It’s hot in Arizona this time of year. Have you been dreaming of a magnificent new swimming pool? While you may be thinking about a new pool, your budget might have second thoughts.
Have you ever thought about financing a pool? There are several sources of funding you can use. If you’re not sure how to finance your pool dreams, here are some suggestions on how to get a personal loan for a pool.
How Do You Pay for a New Pool?
Finance Your Pool Through A Bank
Since you own your home, you may be able to finance a home improvement loan through a bank. You will have to fill out some lengthy paperwork, but, in the end, you may get your loan. Remember that bank loans are usually unsecured, which means it may take a little while to get your money. The bank will have to run a credit check on you. Every bank finances its customers differently. There is no one standard form. You should be able to get a repayment schedule between one year and 12 years. With some loans, the interest rates may rise over time.
Credit Unions Also Offer Loans
If you’re a member of a credit union, you may want to get your pool loan from it. Unlike a bank, a credit union is a not-for-profit organization that serves its customers. Usually, you’ll be able to get a lower interest rate and a lower fee. Also, a credit union is willing to finance your pool if your credit is imperfect. If you aren’t a member of a credit union, you may be able to join one. This is especially true if you are a member of a group — nurses, teachers, or veterans. Credit unions also have more flexible payment plans.
You may want to think about paying for your pool with a credit card if you have one with a high limit. You could use your card to pay for pool equipment and construction. You need to know if you swipe your card, your interest rates will be higher than a bank loan. You may also have to pay the merchant service fee the contractor would have to pay. Make sure you’re ready to make your credit card payments on time. You should also read all the rates and conditions on your card. Who knows? With this purchase, you may have enough airline miles to go to Hawaii.
Find a Company that Specializes in Pool Financing
We have partnered with a pool financing company, Paramount Capital, to help our customers finance their pools. The terms and conditions vary, so you’ll need to contact Paramount Capital to get the details. We have a link to the company on our website. Other companies specialize in pool financing as well. Like a bank or a credit union, you’ll have to fill out paperwork and go through a credit check.
A Home Equity Loan
You may want to consider a home equity loan or a home equity line of credit to build your pool. This loan uses the amount of money you have in equity in your home as collateral. Many banks, credit unions, and financial institutions have home equity loans. The more equity you have, the more likely one of these financial institutions will lend you money. Home equity loans typically have a lower interest rate. The best part is you can get a tax benefit from a home equity loan you can’t from other loans.
Are you looking for a way to finance and get your pool built? We can help! Contact No Limit Pools & Spas. We are Arizona pool builders who are proud to be serving Phoenix, AZ, and its environs. The areas include but aren’t limited to Mesa, Chandler, Gilbert, and Gold Canyon.