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Pool Lenders: Construct your own Dream Pool

A personal loan taken for home enhancement purposes, such as a pool construction, is usually referred to as a pool loan. In most cases, these loans do not require any collateral. Additionally, they have fixed interest rates and are due within a set period. Currently, there are a variety of factors to consider before settling for the best pool lenders.

Factors to consider when comparing pool loans


The annual percentage rate of a pool loan differs from one pool lender to another. Unlike the interest rate, the APR provides a more exhaustive and accurate estimation of the loan payment. Thus, ensure you analyze the APR of pool lenders to obtain the best loan rates.

Repayment term

Once your loan application gets approved, a certain period to pay off the loan is set. Make sure that the loan term is feasible and suits your budget. Note that longer payment terms attract higher interest rates compared to shorter repayment terms.

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Additional fees

Ensure you find out the extra fees you will pay whenever you fail to pay off your loan. Additionally, identify if any fee is applicable for prepayments and during loan processing.

Eligibility requirements

Pool lenders have to make sure you will pay back your loan. Therefore, it is vital to evaluate your credit score, financial history, and previous payment histories.

What is the average cost of a pool?

Today, there are two major types of pools. They include in-ground and above-ground pools. Pool construction costs differ depending on the pool type, materials used, size, and shape of the pool. When building a pool, it involves many processes like planning, excavation, and installation.


The excavation process entails cleaning and digging up the ground to create space for the pool. Total excavation costs range from $1,770 and $13,800.


In many states, there are guidelines concerning pool safety. Every pool owner ought to fence their pool to safeguard everyone within the surrounding environment. The fencing process costs typically from $600 to $4,400, depending on the type of fencing.

Pool heating

If your pool is going to see routine usage into the fall months, you will most likely need a pool heater. Heating equipment expenses cost between $550 to $10,000. An extra $500 is for installing the appliances.


Some of the preparations for landscaping involve the construction of a drainage system and cutting down trees. When pool installation is already done, landscaping costs per square foot could range from $4 to $12.

Water system and electricity

After the pool is complete, the owner needs to employ an efficient filtration system to ensure proper sanitization. The system costs from $199 and $1,500 and an annual sum of $240 is normally used to restore the water lost to evaporation. Moreover, note that electricity costs accompany the system; they can amount to an average of $1200 a year.

Taxes and insurance

Suppose your pool brings a significant return on investment, it increases your home value. Therefore, your taxes increase and home insurers may increase your premiums due to the high risk of having a pool.

Swimming pool maintenance costs

Keep in mind that your pool expenses do not end the moment the building process is complete. Pools are relatively expensive to maintain and require constant attention.

Types of loans:

Home equity line of credit

With this type of loan, you need to borrow against your home equity. The pool loan rate depends on the total amount borrowed, and it may vary depending on your pool lender. The Home Equity line of credit loan is the best alternative if you are unsure of the total amount you need. Nonetheless, the main disadvantage is that you risk losing your house if you don’t make timely payments.

Home equity loan

Another loan that requires you to put your house as collateral is the home equity loan. However, the loan grants you a large sum of cash compared to HELOC. Furthermore, it has a fixed interest rate and monthly installment. The interest rate in this type of loan is usually lower compared to other loan types. Nevertheless, your home is at risk of foreclosure anytime you fail to pay the mortgage.

Cash-out refinance

How does Cash-out refinance work? Once you obtain a cash-out refinance loan, you apply for a more substantial mortgage compared to the existing one, and the difference serves as the pool loan. If you have massive equity tied to your home, this might be the best option for you. However, note that the new APR is most likely to be higher than the previous one attached to the old mortgage.

Pool company financing

In this present age and time, various pool builders offer loans to their clients or link them with reliable pool lenders. But this type of financing is much expensive compared to other loan types.

In conclusion, you will encounter many pool loan options with different financing companies. Both secured and unsecured loans are available within a broad spectrum of pool lenders. However, ensure you carefully evaluate and pinpoint the best financing alternative with a reliable pool lender. Finally, if you’re wondering how much pool you can afford, use a pool loan calculator to determine your monthly payment before you build a pool and apply for financing.

The post Pool Lenders: Construct your own Dream Pool appeared first on Swimming Pool Loan – Find Pool Lenders.

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