You've been thinking about it for a while, purchasing a swimming pool for your family. It is a is a big financial commitment because they come with a big price tag. If you can't afford to purchase a pool with cash you've saved up, you will likely need to consider financing it and paying it off over time, like a mortgage. A swimming pool can add value to your home and because of this, they are sometimes easier to uncover financing for than you may think.
The first step you should take is to talk to a loan officer at the bank where you typically do your business. It's easier to get a loan through a back that you have a history with. You may even be able to get an unsecured loan with the pool as collateral.
Depending on the amount of equity in your home you could refinance it to pay for the pool. And depending on your current credit rating you might even qualify for a lower interest rate on your home than you currently carry. Just keep in mind when you refinance your home, your monthly payment will increase.
You could take out a home improvement loan. Many mortgage lenders consider a pool as an improvement to the home one that ultimately adds to the resale value. Loans for home improvement come in three, five or 10 year installment plans. Choose one that has a monthly payment that is comfortable for you to repay.
Some pool contractors offer financing themselves, much the same as car dealers and appliance stores do. It's likely they will do a credit check and verify your income.
There are online companies that offer pool loans and you can get a decision within 24 hours of application.