During the hot and hazy days of the summer, there’s nothing better than a dip in a swimming pool. But if you’re overwhelmed by the cost, remember you don’t have to pay for the whole thing all at once. On the contrary, it is possible to finance. Even though it is a luxury item, you still have a few choices.
The following will provide four options for you to consider when looking for ways for how to finance a swimming pool:
Talk to your bank about an unsecured loan. If you've got a good credit history, you may find the option of an unsecured loan most appealing. Your eligibility for an unsecured loan is determined by your credit history and it's not necessary for you to have any equity in your home to apply. For many who are considering building swimming pools, these terms are most compelling.
Talk to your bank about a home improvement loan (or mortgage). You can finance a pool through a sort of long-term mortgage, similar to what you would get when you purchased your home. The benefit of this long-term home improvement loan is that your payments can be spread out over a longer period of time, which will make your payments smaller. If the initial sticker shock was too much for you, look at it in terms of your monthly payment over 5 or 10 years, and you'll find this method of financing much more feasible.
Consider refinancing your home. If you've got good credit history with your bank, they may consider letting you refinance your home in order to pay cash for this addition to your home. You may not like the idea of raising the principal left to pay on your mortgage, but this option does allow you to pay for the pool outright. If you choose this option, be sure to pay close attention to pool prices so you don't go over the amount of money you refinanced.
Get a swimming pool loan through a loan company. There are many companies who will help you privately finance with swimming pool loans. You may even be able to apply for this loan directly at your pool company. If your application is approved, they will grant you what's called a ‘Swimming Pool Loan'. Beware of high interest rates or long payment periods though, as this will drastically increase the final amount you pay.
Although you may think that financing is difficult, it’s isn't. Banks look at a swimming pool as an improvement to your home which will increase its value. They look favorably on applications because they are seen as a good investment. As long as you’re not planning on installing a tropical oasis in your backyard with outrageous prices, you shouldn’t have too much trouble convincing your bank to help you. When considering which swimming pool plans will work for your family, remain aware of the final cost involved. Being informed on your style choices and how financing works is crucial to finding the best rates for any loan, however; a few online classes in finance can help you with this.