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Inground Pool Financing

Inground Pool Financing

Most people can’t afford paying for a new pool at once. Luckily, there are many options for inground pool financing that you can benefit from. As soon as you know the exact price of your swimming pool, you need to think about how you’re going to pay for it – involving any loans you’ll need to take out. Due to the approvals and red tape involved, this stage must be finished early.

The main rule of inground pool financing

While financing a pool, you should remember one thing: purchasing a swimming pool can’t be considered an investment. Many buyers rationalize the price of this object proceeding from the idea that it will pay off by increasing the cost of their house. This mindset makes people take out huge loans that they’re unable to afford. In fact, although a pool slightly enhances the value of establishment, it is never enough to reimburse your expenses – particularly if you factor in maintenance.

However, certain banks consider pool loans as home improvement financing. This permits you to obtain more profitably terms, and possibly even a tax cut.

Cooperating with your contractor

If you’re cooperating with a reliable contractor, they’re certainly aware of all the nuances of swimming pool financing. They’re always ready to help you obtain the best financing, as the more satisfied you’re with your loan, the greater the likelihood that you’ll spend.

Certain pool companies even collaborate with the banks to offer their own credits. These usually don’t provide the best deals, but you shouldn’t throw that away so easily. Considering the inground pool financing advertised by pool companies may at least show you what kind of loan you require from the bank.

If you’re looking for the perfect way to finance a pool, you should know that there is no clear answer. Everything depends on your financial position, the price of the project (and the respective loan you require), etc. You may be more prone to a specific type of loan; however, it may be useful to shop around to make sure you didn’t miss anything.

Financing options

Considering various pool loan options can make your head spin. To make things easier, keep in mind that most loans belong to one of the following wide categories:

  • Unsecured Personal Loan. This is the simplest option, though not necessarily the one that provides the lowest interest rates. This type of loan is based on your credit check. If your credit history is bad, obtaining an unsecured pool loan with affordable terms may not be easy (but it is still possible).
  • Home Equity Loan. This option uses your own equity as security for the credit. Here, the rates are better than in case of unsecured loans; however, if you haven’t accumulated much equity, you may fail to qualify.
  • Credit Card. Using a credit card to pay for a pool is not the best idea because of bad interest rates. However, most people pay at least a part of the price of a swimming pool with a credit card. Although it must be minimized since it can leave you with a balance, you can’t repay in a short time.

Again, your pool builder may try to incline you toward one of the aforementioned options – particularly if they cooperate with a certain credit institution. Usually, they give great recommendations, since their interest in obtaining a pool project is aligned with your requirement to obtain a loan. Nevertheless, you must make your own study and don’t believe the offers that sound too good to be real.


Of course, you require a high loan to cover the building of the new swimming pool, together with all the additional equipment you may require (including illumination, covers, fences, etc.) And don’t forget that pools are quite expensive to maintain – you’ll have to pay for heaters, chemicals, etc. Such expenditures can expect a new pool owner. Make sure that you’re ready for them.

Nevertheless, it’s a bad idea to take out a loan that’s bigger than what you require. The main thing you should remember is that pools are an expenditure and not an investment. To decrease the size of your credit or accelerate the process of its pay-off, think about selling assets and/or reducing household expenditure. At first, the new swimming pool may take up all your free time, so you should considering giving up your other costly hobbies or delaying your vacations.

But above all, make sure the pool you’re going to buy is something you’re really able to afford. Don’t try to jump ahead of yourself. Select the proper material of the pool –concretefiberglass, or vinyl – and consider the additional equipment that really matters to you. And finally, start your planning as soon as possible and do it carefully. This way, you will be more likely to make the right decisions.

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