Pros And Cons Of Financing A Hot Tub
Hot tubs can be expensive, with some high-end luxury models costing more than $11,000. When you add in things like filters and maintenance costs, they can get even more expensive. Financing a hot tub is advantageous because it will allow you to spread the costs of your hot tub out over time.
Of course, the biggest disadvantage of financing a hot tub is that it will always be more expensive to finance than to buy a hot tub outright. You will be paying interest and origination fees on top of the original hot tub price. Some contractors who install hot tubs will charge more to customers who plan on financing.
What Credit Score Do You Need To Finance A Hot Tub
To qualify for zero-equity hot tub financing you should have a credit score of 640 or higher. If you do not have a credit score of 640 or better, you may still qualify for hot tub financing. Some lenders may allow you to apply with a co-applicant. If you have a spouse, family member, or friend that has better credit than you, they may be able to apply for hot tub financing with you. This can increase your chance of approval. Even if you have a credit score of 640, you may still want to apply with a co-applicant to help you secure a lower interest rate. Lenders usually have a minimum credit score requirement. Before applying with a lender you should confirm their minimum credit score requirement. If you do not meet the requirement, you should apply with a different lender. If you apply at Acorn Finance, you can skip this step. Acorn Finance has multiple lending partners that can help all credit types.
Average Hot Tub Costs
Hot tubs come in all sorts of price ranges and can be had for as little s $2000. If course for that kind of price, you are not going to get much of a tub. For most of us, what we will be looking at is a mid tier hot tub which will come in at between 6000 dollars and 9000 dollars. If you want to go high end, you are looking at spending somewhere between 9000 dollars and 15000 dollars. This will give you all the bells and whistles but might be a bit much for some of us.
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What Temperature Should I Keep My Hot Tub When Not In Use
The right temperature when the hot tub is not in use will make it more efficient and can help you to save a lot of money. There is no reason to keep the water super hot when you do not plan to use it, especially if you are going to be gone and will not use it for a few days or more. A good rule of thumb to consider is that the temperature should be five degrees lower or more when you are not using it compared to when you do use it.The higher you keep the temperature for your hot tub, the more expensive things will get. You need to pay for the electricity while it is on and that is always higher when the hot tub is in use. You can always turn the water back up a few minutes before you plan to get into the hot tub and it will be ready for you to go again.Keeping the temperature a little cooler when you are not inside of it can also help to protect the system of the hot tub. You do not want to completely turn it off or all the cold in the winter may burst the pipes and cause a big mess. But having it too hot is going to cause a lot of problems as well. Going for somewhere between five to ten degrees lower than when you want to use it can make a big difference while saving energy.
Factors That Influence The Price Of A Hot Tub
Many hot tub dealers dont list exact prices online. Instead, the final cost depends on several factors, including:
Should I pay for an extended warranty on my hot tub?
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How Much Does A 2 Person Hot Tub Cost
The price for a hot tub can vary from under $1,500 to well over $8,000. Depending on what size and features you want included. We have a inflatable hot tub that can seat 6 that is priced below the $1,500 mark. So the cost is really dependent on the quality and features of the spa you want. For more prices, check out our hot tub gallery.
Hot Tubs And Home Value
Its always wise to consider the return on investment when taking on a home improvement project. A hot tub purchase alone, particularly a portable spa that can be moved from one home to another easily, doesnt always add value. But there are occasions when a hot tub can in fact impact your homes worth.
When you build your spa into the backyard environs with a designated space or structure to house it, you will typically get a return on your investment. Landscaping around the hot tub also helps, plus it improves the overall experience while youre still the owner and primary user.
You can find additional info on how a hot tub can increase the value of your home in our article Home Improvement: Does an Outdoor Hot Tub Increase the Value of Your Home?.
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What Is The Markup On A Hot Tub
In most cases, hot tubs have a markup of about 30% to 50%. While prices are usually not negotiable, retailers may offer discounts on extras or warranties. Its important to think through extras carefully as they are a huge revenue generator for most retailers. Make sure you only purchase what you need.
Best Time To Buy A Hot Tub
As mentioned above, spa dealers have consistent times of the year when they host sales events with special discounts and promotions for the consumer. The most common sales periods occur when theyre trying to move inventory quickly, usually when theyre about to get new models in.
Hot tub manufacturers typically work on a calendar year, releasing new models in January. So dealers will often offer deep discounts late in the year and at the very beginning of the year. Otherwise, holidays like Memorial Day and Labor Day tend to be popular times for dealer sales events.
You can learn more about when and where to look for the best hot tub sales and promotions with this article on Best Time of Year to Buy a Hot Tub.
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How Long Does A Hot Tub Last
Investing in a quality hot tub is almost as important as properly maintaining it. Whether you have a top-of-the-line or bottom-of-the-line hot tub, youll need to maintain it if you want it to last. Hot tubs that are properly cared for can last 20 years or more. When you purchase a new hot tub, you should ask the manufacturer what the required maintenance is. Its a good idea to have a hot tub inspected by a professional at least once a year. In addition to the hot tub itself, hot tub equipment requires regular maintenance as well. If you neglect a hot tub it may only last a few years. If your hot tub has a factory warranty but has been neglected, manufacturers may decline warranty claims.
Does A Hot Tub Increase Homes Value
A portable hot tub will not increase the value of a home. However, a spa built into the ground made of concrete or natural stone will add to the value of the home, even more so if it has attractive landscaping accompanying it. You can expect the value of the home to go up by up to 50% of the value of the hot tub.
How Much Does A New Hot Tub Cost To Finance
On average, our Dimension One Hot Tubs range from about $4,500 to upwards of $20,000 making financing a great option. Your monthly payments will vary based on the hot tub you choose, features, add-ons, loan terms, credit score, etc.
Steps to Finance a Hot Tub
We make it easy to get pre-qualified to finance your next hot tub or backyard renovation in Sonoma, Santa Rosa, and Napa Valley.
Can I Finance A Hot Tub
Yes, Sonoma Hot Tubs offers same day loans that allow you to pay monthly installments to fit your monthly budget. To qualify you should maintain a credit score of 640 or higher. If your credit score isnt as high as you would like it to be, you may still qualify again, this is a soft pull so there is no harm in trying. If you cannot be qualified due to a poor credit score, try applying with a co-applicant .
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How Much Does It Cost To Build An Inground Hot Tub
Inground hot tubs typically cost about $6,000 to $25,000. Inground hot tubs are usually more expensive upfront and long term. Most inground hot tubs require more maintenance than above-ground hot tubs. However, inground hot tubs may be more attractive and luxurious. If you have an inground pool you should match it with an inground hot tub. Whether you build an inground or above-ground hot tub, you can use financing.
How Much Does A 4 Person Hot Tub Cost
The price of a new hot tub purchase can range depending on some specific features that you must choose between. Do you want an above ground hot tub or an in-ground hot tub? Indoor or outdoor? Saltwater?
Buying a new hot tub can cost you anywhere from $2,000 to $35,000 depending on the location of installation, the type, size, and materials.
If you are installing a hot tub outdoors, how will you prepare the hot tub installation site? Will it sit on a concrete slab? Maybe concrete patio pavers or reinforced decking? You should never install your hot tub on your lawn.
If you are installing a hot tub indoors, you will need to consider extra ventilation to handle excess moisture. Water and slip resistant flooring to prevent accidents and maybe extra floor supports below to support the additional weight of the hot tub. Installation costs and methods should be taken into consideration when determining how much a hot tub will cost.
Installing an in-ground hot tub can cost between $15,000 and $20,000 because of work associated with custom fitting a hot tub into a hole in the ground or the floor.
For your average 4-person hot tub installation you can expect to pay somewhere between $2,500 and $8,000. If you are looking for features like in-ground installation, custom sound system installation with entertainment system, etc. You can expect to pay between $8,000 and $12,000 and up.
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How Long Can I Finance A Hot Tub With Bad Credit
The loan term usually depends on the loan amount and the lender. Your credit score can also impact how long you can borrow money for. With bad credit you may only qualify for a short loan term. While your monthly payments may be higher, a short loan term may work to your advantage with bad credit. The less time you borrow money, the less you pay in interest. While you may want the lowest monthly payment possible, you should realistically choose a financing offer with an affordable payment and short term. Personal loan terms usually range from one to five years.
Does A Hot Tub Increase Home Value
Hot tubs are the perfect complement to just about any backyard. In most cases, hot tubs do increase the value of a home. Homeowners typically recoup about 50% of their initial investment for home improvements such as hot tubs. In fact, some homeowners stage their home with a hot tub to lure in more buyers. While most buyers should be excited about a hot tub, some may be turned off. If you have an above ground hot tub, you could remove and resell a hot tub if a potential buyer did not want it.
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You Dont Have To Decide Between Your Wants And Needs
Large purchases such as a new car or a hot tub are commodities that come with a lot of thought and consideration. Often times, they are overlooked due to other financial priorities, e.g., daughters wedding, medical bills, new roof on the house, etc. With financing a swim spa or hot tub, it can open possibilities and make it feasible to pay for multiple things at once. Redoing the backyard doesnt have to wait until the roof is completed. Additionally, hot tubs and swim spas can be an immense benefit to both your mental and physical health. Perhaps it is truly a need, rather than just another want. Read about the many hot tub health benefits and how regular swim spa hydrotherapy can help you live longer.
What Is The Difference Between A Hot Tub And A Jacuzzi
Essentially, a Jacuzzi is a brand of hot tub, just like we use the term Rollerblades for in-line skates, Jacuzzi is a hot tub brand that became so popular, people started calling all hot tubs, Jacuzzis.So there technically is no difference between a hot tub and a Jacuzzi.Hot tubs began to surge in popularity in the United States during the 1970s. A hot tub is a large tub of hot water in which bathers soak either for tension relief and medical reasons or socially with friends and family. Hot tubs almost always contain massaging water jets.
How Often Can I Use A Hot Tub
How often you decide to use your hot tub and even the time of day that you choose to use it will be a personal choice. If you want to use the hot tub daily, go for it. After all, thats why you installed it right? Spending some time in the hot tub after a long stressful day can be beneficial to your physical and mental health. Some medical professionals may even recommend daily or regular use of a hot tub to improve health. If you invest in a hot tub, you should get your moneys worth and use it as often as possible.However, you should use some caution when it comes to how you use the hot tub. Do not turn the water on too hot or you can raise your blood pressure. Be careful about how long you are in the hot tub because prolonged exposure can be a bad thing as well. At the right temperature and for the right length of time, the hot tub will be a great addition to have in your home to ensure that you reduce stress, deal with sore muscles, and enjoy life.
What Is The Best Way To Finance A Hot Tub
There are a few different ways you can finance a hot tub. The most obvious way to pay for a hot tub is with cash. When you pay with cash, you wont have to worry about paying interest or having a monthly payment later on.
You can also choose to finance with a home equity loan or home equity line of credit, a personal loan, or a credit card. The best way to finance a hot tub will vary depending on your personal financial situation and the overall cost of your project. For projects that cost a few or several thousands of dollars, an unsecured personal loan may be your best option.
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How Much Does A Brand New Hot Tub Cost
On average, hot tubs can range from about $3,000 to $16,000 making financing an attractive option. Costs can vary significantly depending on factors including size, features, engineering, design and quality. Location can also impact the cost of a new hot tub. One model might cost more in one city compared to another city and that is normal. In order to get the most long-term enjoyment possible from your hot tub you should invest in a high quality hot tub and proper installation. Lets compare various classifications of hot tubs and their pricing.