Swimming Pool Financing: Know Your Options

Swimming Pool Financing: Know Your Options

Everybody has dreamt about an incredibly large and tricked-out swimming pool in his backyard at least once. Having your swimming pool represents comfort and is the primary indicator of the sweet life in affluence.

However, craving for your own pool isn’t enough. It’s essential to understand how much this luxury costs. The final price doesn’t consist of purchasing and building it only. The purchase leads to further costs of maintenance. Add up all these figures, and you’ll be quite dumbfounded by its expensiveness.

But what if it doesn’t scare you and you still want to obtain a swimming pool? How to pay for it?

There are a lot of options for pool financing you could consider. Most of them can be terribly expensive so that it’s necessary to understand all the ways. The thorough and careful research will help you to choose the best loan type before diving in.

Swimming Pool Loan Options

Each lender has its own loan rates, terms, and features. The best way to choose the most appropriate one is to compare multiple options.

Online Lenders

It’s a perfect solution for you in case you’d like to pre-qualify in order to see rates and terms without any impact on your credit score. Moreover, they usually provide you with quick funding and the opportunity to apply with a bad credit score as well. Be careful when comparing different lenders and pay attention to the proposed annual percentage rate (APR*).

QuickCashLoans Bad Credit Loans provides you with an instant loan decision and favorable terms and conditions by connecting borrowers with the most trustworthy direct lenders. The loan fees differ among lenders and states. The APR ranges from 3.91% to more than 5.21%. The repayment terms are constant – a borrower should pay off the obtained loan due to the next paycheck date.

MyPoolLoans Financing offers five featured loan options for different types of credit. Each of them has its own payment terms, loan amount range, and rates depending on your credit score. For instance, one of these five partners, LightStream, offers loan amounts from $5,000 to $100,000, and its rates start at 5.34% APR with a term between 24 and 36 months. No fees and no prepayment penalty included.

HFS Financial Loans provides you loan amounts up to $300,000. Choosing a loan up to $19,999, your APR will start at 5.99%. After your 1-minute loan inquiry and carefully reviewing it, they come back to you in 24 business hours.

*It’s important to understand your APR may differ not only based on your credit profile but the chosen loan amount, purpose, and term.


The difference between banks and online lenders is that you have to visit local branches to apply for a loan. Besides, many banks offer personal loans for home improvement up to $100,000 and the opportunity to qualify for a small rate discount.

In contrast to online lenders, banks do consider your credit profile so that you must definitely have a good credit score to qualify for an any-purpose loan and excellent credit (above 720) to be eligible for the lowest rates and the longest repayment terms.

Credit Unions

Like online lenders, such nonprofit lenders as credit unions accept inquiries from borrowers with a fair or bad credit score. They also offer low rates and flexible loan repayment terms over 60 months. Credit unions can provide you with personal loans up to $50,000 that you can use towards your home improvement.

Final Things to Consider

Before applying for a swimming pool loan, you need to realize the consequences of getting it with bad or fair credit. Yes, it can undoubtedly lead to higher rates and less favorable loan terms. That’s why it’s important to build your credit score before it.

Along with it, don’t forget about maintenance costs that include insurance and safety accessories. All these details can be quite expensive, so mull over your ability to afford such expenditures.

In conclusion, if you’ve weighed the pros and cons and finally decided to borrow – take your time and shop around. There’s always a better option and a lower cost to find.

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