Swimming Pool Financing Options
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.
3 Options to Pay for a Swimming Pool
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.
Home Equity Financing
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.
Unsecured Personal Loans
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.
Swimming Pool Financing Companies We Trust
Paramount offers an exclusive service available to customers of authorized Paramount pool dealers, Paramount Capital helps customers find their best financing option. Unsecured and secured programs are available for low fixed and variable rates. There are no prepayment penalties.
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.
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?
Are you ready to build your dream pool?
Contact American Pools & Spas today at 407-847-9322 to learn more about our services. You can also request your free estimate online and we will have one of our design consultants come to your home.
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