Swimming Pool Financing & Loan Options For Good & Bad Credit

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Pool Loans For Good & Bad Credit

As the weather warms up, many homeowners begin to entertain the thought of adding a swimming pool to their property. And although a pool can provide a setting for endless hours of entertainment and relaxation — not to mention increase the value of a home — the cost can be quite considerable. Fortunately, homeowners have several options when it comes to swimming pool financing.

If you’re considering adding a watering hole to your homestead, this overview tells you everything you need to know about how to finance a pool.

How Do You Finance a Pool?

If you don’t have the cash to pay for a pool out of pocket, you can opt for a pool financing plan. These financial arrangements typically come in the form of personal loans or home equity loans. Regardless of which option you choose, your creditworthiness will determine the interest rate and repayment terms you’ll be responsible for.

Is it hard to get financed for a pool?

Swimming pool financing may be easier to obtain than you think. If you use an unsecured personal loan for swimming pool financing, you can borrow up to $100,000 with no collateral or money down. Personal loans can provide a lump sum of cash that can be repaid over time with interest. While they may be easier to obtain and manage than secured loans, secured loans usually have lower interest rates. Secured loans require homeowners to provide collateral, such as the equity in their home. In exchange for the collateral, lenders typically offer lower interest rates and longer loan terms. In most cases, secured loans have longer and more complicated approval and disbursement processes. There are a variety of online lenders that can provide personal loans for all credit types. One of the best ways to compare personal loan offers is by submitting an application at PrimeRates. PrimeRates has top-rated lending partners that want to compete for your business. Whether you have good credit or bad credit, you can qualify for a personal loan for swimming pool financing at PrimeRates.

What credit score do you need for pool financing?

Just as there are different types of pools and price points, there are different requirements for financing. Requirements, such as credit score, can vary depending on the type of loan, the lender’s requirements, and the loan request. Most lenders prefer to see applicants with a credit score above 600. Secured loans, backed by collateral, offer lenders reduced risk. Unsecured loans, not backed by collateral, increase the risk for lenders. Lenders may have less strict requirements for secured loans, but the borrower will need to meet more requirements, such as providing sufficient collateral to back the loan. If you’re unsure where to start the pool financing process, it can be helpful to determine what kind of pool you want and what the project will cost (estimate). Once you know how much you need to borrow, you can graduate to narrowing down the types of loans and checking offers. At PrimeRates, we can simplify the process of getting prequalified and comparing financing offers for pool financing and more. 

How do people finance pools?

The desire to turn your backyard into an oasis is irresistible for some. However, building a pool can be so costly that it makes your daydream seem impossible. That is, until you find pool financing. Homeowners often use pool financing to afford the pool of their dreams – or the one that’s in their budget. To finance pools, here are some financing options homeowners can pursue:

  • Financing offered through contractors: Some pool companies or contractors partner with lenders or lending platforms to help customers explore financing options. This can benefit both customers and contractors. It’s important to understand your options, though, so you can negotiate and shop with confidence. Some contractors or pool companies may try to use financing options as negotiating power, but the truth is you may have other financing options (and contractor options) available. 
  • Home improvement loans: Home improvement loans are unsecured personal loans that can be used for pool financing. Some lenders can offer home improvement loans up to $100,000, depending on credit score. For homeowners who do not have collateral or do not want to back a loan with collateral, this can be a good option. 
  • Home equity loan: Home equity loans are backed by the equity in your home, meaning you are using your home as collateral. This can be a huge incentive for the lender, thus allowing them to offer generous loan amounts and competitive offers. For inground pools, you may need to use a secured loan due to the cost of the build. 

How long do most people finance a pool?

The amount of time you need to finance a pool can vary, primarily depending on the amount you borrow and what you can afford. Larger loan amounts usually require longer repayment periods. Remember, though, that regardless of how important a monthly payment is, dragging out the repayment period can drive up the total loan cost. Choose the loan offer that works best for you based on your needs and budget. Unsecured loans can have maximum repayment periods of up to 12 years, while secured loans may offer longer repayment periods. 

What are the interest rates on pool loans?

Interest rates can vary depending on various factors, such as the market, the applicant, the type of loan, the lender, and so forth. Shopping loan offers is not as simple as shopping for the best deal on milk or eggs. Loan offers depend on what you qualify for. To determine what a good or fair interest rate is, depending on your qualifications, you may need to compare offers. At PrimeRates, we make comparing loan offers simple and quick. Find the right loan offer in minutes with no impact on your credit score. 

Is it difficult to get a pool loan?

Pools can be expensive – therefore, you may need to borrow a pretty hefty sum of cash. The larger the loan, the more strict the requirements. Finding a pool loan, you qualify for that also meets your needs and budget can take some work. At PrimeRates, we can simplify the process of finding the right home improvement loan offer. Get your feet wet at PrimeRates by checking pool financing offers to determine how difficult qualifying might be. 

Is a pool a good ROI?

When investing money in our home, we hope to increase its value. Building a pool can increase home value and make it more attractive to potential buyers, but it can also do the opposite. Some potential buyers do not want a pool for various reasons. Perhaps they have kids, and the pool presents a hazard, or perhaps finances are tight, and they don’t want to keep up with maintenance. Finding the perfect home can be challenging. While some homeowners may seek a home with a pool, others may not.

Who has the best pool financing?

The online marketplace for pool financing is highly competitive, thus benefiting applicants in the market for a pool loan. However, the best pool financing can vary. Shop locally at banks and credit unions, check with the pool company or contractor, and browse online to explore available options. At PrimeRates, we partner with elite lending partners to enhance the process of comparing loan offers online. In minutes, you can check and compare offers, simplifying the path to the best pool financing offer.

Do people typically finance a pool?

Financing a pool is more common than you might think. Pools are expensive to build and maintain, and even if homeowners have the cash on hand, they may prefer financing. Financing may come with additional costs, but ensuring you have a healthy savings account is important as a homeowner. Make the financial decision that is best for you and your needs. 

What is the minimum credit score for pool financing?

Minimum credit score requirements can vary. Most lenders prefer applicants to have a credit score of 600, but requirements can vary by lender. Oftentimes, large loans are needed to build a pool. Large loans are often reserved for borrowers with good to excellent credit, amongst other requirements. 

What is the longest you can finance a pool?

The maximum repayment period can vary depending on the type of loan, what the applicant qualifies for, and the loan amount. As you compare offers, you may notice the repayment period can impact the monthly payment, but it can also impact the total loan cost. 

Is having a pool a good investment?

Having a pool can increase your social value and your home value simultaneously. It can provide a private space to cool off and relax or celebrate just about anything – or nothing. When you consider investing in a swimming pool, consider the potential ROI, but also consider the memories that will be created in that very same pool. When improving the place you call home, you might start to view investments a bit differently. 

How long can you finance a pool loan?

How long you can finance a pool usually depends on the type of loan you use. If you use an unsecured personal loan you can find terms up to 12 years. If you use a secured home equity loan, you can find terms up to 30 years. Some homeowners prefer to use a HELOC which is another type of secured loan. HELOC loans can provide a revolving line of credit that is secured by the equity in your home. HELOCs provide access to cash but you’ll need to draw the money. Most HELOCs have a draw period of about 10 years and a repayment period of about 20 years. The repayment period typically begins after the draw period. Lenders can provide various loan structures so you’ll want to communicate your needs and explore your options. Home Guide reports that the national average for installing an inground pool is between $28,000 to $55,000. While this may be a big chunk of cash, it’s not really a lot of money, especially when you consider it as a monthly payment. If you borrow $50,000 using a personal loan you can have monthly payments as low as $438/month. We have estimated this payment using a 12 year term and 3.99% fixed interest rate.

Is a pool expensive to maintain?

There are monthly expenses that come along with maintaining a pool properly. Making the investment for proper upkeep can help you avoid expense repairs in the long run. Some homeowners prefer to maintain their own pool which can be cost effective. However, it’s usually best to hire a professional. You can expect to spend about $80 to $150 per month on pool maintenance. In addition, you may see a spike in your electricity bill. Pools cost an average of about $800 to $1,200 to run annually. You may be spending money each month for a club membership to have access to a pool and other activities. Building your own pool may eliminate these types of expenses and allow you to spend extra money  toward something you own. 

Do inground pools add value to a home?

Real estate experts recommend adding a pool to your home to increase the value. Adding a pool could potentially increase your home value by 5% to 8%. However, while many home buyers may be searching hard for the perfect home that includes a pool in the backyard, it may detour other buyers. We recommend fencing in the pool and thinking about any potential risk of having a pool, such as an infant drowning. You will want to design your backyard and pool to make your space as functional as possible. Finishing your backyard with a pool and landscaping can increase home value and help your home sell quickly.

What's the best loan to get for a pool?

The best loan to get for a pool usually depends on your finances. If you have plenty of equity in your home, a secured loan may be a good option. However, if you do not have a ton of equity or excellent credit, you may want to consider a personal loan. If interest rates have dropped since you financed your home, a cash out refinance might be the best way to finance a pool. Cash out refinances allow homeowners to borrow money and refinance their mortgage at the same time. 

Can You Finance an Indoor Pool?

Depending on the size of your home and kind of swimming pool you’re in the market for, you might be thinking about installing a pool inside your house, rather than in your backyard. If you’re considering something along these lines, you can apply for indoor pool financing in case you can’t afford to pay for your pool upfront.

Can You Finance an Above-Ground Pool?

Not all properties can accommodate the installation of an in-ground pool, leaving some owners to explore options for an above-ground swimming spot. These pools are typically far more affordable than in-ground pools, but they’re not necessarily cheap. That’s why many individuals choose to apply for above-ground pool financing.

How Much Is a Monthly Payment for a Pool?

Monthly payments for swimming pool loans can vary based on a variety of factors. The more money you put down as a deposit and the higher your credit score, the lower your monthly payments will be. Likewise, the smaller the deposit you put down and the lower your credit score is, the greater your payments will be.

What Credit Score Do You Need to Finance a Pool?

Although individuals with less-than-desirable credit scores may still qualify for pool financing, in general, however, you’ll want a credit score of at least 670, though scores of 740 or higher will result in lower interest rates and more affordable monthly payments. 

How Long Can You Finance a Swimming Pool?

Although many lenders will expect loans to be repaid within three to five years, 20-year pool loans aren’t entirely unheard of. Such a loan might seem attractive to individuals with a tight budget, but the interest payments could eventually outweigh the cost of the pool itself.

What Is the Average Cost of Building a Pool?

Depending on whether you’re interested in an in-ground pool or its above-ground counterpart, the cost can range dramatically. Obviously, the size of the pool and the material it’s made of play big factors in the calculation of a pool’s cost. In general, in-ground fiberglass pools cost $15,000 to $25,000, while concrete and granite pools can set you back anywhere between $20,000 and $55,000.

What Is the Interest Rate on a Pool Loan?

Interest rates on pool loans largely depend on your individual credit score. They could be as low as 5.5% or as high as 36%.

Interest rates for pool loans can vary depending on the type of loan, the borrower, and other factors. Most lenders advertise their lowest rates online. If you have excellent credit (750 or above) you should qualify for the advertised rates. Some may include discounts such as autopayments so make sure you read the fine print. You should also pay attention to whether the interest rate is fixed or variable. We recommend using a fixed interest rate because it does not change during the loan term. Homeowners can secure HELOC loans with interest rates as low as 2.49%. PrimeRates has lending partners that can offer personal loans with interest rates as low as 3.99%. Although personal loans may have slightly higher interest rates than secured loans, they offer less risk for homeowners. In addition, they are usually much easier and faster to obtain. This can make the slightly higher interest rate easy to justify. 

What Is the Best Way to Finance a Pool?

Depending upon your unique situation, the best way to finance a pool for your home might be drastically different compared to your neighbor. To help you find the most affordable option, here’s an overview of the most common ways to pay for a pool.

Home Equity Loans

Home equity loans allow you to borrow funds that are secured against the amount of equity you have in your house. These types of loans typically have lower, fixed interest rates because the home serves as collateral. 

» MORE: Home Equity Loans

Swimming Pool Financing Options

If you don’t yet have much equity in your home — or if you live in an area where homes are less expensive — a personal loan might be a better option when it comes to financing a swimming pool. If you choose this route, you’ll have the option of either selecting a secured or unsecured loan. Secured loans require collateral, whereas unsecured loans do not. These loans typically have higher interest rates than home-equity loans, but you won’t have to worry about losing your home if you fail to keep up with your payments.

If you’re in the market for a personal loan to help finance your pool, here are some leading lenders for you to consider.


» MORE: LightStream Personal Loans Review


APR range 6.95-35.89%
Available loan terms 36 to 60 months
Loan amounts Up to $40,000
Time to fund Varies
Fees Origination fee: 1% to 6%
Unsuccessful payment fee: $15
Processing Fee For Personal Checks: $7
Credit needed 600+
Income needed n/a
Soft Credit Check? Yes
Best for Borrowers with good credit
Click "Check Rates" to apply to LendingClub

LendingClub made a name for itself by becoming the first peer-to-peer lender to register with the SEC and offer loan trading on the secondary market.

  • Loan Amounts — $1,000 to $40,000
  • APR — 6.95% to 35.89%
  • Origination Fees — 1% to 6% of the loan amount
  • Time to Funding — 3 to 7 days
  • Repayment Terms — 3 to 5 years
Pros & Cons
  • LendingClub is a great option if you have above average credit
  • It’s not so great if you’re looking to borrow more than $40,000
  • You’ll need a low debt-to-income ratio to get approved


APR range: 5.99% to 16.99% APR (with AutoPay)
Available loan terms: 24-84 months
Loan amounts: $5,000—$100,000
Time to fund: Typically 7 days
Origination fee: None
Credit needed: 680+
Income needed: $50,000+
Soft Credit Check? Yes
Best for: Young professionals and graduates, good credit
Click "Check Rates" to apply to SoFi

SoFi, short for Social Finance, is a reputable personal finance company that specializes in mortgages, personal loans, and student loan refinancing.

  • Loan Amounts — $5,000 to $100,000
  • APR — 5.74% to 16.24%
  • Origination Fees — None
  • Time to Funding — One week
  • Repayment Terms — 2 to 7 years
Pros & Cons
  • Only applicants with a strong credit score and little debt will get approved
  • SoFi doesn’t charge any origination fees or late fees
  • It’s a great option if you’re looking for a large, in-ground pool


APR range 9.95% — 35.99%
Available loan terms 24 — 60 months
Loan amounts $2,000 — $35,000
Time to fund As soon as the next business day*
Administration fees Up to 4.75%
Credit score needed 580; typical credit score is 600 — 700
Income needed No set income requirement stated
Soft Credit Check? Yes
Best for People with poor or bad credit, debt consolidation
Click "Check Rates" to apply to Avant

Among the internet’s leading lending platforms, Avant offers borrowers with less-than-stellar credit access to loans, whereas most banks would turn these applicants away.

  • Loan Amounts — $2,000 to $35,000
  • APR — 9.95% to 35.99%
  • Origination Fees — 4.75%
  • Time to Funding — Next day
  • Repayment Terms — 2 to 5 years
Pros & Cons
  • Avant is among the best for people with credit scores as low as 580
  • This lender charges late fees and administrative fees
  • Loan payments are flexible, and you only need an annual income of $20,000 to get approved


Now that you know the basics of how to finance a pool, start exploring your options by applying for a loan from any of the above lenders. You could be doing the backstroke before you know it!

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