Swimming Pool Financing Options
A sparkling backyard pool is an appealing feature that will make your home popular with your neighbors. However, the cost of a pool may not seem inviting to your wallet. Fortunately, there are some ways to make your pool dreams come true with loans and other financing options.
Build Up Your Pool Paradise Slowly
One way to save a little money on your pool is to avoid going for your ultimate pool dream all at once. Take your time and build up your backyard oasis one small piece at a time. If you successfully get financing for the pool, wait to add some extra features until after you’ve finished paying off your initial loan.
Getting a Loan from your Bank
Your home bank may have a few potential options to help you get a pool, such as an unsecured loan. This type of loan does not require collateral; instead, the bank will rely on your credit history when making a lending decision. If your bank considers your pool an investment that will add value to your home, you may also qualify for a home improvement loan.
Financing with Your Home Equity
The equity in your home can provide collateral for a secured loan from the bank through a second mortgage. With this option, you’ll have lower rates than those from an unsecured loan. If you have been living in your home for some years, you will have an easier time securing this type of swimming pool loan.
Using a Credit Card
If you have a credit card with a high enough credit limit to finance your pool, using your card will let you pay for your pool without seeking approval from your bank. However, it’s important to remember that credit cards often have high interest rates. If you can pay off your balance quickly, you can avoid one of the biggest drawbacks with this payment method. Financing a portion of your pool through your credit card while paying for the rest with other methods of payment can also help you avoid high-interest charges on a large balance.
Swimming Pool Loans
You don’t have to face the arduous task of sorting out pool financing options on your own. American Pools & Spas recommends two financing companies for your dream pool. These companies specialize in swimming pool loans.
Paramount works exclusively with authorized pool companies and offers both secured and unsecured swimming pool loans. They are a trusted partner of American Pools & Spas in Vero Beach.
LightStream is a part of SunTrust Bank and features loan options without a penalty for prepayments. Their swimming pool loans are offered with fixed-rate financing, and the company is usually able to provide a quick credit decision after your application is submitted.
American Pools & Spas of Vero Beach has helped homeowners understand the various types of pool financing options. Our design consultants have years of experience and will provide more detailed information on the different types of swimming pool funding. If you would like more help creating the pool of your dreams and learning about how to finance it, contact us today at 727-777-8655.
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