollars. One of the most common repairs is replacing a broken pipe, which can cost around $2,000 — and might involve digging up your driveway again.

But if your septic tank has started to contaminate the area around it, you might have to move it to another location, which can set you back at least $10,000. In fact, it can sometimes end up being more expensive to replace an old tank than to install a new tank on a new property.

Low interest personal loans that offer $10,000

Seven tips for protecting your septic tank

The better you care for your septic tank, the less often you’ll need to make expensive repairs. Here are four ways to keep it in top shape:

    1. Use a high-efficiency shower head. Your septic tank can only handle so much water at once before it starts to back up. A high-efficiency shower head can help prevent that.
    2. Have multiple laundry days. Dividing your laundry into several smaller loads can also ensure you aren’t overloading your tank with water.
    3. Avoid your garbage disposal. Using a garbage disposal means you’ll have a lot more solid waste going into your tank, which leads to more frequent pumps.
    4. Watch what you flush. Anything that isn’t biodegradable can clog up your drain. This includes things you might not expect like dental floss, coffee grounds and any kind of oil or grease.
    5. Don’t dump toxic chemicals.Your septic tank is full of organisms that help digest your waste. Keep them alive and well by avoiding chemical drain openers, grease and paints down any drains.
    6. Inspect often. Experts recommend having your tank pumped and inspected by a professional at least once every three years to catch any potential problems.
    7. Maintain your drainfield. This means don’t park your car, plant trees or have any other kinds of drains run off into the area around your septic tank.

Bottom line

There are lots of financing options for installing or repairing a septic tank. Depending on where you’re buying your tank, you may be able to get financing through in-store credit. You can also look into provincial grants or initiatives that can help offset the cost of buying and installing a new tank. A personal loan might be a better solution if you can’t get in-store financing and don’t have enough to pay for the costs upfront on your own.

Read our personal loans guide to learn more about how they work and compare providers.

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