Is it hard to get financing for a swimming pool? This is a question we hear a lot, and rightfully so. A swimming pool is a significant investment, and you should know who’s going to help you pay for it. The answer is this: like most financial decisions, it depends on who you enlist to help you crunch the numbers.
This is especially true of inground pools where the typical price is upwards of sixty thousand dollars. At Goodall Pools and Spas, we aim to take the guesswork out of obtaining your swimming pool loan. Here, we list important points to get you started on your pool financing.
Common hurdles to getting swimming pool financing.
If you feel like you have to crack a secret code when looking at the financing process, you’re not alone. When it comes to swimming pool loans, consumers encounter a couple of significant barriers.
Lack of convenience.
Looking up the financing jargon, alone, can bring back painful memories of buying your first home. Add on the task of calculating your savings and budget, it can be an intimidating process.
The last thing you need when up against challenging language and numbers is an inconvenient consultation and application process. Too often, lending institutions will be so overloaded with clients in an outdated system that the best they can do is offer you an elevator pitch and a few brochures before handing you the contract and a pen.
In the end, so many of those same lending institutions disburse the loan to the contractor handling the project, not the consumer client. So you’re left knocking on other people’s doors to get a clear picture of where your money is going.
Low credit score.
When it comes to pool financing, creditworthiness is crucial. With an investment as sizable as a swimming pool on your radar, you will be hard-pressed to find a lender who is willing to offer you financing with subpar credit.
Remember that not everything requires a hard credit check. You can sign up for free online services that send you regular credit reports every month or so without lowering your score. When your score reflects that you make timely, regular payments on your current expenses, you are ready to move on to financing your pool.
Your options for pool financing.
However daunting the pool financing process may be at first, know that you have multiple options. Here are a couple of the most frequently used loan sources in the pool market.
Home equity loans.
One common place pool buyers look for financing is their equity. Specifically, you can apply for a home equity loan (a.k.a. second mortgage). With a home equity loan, you receive a lump sum based on how much of your home is already paid off and repay it within 10 – 15 years. These loans come with a fixed interest rate that tends to be lower than those of personal loans.
Online pool financing.
What’s more convenient than an online pool financing application that doesn’t hurt your credit? At Goodall Pools and Spas, we offer a quick, easy financing application on our website for any new inground pools, above ground pools, and equipment upgrades that we contract. Our lending partner, HFS Financial, has a streamlined process in place so you can submit your application in as little as 60 seconds. Most loans are funded within 48 hours!
It is easy to get financing for a swimming pool with Goodall Pools and Spas!
As explained above, we at Goodall Pools and Spas prove that obtaining a swimming pool loan can be quick and easy. Visit our Pool Financing page today to start the process of building your dream pool! Or contact one of our five central Pennsylvania locations so we can direct you to the online Pool Calculator our clients use.