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Can You Finance An Inground Swimming Pool

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Do You Care About Good Quality

Swimming Pool Financing: How can I get a Pool Loan?

Whats most important to you about the pool installer? Is it their ability to produce a turnkey project? Is it their ability to produce and provide the lowest cost bid? Is it workmanship and craftsmanship thats most important to you? Understand that the lowest price estimate you received is probably not going to be the highest quality pool.

When Do You Want To Pay Off Your Loan

If you’re looking for just a little bit of assistance for under two years,;Affirm;is a great option! They allow for loans terms for 3, 6, 12, 18 or 24 months starting at 10% APR. An example of you monthly payments could be along the lines of;$43.96/mo. based on a purchase price of $500.00 at 10% APR for 12 months.

Fine Print:;Subject to credit check and approval. Down payment may be required. For purchases under $250, limited payment options are available. Estimated payment amount excludes taxes and shipping fees. Affirm loans are made by Cross River Bank, a New Jersey State Chartered Commercial Bank

If you’re looking to pay your loan off within the first 6 months,;PayPal Credit;may be the right option for you! On top of not requiring a down payment, they offer 0% APR, no interest for the first 6 months. You can choose if you want to make payments or just pay off your full loan amount by the 6 month mark!

Fine Print: If you do go over the 6;months time frame for paying back your loan, PayPal Credit has a 19.99% APR that dates back to your original purchase date.;No interest rate is an ideal option with PayPal Credit, but only if you are planning on paying off your loan amount quickly.;

For those looking to make payments over the;span of a couple years,;LightStream;offers lower interest rates starting from the time of purchase. The lower interest rates for extended time period offered by LightStream is a wise choice!

You can compare the main features of each lender below!

Pool Fence Or Enclosure Costs

Pool Fence

A pool fence installation costs between $600 and $4,400 or more depending on the size of the pool, fencing materials you select, and how far back from the edge of the pool the fence is installed. Gates with a self-closing latch for your pool fence average an additional $200 to $250 each including installation.

Pool Enclosure

A pool enclosure costs$5 to $65 per square foot or between $4,000 and $50,000 on average. Pool cages are either custom-built or prefabricated with either screen mesh, glass, plastic, or vinyl. Enclosures reduce insects, debris, and pollen, provide UV protection, and enable swimming year-round.

Pool Cover Cost

Installing a manual or automatic pool cover at the cost of $550 to $3,000 is excellent for safety, keeping in more of the heat in the water, and helping restrict more of the moisture from doing any damage to the structure of the home. A high-end motorized cover will cost $4,800 to $6,000 depending on the pool’s size.

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How To Finance A Pool With Cash

When you finance a pool in this way, you raise the principal on your mortgage to access the equity within your home. Here is an example of how it works:

  • You have $100,000 left on your mortgage.
  • You decide on a pool that costs $60,000.
  • Your mortgage is recalculated at $160,000.
  • Once you close, you get the money a few days later.
  • Pros of a cash-out refinance

    • It leverages your homes equity. You can borrow as much as 80 percent of it. Many homeowners get all the money they need for a pool with this option.
    • You can simultaneously drop your rate if the interest rates are currently low. The;Freddie Mac Primary Mortgage Market Survey ;indicates the average lender rates for refinancing.
    • You can change your mortgage in the process .

    Cons of a cash-out refinance

    • Your monthly payment will typically rise.
    • You have to prequalify for another mortgage.
    • There are closing costs.

    Does Putting In A Pool Increase Home Value

    What to Consider When Building an Inground Pool

    Most buyers find a home with a pool more desirable but not all buyers. Some buyers may see the pool as extra maintenance and liability. Other buyers may see the pool as a private space to cool down, relax, entertain, and have fun. In most cases having a pool can increase your homes value by about 7%.

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    What Credit Score Do You Need To Get A Pool Loan

    Different lenders will provide different rates and financing options for your new pool depending on your credit score. On average, expect to need a credit score around 600+ in order to get a swimming pool loan. That being said, other factors are involved, so if you are considering getting a new pool but need financing, check your options with Acorn Finance today.

    Home Equity Loan Pool Financing

    A;home equity loan;is similar to a HELOC in thatits another type of second mortgage.;

    Using a home equity loan, youcan tap your homes value and borrow cash for many purposes, including a swimming poolpurchase.

    But instead of accessing aline of credit on an as-needed basis like a HELOC youre given a one-timelump sum of cash to pay for your pool.

    Pros of a home equity loan

    Many home equity loans have a fixed interest rate and payment, so your monthly cost remains predictable. This is a big benefit over a HELOC.

    A home equity loan might have a lower rate than a home equity line of credit or personal loan, too. And like a HELOC, the interest on a home equity loan might be tax-deductible.

    Plus, the approval process can be faster and cheaper than a full cash-out refinance.

    Cons of a home equity loan

    The downside is that home equity loans, though cheaper than a full refinance, come with closing costs. And again, your house acts as collateral for the loan. So you could lose your home if you stop making the payments.

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    How Much Does It Cost To Open Or Close A Pool

    The average costs to open a pool is around $400, and for pool closing expect to spend $300. These services include taking the cover off, cleaning the water of any debris, checking for leaks, and getting the chemicals to the right balance. At the end of the season, they can also take the water level down, drain pumps and the filter system, and place the cover to protect the pool for the winter.

    How Long Can You Finance A Pool Loan

    How Much Do Inground Pools Cost? (Pricing, Budget, etc.)

    How long can you finance a pool loan?

    Is it hard to get financed for a pool?;It may be difficult to qualify for pool financing

    While some lenders may be willing to provide financing to homeowners with fair or even bad credit, these loans typically come with even higher interest rates.

    Can you finance a pool for 20 years?;Pools come in all shapes and sizes. Our loan programs also mirror our clients diverse wants and needs, with a program for just about every customer. Our new 20-year signature loan is just another way to make backyard dreams a reality with ease!

    What credit score do you need to finance a pool?;What credit score is needed for a pool loan? You need a good or excellent credit score to get a low rate on an unsecured pool loan. There are lenders that accept borrowers with fair or bad credit, but bad-credit borrowers often get high rates.

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    Our Top Picks For Swimming Pool Loans

    Acorn Finance can connect you with several top lenders for swimming pool loans. If you are considering a personal loan for swimming pool financing, you should apply at Acorn Finance. Whether you have excellent credit, fair credit, or bad credit you can qualify for a swimming pool loan. Below are our top picks for unsecured swimming pool loans.

    LightStream Personal LoansLightStream is an online division of SunTrust Bank, whom we mentioned earlier. SunTrust bank can offer competitive HELOC loans and LightStream can offer extremely competitive personal loans. However, to qualify for a LightStream loan you should have a minimum credit score of 680 or above. LightStream customers can enjoy no fees, low interest rates and personal loans up to $100,000. Rates can vary based on the borrower, loan amount, and loan term. LightStream offers interest rates starting at just 2.49% including an autopay discount. If you are approved by another lender with a lower interest rate, LightStream will beat the rate by one-tenth of a percentage point. Of course, theyll want evidence of the approval and terms before matching the rate. LightStream is part of the Acorn Finance family.

    Other Pool Financing Options

    Whereas the aforementioned loan options were secured, there are various other unsecured options available.

    Unsecured loans may be obtained from a bank or credit union, as well as online peer-to-peer lenders. These tend to have much higher interest rates, with terms varying from 12-84 months by lender.

    Particularly with offers with 0% APR for a set amount of;time, pools could potentially be paid off with no interest. This is tricky, however, as you would need a credit limit high enough to finance the entire pool project.

    Furthermore, these offers are usually only for a limited time span. If you are confident in your ability to pay off the card before this window expires, you may find success. But if you are unable to finish paying off the card and the offer expiresyou will be stuck with the remainder of the financed amount tacked onto a large interest rate.

    In this case, there is no definitive term. You could pay the minimum on the card until no balance remains. But a financially-savvy customer would pay the balance off in full as soon as possible

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    Is It Cheaper To Build A Pool In The Winter

    Yes, it is often a lot less expensive to build a pool in the winter. This is because most people are not thinking about swimming when it is cold outside and in some areas, it may not be possible to get anything done with a pool in the winter because it is too cold. As a result, demand is low and contractors may be desperate for work. When demand is low, prices usually drop.

    Pool companies still need to run, even in the winter, and they have employees that they need to pay as well. This means that many are likely to offer you a good discount if you are willing to do work on the pool during the off-season. If you are able to build or repair a pool in the winter, you may be able to save money. As with any other large financial decision, you should compare offers to decide when it makes the most sense to build a pool. In some cases, homeowners can save between $3,000 to $6,000 just by installing the pool in the winter.

    Keep in mind your current location though. Some areas get too cold to put a pool in during the winter, even if this could provide them with a good discount. Discussing a new pool with a professional during the winter could help you get some discounts, if you jump in early enough before their calendar fills up. Consider doing late summer or early fall as well.

    What Credit Score Do I Need To Buy A Pool

    Digging In: What to Check Before You Install an In

    If you are looking to buy a pool, your credit score likely will greatly affect your chances for qualifying as well as determine what kind of interest rates and fees you will most likely need to pay. Credit score minimum requirements vary by lender and by the financing type. Using a home equity loan or home equity line of credit may have a lower minimum credit score requirement than other loan types since you are using your home as collateral. A personal loan could be harder to qualify for at one lender, but then you may find several lenders who are willing to work with borrowers with less than stellar credit scores.

    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. A credit score between 610 and 640 shows that you have had some trouble in the past paying creditors on time and that you may even have had a major credit event on your credit report at some point. Depending on how recent that major credit event was, many lenders will have to decide how much of a risk they think someone is. That being said, you may find online lenders who specialize in helping bad credit borrowers get the financing they need while rebuilding their credit at the same time.

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    The First Rule Of Inground Pool Financing

    When financing a swimming pool, theres one point you should be reminding yourself of constantly: Buying a pool;is not an investment. A lot of people rationalize the cost of a pool based on the idea that it will pay for itself by increasing the value of their home. Such thinking leads people to take out loans that are larger, and have less favorable terms, than what they can afford. The truth is, while a swimming pool will almost always raise the value of your home somewhat, it probably wont be enough to recoup your expenses especially when you factor in maintenance.

    That said, some banks may classify swimming pool loans as home improvement financing. This may allow you to get better terms, and potentially even a tax deduction.

    Also Check: Where To Buy Swimming Pools

    Home Equity Loan Or Home Equity Line Of Credit

    If you have enough tappable equity in your home, then a home equity loan or home equity line of credit might be an option for you to use to finance the construction of your inground pool, but as you learned above, unless youve lived in your home for many years, theres a good chance that this wont be the case.

    You no longer need to wait until youve got enough equity available when you can borrow against your homes future value instead. You also shouldnt have to reduce the specification of your pool or be forced into more costly methods of borrowing, as is often the case when home equity loans and lines of credit are initially assumed to be the best option.

    A home equity loan or home equity line of credit might be best for you if…

    • Youve lived in your home for a long time now, and have built up a lot of equity that you can tap into.
    • You are not interested in refinancing your first mortgage.
    • Youre looking for a lower rate than youd find with a personal loan or credit card.

    How Do You Finance An Inground Pool

    CAN I GET A LOAN FOR A POOL? (How to Finance a Pool} | #PoolGuys

    Personal loans can be used to finance inground and above ground pools. However, inground pools can be much more expensive than above ground pools. This means that if you are going to finance an inground pool you should pay close attention to the rate and terms of your loan. Home equity loans are commonly used to finance inground pools even though they can be riskier than personal loans. Home equity and home improvement loans usually offer lower interest rates. Personal loans do not require any collateral but home equity loans do. When you use a home equity loan you are essentially borrowing against the positive equity your home has. If you do not have positive equity in your home you may not be able to use a home equity loan. In most cases, you need good to excellent credit to qualify for home equity loans.

    Read Also: How Much Water Is In My Pool

    Backyard Lagoon Pool Costs

    A lagoon pool costs $50,000 to $150,000, or between $70 and $110 per square foot depending on the complexity in the design of your pool and the degree of landscaping you want to augment the design. Lagoon pools are perfect for homeowners looking to have something more tropical in appearance for their backyard escape.

    Is It Worth Owning A Pool

    A pool is a great addition to any home but makes more sense if you live in a warmer climate and a posh neighborhood. The average cost of installing a pool is about $28,000, while maintenance can run as high as $4,000. Having a pool will only boost the value of your home by a maximum of 7% in certain circumstances.

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    How Many Years Can You Finance A Pool

    With a pool loan secured through Acorn Finance, you can qualify for up to $100,000 with terms of up to 12-years. Our lending partners can offer APRs as low as 3.99%, depending on credit score.

    Paying off your new pool over 12-years should allow you to keep your monthly payments reasonable. But it will really all depend on what rate and terms you qualify for. If you can afford to pay more each month, you can always pay an additional percentage each month to pay off the loan faster and save you money in the long run. After checking offers, you should have a better idea of what your monthly payment may look like. It can be helpful to get an estimate before applying for financing so that you know exactly how much you need to borrow. Secured loans may offer longer loan terms than unsecured loans.

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