Who doesnt love a relaxing dip in the swimming pool on a sweltering, hot day?
And when that swimming pool is in your backyard, its even better.
You could bring your friends together over the summer by hosting pool parties.
Read our step-by-step guide onhow to get a personal loan.
You could teach your kids to swim right at home.
Sounds like a dream.
What Is Pool Financing?
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
The high cost to install a pool means that many people rely on pool financing.
There are several ways to go about getting a loan for a pool.
Did you know?
Some pool builders or retailers offer in-house loan programs through their partner lenders.
You might also consider using a credit card as your method of financing.
One of the benefits of personal loans is that you dont have to offer up any collateral.
Interest rates can start around 3% and go up to about 36%.
A borrowers credit score, credit history, income and existing debt load all affect the interest rate.
If you have a significant amount of equity, you could finance your pool project this way.
Home equity loans generally have lower interest rates than personal loans because your home is used as collateral.
If you default on your loan, the lender could foreclose on your home.
That means your monthly payments can increase during your repayment period.
A cash-out refinance might make sense if youre able to get a lower interest rate than your current mortgage.
This jot down of financing is the same as applying for a personal loan or pool loan.
The benefit is that you get a one-stop-shop experience instead of having to reach out to lenders individually.
Your pool contractor may even be able to assist you through the loan process.
However, there can be situations where itd make sense.
Most credit cards only offer zero-interest periods for the first 12 to 21 months.
After that your interest rate could go up to 18% or more.
Heres what a few top lenders are currently offering.
Having a pool is a luxury.
You dont want a pool construction project to jeopardize your ability to pay your bills and meet your needs.
Ideally, your credit score should be 700 or above.
To boost your credit score before applying for a pool loan, followthese steps.
Get estimates from multiple pool companies so you have a better idea of what options exist.
double-check any additional work like constructing safety fencing is included in your estimate.
Expect to provide information about your income and other existing debt.
This is a good option if you think you wouldnt get much regular use of having your own pool.
It all depends on your individual circumstances and preferences.
Some companies, however, will accept lower credit scores.
As a result, your loan may have a higher interest rate.
An interest rate around 5% is a good deal for a pool loan.
You may be able to find rates even lower if you have excellent credit.
Nicole Dow is a senior writer at The Penny Hoarder.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
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