How to finance the purchase of your swimming pool

Posted: Dec 16, 2010 |Comments: 0 |

You've been thinking about it for a while, purchasing a swimming pool for your family. It is a is a big financial commitment because they come with a big price tag. If you can't afford to purchase a pool with cash you've saved up, you will likely need to consider financing it and paying it off over time, like a mortgage. A swimming pool can add value to your home and because of this, they are sometimes easier to uncover financing for than you may think.

  • The first step you should take is to talk to a loan officer at the bank where you typically do your business. It's easier to get a loan through a back that you have a history with. You may even be able to get an unsecured loan with the pool as collateral.
  • Depending on the amount of equity in your home you could refinance it to pay for the pool. And depending on your current credit rating you might even qualify for a lower interest rate on your home than you currently carry. Just keep in mind when you refinance your home, your monthly payment will increase.
  • You could take out a home improvement loan. Many mortgage lenders consider a pool as an improvement to the home – one that ultimately adds to the resale value. Loans for home improvement come in three, five or 10 year installment plans. Choose one that has a monthly payment that is comfortable for you to repay.
  • Some pool contractors offer financing themselves, much the same as car dealers and appliance stores do. It's likely they will do a credit check and verify your income.
  • There are online companies that offer pool loans and you can get a decision within 24 hours of application.

Make certain you consider the daily, weekly and monthly upkeep costs involved in a pool purchase as they will be ongoing and will be in addition to the price of the pool itself. You will know that if you install a pool you are guaranteed years of family fun in your own backyard oasis.

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