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If you’ve been dreaming of installing your perfect pool, you probably have envisioned every detail. You may even have given a little thought to the automated systems that you’d like to use to maintain your new pool.
Have you ever fantasized about its prospective price tag? Probably not. In fact, most people don’t, but the cost of installing an in-ground swimming pool is a crucial factor in transforming your dream into a reality.
Very few people can afford to purchase an in-ground swimming pool outright. When planning to build a swimming pool, you’ll want to consider your pool financing options carefully. While the exact details vary depending on your unique financial situation, there are three alternatives.
If you own your home, you may be able to use the equity that you’ve built up to secure a home equity loan, a home equity line of credit or a second mortgage. This type of financing comes at a lower interest rate, but it’s not an option for every homeowner. If you haven’t owned your property for very long, you may not have sufficient equity to qualify.
An unsecured loan is one that does not require any collateral. If you have good credit, this can be an affordable option, but if your credit rating is poor, then you may find it difficult to secure a loan with a reasonable interest rate.
Credit cards may seem like an easy way to pay, but they are rarely a good option for financing a major purchase like a pool. When compared to the other options, credit cards have high-interest rates. Unless you can pay off the pool quickly, using a credit card to purchase a pool is likely to increase the total amount that you’ll pay substantially. Make sure to ask before using this option. Not all pool builders accept full payment for a swimming pool on credit card because of fees.
With swimming pool loans, your credit score matters. Better credit means that you’ll qualify for better terms. Before pursuing a loan, check your credit report to make sure that it’s accurate. If you’d like to give your credit score a bit of a lift, consider paying down your credit card balances to reduce your credit utilization.
For over 38 years, Lyon Financial has provided individuals and families with the financial sources to enjoy the comfort and flexibility of having their own backyard vacation. We know what having your own pool will mean to you and your family. Swimming pool loans are unique – why not use a company whose specialty is pool financing?
HFS Financial, based in Baltimore, MD specializes in assisting homeowners with personal loans for home improvement projects. Our simple loan inquiry will NOT affect your credit to apply and only takes 1 – minute. Terms up to 20 years are available and all the money funds 100% DIRECT TO CONSUMER, no stage funding. Most loans fund in a couple days. Our knowledgable staff will ensure they answer your questions and provide you with the best service and product possible.
HFS Financial – “You Dream It, We Finance It”
Lightstream is a division of SunTrust Bank, and offers fixed-rate installment loans with no prepayment penalties. Securing a loan is fast and easy; qualifying borrowers may be able to have the funds for their new pool in their account as soon as the same day. *
*You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.complete the final verification process.
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