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Imagine floating on a raft sipping an ice-cold beverage in your own backyard after a long hot day… a pool loan or financing a pool can make this your reality! There are plenty of options available for all credit types when it comes to pool financing and pool loans. Building can be expensive but the memories it’ll create and the value it can add to your home make it easily justifiable.
If you’re interested in financing a swimming pool, it’s important to do your research and select the right loan. Keep reading to learn more about the pros and cons of different types of swimming pool loans.
Pros & Cons of Swimming Pool Loans
Is the cost of building a swimming pool holding you back? Pool financing and loans are available to help you discover the backyard of your dreams. For the most part, pool loans are fairly easy to obtain and offer affordable monthly payments. Let’s take a look at some pros and cons associated with swimming pool loans.
Typical Length of Pool Loans
7 to 15 years, usually 10 year loans
How Much Does A New Pool Cost?
Putting in a swimming pool can be very expensive. Factors such as the type of pool, location, size, and custom features fluctuate the price of a pool. The investment can be justified by the fun times and increased home value a pool can provide. Let’s take a look at different types of swimming pools and their average cost.
How Much Does It Cost To Operate And Maintain A Pool?
The cost of building a pool is one thing and the cost to maintain it is another. It’s important to factor in both, especially when you will be taking on a monthly payment to finance your pool. Some expenses involved in maintaining a pool include:
On average these expenses cost:
Can You Finance Pool Repairs Or Add-Ons?
Depending on the type of loan you qualify for, you may or may not be able to finance pool repairs or add-ons. In most cases, add-ons at the time of installation may be easier to include in the loan compared to repairs or add-ons in the future.
What Type Of Loan Is Best For A Pool?
Home Equity Loans
Home equity loans are a secured loan that uses your home’s equity as collateral. Compared to a personal loan, there may be more risk involved when using a home equity loan. The equity of your home is calculated by taking your home’s current value and subtracting what you’ve paid so far toward your mortgage.Let’s take a look at the pros and cons of a home equity loan.
Personal loans are available for all types of credit and can be used for pool financing. Although rates may be higher compared to secured loans, most personal loans don’t require any collateral. Personal loans are often easier to secure and tend to be less risky than comparable options.
If you decide to take a personal loan for pool financing, it’s important to compare lenders. Acorn Finance is a reputable company that offers free services. Their services allow you to input your information to one application and receive offers from multiple lenders.Let’s take a look at the pros and cons of a personal loan for pool financing.
Pool Dealer Financing
Pool dealers can assist you with financing by forwarding your information to lenders. In most cases, dealer arranged financing typically costs more than other available options.
Pool Dealer Financing vs Personal Loans: What’s the Difference?
When you obtain pool financing through a dealer you enlist a middle man. So, what does this mean? In most cases it means your rate will go up. In addition, the dealer may not have or clearly understand all the details related to your approval. Using a pool dealer for financing means you complete an application and they forward it to their limited amount of lending partners.
When you use a personal loan, you submit one application and are connected to multiple lenders with competitive offers. This allows you to shop for the best deal and score a lower interest rate in most cases.
In conclusion, a personal loan may be your best option when it comes to financing a swimming pool. It may offer better rates than financing through a pool dealer and doesn’t put your home at risk like a secured or home equity loan can. Applying for a personal loan for pool financing is a simple process and funds may be made available in as little as 24-hours. What are you waiting for? Make a splash and apply for a pool loan today!