In this friendly guide to swimming pool financing we set out to give pool buyers a realistic expectation of how much it will cost to buy the pool of their dreams. The first step in buying a pool is to explore the various pool financing options available.
We’ve had the privilege to help thousands of pool buyers make their backyard dreams come true, by not only financing their pools but pointing them in the right direction of qualified pool contractors that specialize in installing inground pools. We’ve also assisted them by helping answer their questions about pool loans and the swimming pool financing process as well as by pointing them to the right financial institutions that can best serve their pool financing needs.
If need pool financing info, you’re in the right place because today we’re going to answer the most common questions we receive about pool loans. Let’s dive right in!
What Are the Most Common Interest Rates for Swimming Pool Loans?
Inground pool loan interest rates have remained relatively stable for years. LoanPal, the company we often refer our customers to, has fixed rate, unsecured, simple interest loans for amounts up to $100,000 at interest rates roughly between 7% and 11% based on your credit profile.
What Will Be My Pool Loan Monthly Payment?
Just to give you an idea, a $30,000 loan over 84 months will likely be between $450 and $500 per month. A $40,000 loan over the same term around $600 to $675, and a $50,000 loan roughly $700-$850 per month. You can calculate your own monthly payment here.
What Do Pool Lenders Consider To Be “Good Credit”?
Often pool lenders will want to see at least 3 or more years of credit history with a variety of account types such as major credit cards, vehicle loans, and a mortgage. They also want to see a positive payment history with little or no late payments as well as evidence of the ability to save as demonstrated by large down payments and the accrual of liquid assets. Finally, they want to see stable and sufficient income to insure the loan can be repaid.
What Info Do I Need To Provide On A Pool Loan Application?
The lending agencies typically want the following:
- Social Security #
- Driver’s License #
- Work Status
- Amount and Sources of Income
- Total Monthly Housing Cost
- Home Equity
- Liquid Assets
- Retirement Assets
Can I Finance a Portion of My Pool Project with a Pool Loan?
Yes, in fact this is quite common. There are many instances when clients can cover most of the base pool package cost and opt to finance the additional patio, fence, landscaping, or other accessory items with the intention of paying the loan off early, for which there is typically no penalty.
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