Swimming Pool Loans – Everything You Need to Know

Swimming Pool Loans – Everything You Need to Know
Rebecca Hosley
on March 21, 2019
Read in 2 min

Have you ever daydreamed about putting a pool in your backyard, but thought you couldn’t afford it? You might want to consider taking out a pool loan to turn your dream of lounging in your own backyard pool into a reality.

The average 600-square-foot concrete pool can be quite pricey, and there are several add-ons that you may also need or want to purchase, such as:

  • A patio
  • Safety fencing
  • Landscaping
  • Lighting

Before you start the process of requesting a loan, figure out exactly how much you’ll need to install a pool with all the features you want. Then use an online calculator to help you figure out what type of monthly payment you will be able to afford.

Need Cash? Get a Personal Loan Today

$5,000
I want to borrow
$1,000
$35,000

Why Should I Request a Swimming Pool Loan Instead of a Home Equity Loan?

Consumers could request a home equity loan to finance their pool. However, home improvement loans are meant for renovations that add value to your home, so the increased equity offsets the cost of the loan. Despite how much enjoyment you may get out of pool ownership, it usually won’t add value to a home. Going through a bank for a home improvement loan may also require a branch visit, paperwork, and closing costs.

Some consumers might be better off requesting a loan online from a company that specializes in swimming pool loans. Not only is the process usually quick and easy, if you’re approved, you will often receive the money in your bank account within a few days. 

How Do I Qualify for a Pool Loan?

Lenders specializing in pool financing are similar to traditional lenders. They will want to see that borrowers have at least five years of credit history, including credit cards, car loans, and a mortgage. Lenders will also want you to have a history of making payments on time, and the necessary income to pay the loan.

To qualify for pool financing, it will help to have a favorable credit score. The better your score, the lower your interest rate could be. If you have bad credit you may still be able to obtain a pool loan, but you will likely be charged a higher APR. One way borrowers with bad credit can potentially lower their APR is by making a sizable down payment. This not only demonstrates your ability to save, but it can lower your risk profile to a potential lender, which might open up additional options.

Oftentimes pool loan terms range between two and seven years. The longer you take to pay it off, the less you’ll pay each month, but the higher the interest rate will be. Try to pay off the loan as quickly as possible, since it could save you hundreds if not thousands in interest.

If you’re thinking about a personal loan, get started with our easy online form to connect with a potential lender from our network:

Need Cash? Get a Personal Loan Today

$5,000
I want to borrow
$1,000
$35,000

 

Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

Rebecca Hosley Finance Journalist

Rebecca Hosley is a content writer based in Chicago.

She frequently writes about small business, insurance and finance.

In her free time, she enjoys trivia, craft beer and disc golf.

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Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

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Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.