How to Cool Off with Swimming Pool Financing Options

How to Cool Off with Swimming Pool Financing Options

Pool Financing OptionsAt some point in our lives, every one of us dreams of having a pool in our backyard. What’s not to love?You get private access to a fresh pool of water to keep you cool in the hot summers and the perfect party perk to invite friends, family, and neighbors over. However, there’s a reason most people dream about getting a pool and never actually pull the trigger.Nearly 80 percent of American workers live paycheck to paycheck, which leaves little money left over to pay for a pool installation. However, you may be surprised to learn how many pool financing options are available to you. Keep reading for the four most common routes people take to finance their private pools.

1. Personal Loans

One of the first pool financing options people try is taking out a personal loan. However, your credit score will heavily dictate how much money you can get approved for and what the terms of your loan are (interest, length, etc.).Now, this loan can be secured or unsecured. Unsecured loans pose a higher risk to the lender and often come with higher interest rates for the borrower. Alternatively, secured loans allow you to borrow money with better terms if you use collateral against a valuable asset, such as your car, house, or other possession of high value.

2. Credit Cards

While credit cards shouldn’t typically be used for high-dollar purchases, it is an option. Be warned, however, that even the best credit cards have high-interest rates. Financing a pool, or even making up the difference with a credit card can have some pretty severe financial repercussions in the future.The average credit card interest rate is over 21 percent. Depending on how long it takes you to pay back this debt, it could cost you thousands of dollars in interest fees.

3. In-House Financing

Some pool companies, like IES Texas Pools, have in-house pool financing options. This method is fantastic for homeowners looking to cut out the middleman and get a good deal on their financing. We work with Lyon Financial to help you get the money you need at a fair rate.We will also work with you to minimize costs by helping you design and build a pool on a budget. We love helping customers design custom pools that fit their needs to precision.

4. Home Equity Loans

Finally, if you have significant positive equity built up in your home, you can borrow against it with a home equity loan. However, this option also requires you to use your home as collateral. If you fail to make payments on your home equity loan, you could very well lose your house (including your new pool).Additionally, if you go to sell your house anytime in the near future, you may end up with negative equity, depending on the market and your payment history. This is one of the most common pool financing options, but it can also be one of the riskiest.

Looking for More Information About Pool Financing Options?

If you’re ready to finally pursue your dream and install that private pool in your backyard, we can help. Contact us today to get a free estimate and talk about your pool financing options. Also, feel free to look at some of our previous work to get some inspiration!Areas we serve: