Swimming Pool Financing: 7 Sources for Your Pool Loan

Spencer Womble

• 5 min read
Swimming Pool Financing: 7 Sources for Your Pool Loan

Content

The pool itself was 72m long (230 feet) and 18m (60 feet) in width with a max depth of 2,5m (8 feet). The building housing the pool is a massive 2400 square meters (7,800 square feet) and used shipping containers and a timber beach to construct surrounding amenities. Wave sizes range from 2-to-6-feet with the ability to go bigger in the right setting. Waves can be created to break right, left or as a central peak producing both a right and a left. The length of the ride depends on the size of the pool and the number of swell-producing chambers. The Palm Springs test pool offered six-second rides but the new full-scale pool offers 12-second rides. Online lenders may offer faster approval times than brick-and-mortar banks and credit unions. Confirm approval and funding times with your lender before applying. Use the Forbes Advisor personal loan calculator to estimate your monthly payments and how much you’ll owe in interest. Why We Like ItLendingPoint offers longer loan terms than many other lenders—24 to 60 months—or two to five years—providing borrowers with more flexibility in their repayment plans. LendingPoint is an online lender that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it doesn’t offer loans in Nevada and West Virginia.

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Consider passing on any additions if you want to build a more affordable pool.  stainless steel pool design and build  disclosed late fees but didn’t confirm origination fees. While customer service didn’t share this information wasn’t, the lender discloses a fee of up to 10% on its website. LendingPoint was also one of few lenders that shared how they report payments to credit bureaus, which it typically does at the start of the month. While some borrowers appreciate SoFi’s simple application and disbursement process, others are dissatisfied with communication and customer service.

What if I own my land outright?

However, some types of loans limit the types of renovations financing can be used for. Check with your loan servicer for details about your specific loan. Some lenders may offer same-day loan application processing, making it quicker to move forward with your pool project.

Financial Information

Compared with home equity loans and lines of credit, which often have single-digit APRs, personal loans can have high rates. If you are looking to finance your new pool installation with a personal loan, you may find that most online lenders may require a minimum credit score of somewhere between 610 and 640. A credit score in that range is at the bottom half of the fair credit score rankings and the top percentile of the poor credit rankings.

Step-by-Step Guide to MSHDA Down Payment Assistance

  • While hot tubs are often considered separate from pools, they can also vary widely in price depending on size, features, and quality.
  • The Cove produces surf in the 2-to-7 foot range as only rights on one side of the pier and only lefts on the other side.
  • Presented below is a table outlining the conventional progress payment schedule.
  • Variable rates mean interest costs may increase during the loan’s lifetime.
  • Each wave-board has a lever that pushes out water from the open chamber.

With financing, you can enjoy your new pool now and pay for it over time, making it easier to afford a new pool while protecting your budget upfront. Ongoing maintenance is a key consideration when budgeting for a pool. Regular cleaning, professional maintenance, and potential repairs can add up over time.

Is financing a pool a good idea?

Borrowers are also frustrated with misleading promotional offers and how their loan inquiries were handled. Service members with eligible service histories may qualify for a loan backed by the U.S. You may be able to obtain conventional financing for a manufactured home through the Freddie Mac Home Possible mortgage program.

Our top picks for swimming pool loans

While these loans protect your assets, they typically come with higher interest rates, ranging from 6% to 12%. This makes them less appealing for larger purchases like a backyard pool. For example, financing a $30,000 pool through an unsecured loan at 10% interest could considerably elevate the total repayment amount over time. A cash-out refinance might be the best way to finance a pool if you can also benefit from refinancing your mortgage. Refinance loans typically have the lowest rates compared to home equity loans and personal loans. If you prefer access to a line of credit, a HELOC is a better match.

Home Equity Loan

Some of the expenses include pool-cleaning equipment, water treatments, lighting, heating, and electricity for running the pumps. Following loan approval, carefully review the loan agreement before signing. With the financial details settled, you can initiate the construction of your pool. Before you shop for a pool finance loan, be sure to have a finalized pool estimate in hand. Make sure your estimate accounts for any additional decking or enclosure costs you may be considering for your new pool. In most cases, you will put in a formal application, then accept the terms to get your loan. Unlike mobile homes, manufactured homes are not intended to be moved once they’re set up. They are usually more expensive than mobile homes, with an average sale price of $120,900 in January 2025, according to the U.S. You’ll often hear the terms mobile, manufactured and modular used interchangeably when discussing these similar types of homes. While they are related, there are some important differences between these homes. However, with some loans, the interest may climb upward over time; the longer the length of the loan, the more likely higher interest rates kick in. When they are, the credit review process may take extra time as bank staff combs through your credit report and other financials to evaluate your creditworthiness. Whether you find pool financing on your own or work with a pool builder that assists, here are seven ways that you may be able to borrow money—secured and unsecured—for a new pool.

What are the disadvantages of financing a pool?

Our tables feature all personal loans available from lenders on our database that match the search criteria selected. Lenders do not pay to feature in our tables, nor do we earn commission if you click to visit a lender’s website. The order of the products in the table is not influenced by any commercial arrangements. Some borrowers want to know if buying or building a tiny home using a VA mortgage is possible. In cases where the property is classified as a manufactured home, modular home, or mobile home, there is a square footage requirement. These loans are meant to specifically fund pool construction, renovation, and installation. A home equity line of credit (HELOC) lets you borrow against the equity built in your home. The difference is that with a HELOC, you are applying for an open line of credit and not a lump sum loan. If you fail to repay the loan or breach the repayment terms, you can lose your property. The loan application process is relatively fast, so if you need quick funding for your pool, a personal loan could be the way to go. Mobile homes are manufactured homes built before 1976, while manufactured homes were built after 1976.

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