How to Finance a Pool
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Last updated 03/15/2024 by
Halle GoddardNothing is more exhilarating than jumping into your own pool to cool down on a hot Summer day! And few things are more relaxing than soaking in a hot tub after a long day at work. If you think pools and hot tubs are just for the ultra-rich, think again. Financing the pool of your dreams is not as difficult as you may think, and with the following tips, it could soon become a reality. In this guide, we cover how to finance a pool.
Installing a pool adds value to any home, which can help you recoup your investment if you decide to sell in the future. However, adding a pool to your property is no small project. According to the River Pools and Spas Inground Pool Cost Guide, a larger pool can cost upwards of $24,000 for materials, not including installation and delivery. A smaller, basic fiberglass-lined pool could run around $17,000, not including financing costs. The interest rate on a loan for a pool this size can range anywhere from 4.29% to 13.29%. Because of the higher cost of pools, it is important to choose a financing option that works with your budget. This article provides a list of financing options you should consider.
Compare Home Equity Lines of Credit
Compare rates from multiple HELOC lenders. Discover your lowest eligible rate.
How to Finance a Pool: Financing with a Personal Loan
LendingClub offers personal loans for pools up to $40,000, with flexible, unsecured personal loans. Another lender, LightStream, provides funding within the same day the loan is approved.
Learn how to apply for a home improvement loan here, and how to apply for one without any equity here.
How to Finance a Pool: Financing through pool companies
Many pool companies offer direct financing. Although they don’t always have the best rates and terms, they are often willing to work with you when other lenders won’t.
How to Finance a Pool: Financing with Home Equity Loans
A home equity line of credit, or HELOC, is a loan that uses the value of your home as collateral. A similar option is to get a second mortgage, which also uses your property as a guarantee. Your maximum loan amount will depend on the value of your home compared to its current market value.
How to Finance a Pool: Refinancing Loans
Refinancing your mortgage may give you the ability to afford a pool installation if the new loan amount is larger than your current mortgage balance.
The Bottom Line
In any situation, shopping around is vital. Whether you opt for a loan through an institution of your choice or use an online lender that matches your needs, be sure to compare at least three options, and research the lender thoroughly before making a decision on financing. Visit SuperMoney’s personal loan page for an extensive list of lender reviews and user comments.
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