Home Improvement Finance

3 Ways You Can Finance Your Swimming Pool Installation

When the weather starts getting warmer and the kids get out of school, there’s one thing that can guarantee endless entertainment all summer long… A swimming pool. It’s a great way to have fun, get exercise, and relax. The question is, how much will one cost you? They’re pricey. Which brings us to question number two. Can you finance your swimming pool installation

According to Fixr, the average cost of an in-ground swimming pool installation in the U.S. ranges from $16,700 to $31,400.  If you don’t have that cash on hand, don’t worry. There are financing options you can turn to.

Here are three to considertr.

1. Personal loans from online lenders

First, you can opt for a personal loan through an online lender, which can make the whole process of getting financed easy and convenient. Applying online only takes a few minutes and the funds can be transferred to your account on the same day. You will have to have decent credit to get approved, but, if you do, this is a good option to look into first.


Compare the pros and cons to make a better decision.

  • Convenient online application and approval process
  • Many lenders to choose from
  • Competitive interest rates for borrowers with good credit
  • Fast access to the money
  • Does require good credit to get approved
  • The lower your credit score, the higher the Interest rate
  • Some companies may charge fees for loan origination or prepayment

A few top companies to check out include:


If you have excellent credit, Lightstream is one of the first lenders you’ll want to look into. It offers competitive fixed interest rates and no fees. Customers can apply, get approved, sign documents, and get funding all from their computer or mobile device within one day.


Prosper is another lender to consider, particularly if your credit is good but not excellent. It was actually America’s first marketplace lending platform and it has funded over $9 billion in loans. It works by connecting borrowers with investors and servicing loans between the two parties. There are no prepayment penalties, but there is a one-time origination fee. Similar to Lightstream, Prosper offers an easy online application and approval process, and money can be transferred to you within one day.


Avant has funded $1.8 billion in loans, so is a bit behind Prosper in experience, but customers rave about their experience with this lender. Personal loans are offered for debt consolidation, home improvements, and emergencies. So, a new pool installation will fall under home improvement. You will not be charged prepayment fees, but there is an administration fee when your loan is given. Apply and find out in minutes what rates and terms you qualify for.

These are just three of the many lenders out there, 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’s prequalification tool can help you find the best deal for your unique situation without impacting your credit score. By answering just a few questions, you can receive offers from a number of lenders who are all competing to win your business.

If you get a few attractive offers and want to learn more about the lenders, you can visit our personal loan review page to read in-depth descriptions of the lenders and compare real user reviews.

2. Tap into your home equity

You can also tap into your home equity to get the funds for your swimming pool installation. When you do, it’s often at a lower interest rate than would be available with an unsecured personal loan. However, closing costs and fees may apply and the process of getting approved is typically much more tedious and time-consuming. Additionally, your home is then vulnerable to a foreclosure if, for some reason, you aren’t able to keep up with the loan payments.


Compare the pros and cons to make a better decision.

  • Lower interest rates
  • Tedious loan process
  • May involve closing costs or loan fees
  • Puts your home at risk for foreclosure

There are certainly pros and cons to consider and if you would like to go this route. You can look into a cash out refinance, home equity loan, or a home equity line of credit.

Casey Fleming, Author of The Loan Guide: How to Get the Best Mortgage Possible says,

“An equity line is the least expensive option to put in place, and because you can only draw money as you need it you don’t have to pay interest on it until you need it. However, the interest rate is always variable, and you can only borrow a percentage of your current value – usually 90%.

An equity loan is like an equity line except the interest rate is usually fixed, and you draw all the money at once. Otherwise, it is secured as a second mortgage (like an equity line) and can only go to 90% maximum combined loan-to-value.

A cash-out refinance of your existing mortgage is a good idea if your existing mortgage isn’t very favorable anyway. The interest rate can be fixed, or fixed for a period of time (3, 5, 7 or 10 years) and then variable. If you use a cash-out refinance, you have only one mortgage to pay. You can only go to a certain percentage of your current value – typically 85%. You are paying interest on all of the money from day one.”

Learn more about swimming pool financing options. 

3. Ask your installer

Some companies provide financing in-house, so you may be able to get the installation from your installer/builder. This route is often very convenient as the installation and financing are taken care of in one place. The problem, however, is the same as when you use financing at a car dealership; you can’t trust that they are giving you the best deal.

The only way to be sure is to shop around and check out what other companies will offer you. So, yes, ask your pool installer about their financing options and what terms and rates they can offer, but be sure that’s not the only place you check.


Compare the pros and cons to make a better decision.

  • Convenient, one-stop shop for building and financing
  • May not offer the best rates
  • You’re only given one option instead of multiple lenders to compare

Find the right lender for your swimming pool installation

Ready to have a nice, relaxing summer enjoying your own private pool? Now you know the installation financing options available to make it a reality. While home equity loans can offer a low interest rate and financing through a pool installer may offer convenience, personal loans provide a good balance of both without the cons of putting your home at risk or getting overcharged.

Let several lenders compete for your business by clicking here.