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Swimming Pool Financing Techniques

A swimming pool is a necessity for many, especially when summer sets in. In addition, pools offer years of luxury and increase the financial worth of your property. The primary challenge can be financing your pools. That should not be your worry any longer, as there’s currently many pool financing ways to suit you.

The amount you can pay

The first step is to confirm how much you can afford. Pricing of the pools is dependent on your type of pool preference, the shape and size of your desired pool, required building materials, and any desirable additions like a slide. After finding out how much you can pay, you can consider other pool financing means.

Acquisition of Pool Loans

Pool financing companies include banks, credit unions, and online lenders. Loan tariffs and provisions differ with every financier. You can, therefore, compare the rates from several financiers and scout out the best pool loan options available.

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Wells Fargo: They give personal loans for home improvement with a limit of $100,000. Existing customers have the benefit of lower tariff rates. To apply, visit the Well Fargo branch to apply.

USSA: The Company offers financial services to military members with a limit of $50,000 not specified to pools only. The loan payment period is 5yrs and above. It would be best to have a good credit score (above 719) before applying for a loan.

Credit Unions

They are non-profit financiers with low tariffs and flexible stipulations. It favors borrowers with poor credit scores. They comprise members residing in a particular area, members working in a certain organization, or people contributing towards a specific purpose.

Navy Federal Credit Union:  Provide a loan limit of $50,000 for home renovation finances and be paid within 60 months.

Online Lenders

Lightstream: Offer loans for outdoor projects including pools with a limit of $100,000 and annual percentage rate of 5%

SOFI: They offer home renovations loans up to $100,000 repaid in 2-7 years. There are no fees charged to access the loans and are favorable for those with good credit. (690 and above)

Lending Club: The loan amounts to 40,000 and has a shorter return period compared to SOFI and Lightstream. The loan given is usually less the origination fee charged about 1-6% of the total amount.

Type of loans to consider

When selecting a pool financing method, you can either opt for personal loans or secured loans.

Personal loans  

If you don’t have home equity or if you do not want to risk losing your home, you can consider getting a personal loan.

Advantages of Personal loans

In personal loans, you do not have to use your home as a form of collateral so that in case you don’t pay back the loan, you will lose your home. However, there are other consequences involved when you default the loan.

The process of acquiring funds is fast and simple. Less paperwork and no assessment needed; hence you can acquire your funds the same day if you provide all the necessary documents.

Some financiers require that you pay a loan processing fee. In personal loans, the fee is cheaper than in secured loans.

Secured loans

Home Equity Loans

They allow you to loan against your home, which acts as security instead of depositing large amounts of money in a bank account as collateral. Before disbursing the loan, they take into consideration several factors, such as the estimated value of the house after deduction of the existing mortgage, your income, and creditworthiness. These loans are inclusive of large sums of money with a fixed tariff and a repayment period of 10-15 years. 


You have to borrow large amounts of money that come with a high-interest rate, instead of the amount needed.

Home Equity lines of credit

It is similar to home equity loans. The only difference is that they provide you with a credit card or blank cheques to withdraw the amount you require, reducing the tariffs. The interest mostly varies, but some lenders have fixed rates.


In addition to the application cost, you require to pay the closing cost making it expensive.  

Cash out references

In cash out references, you ought to take another mortgage on top of the remaining mortgage balance. For instance, if your mortgage balance is $50000 and the funds you need for the pool is $20000, you will have to take an additional mortgage of $20000 to refinance the mortgage. The second mortgage is usually at a lower interest rate, but looking at the total tariff rates, it has the most expensive tariffs.

Advantages of secured loans

Fewer tariff rates compared to personal loans.

The interest might be tax-deductible if the cash is for constructing or purchasing or bettering a taxpayer’s home.

What to consider before applying for a loan

Good creditworthiness:

 A favorable credit score increases your chances of getting good loan offers with low tariff rates.

Consider all other expenses:

You should incorporate the funds required to cater to expenses outside the pool construction process, but are necessary to improve the pool, such as safety equipment and insurance.

Affordable returns:

The loan you request and the interest rates should be within your budget limits. Use a pool loan calculator to determine how much your loan payments will be. You need to be able to comfortably pay it off within the specified period. A backyard pool, unlike other accessories like cars, you can’t sell it to gain back the returns to pay your loan.

Pool financing has been a huge milestone in the pool industry that has led to the industry’s growth. It is, however, essential to factor in all important decisions before taking up a pool loan.

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