Finance Through a Personal Loan
Many homeowners who plan to finance their pools first consider financing through a home equity loan. However, that might not be the most financially savvy decision. Home equity loans are best for projects that will increase the value of your home. Pools don’t always do that. Furthermore, if you should run into financial problems later and find yourself unable to pay for your home equity loan, you could end up losing your home. Instead, we recommend taking out a personal loan instead. If you have excellent credit, it may not cost much, if at all, more than a home equity loan. Plus, there are several other advantages to taking out a personal loan for your pool:
- It’s much faster and easier to obtain a personal loan than a home equity loan. You can often apply online in just minutes.
- There are no closing costs for a personal loan.
- You can control your interest rate to a degree, either by putting down a larger down payment or choosing a shorter repayment period.
Of course, you have to keep in mind that the interest rate you’ll pay for a personal loan depends on your credit history. If you have sterling credit, you can expect an attractive rate. But if you have a low credit score or troubled credit history, you may end up paying more. For this reason, it’s always best to explore all of your options before signing on any dotted lines.
If you’re considering pool financing, we urge you to get in touch with us. While we don’t finance pools ourselves, we can certainly point you toward reputable lenders and answer more general questions. We want to make sure you get to enjoy the pool of your dreams, and that includes helping you to finance it. Call us today to get started!