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Best Swimming Pool Financing & Loan Options

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.

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%.

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.

LightStream

LightStream
APR range4.99% - 17.49% w/AutoPay1
Available loan terms24 to 144 months1
Loan amountsup to $100,000
Time to fundAs soon as the same day**
FeesOrigination fee: None
Late fee: None
Prepayment fee: None
Credit needed660+
Income neededn/a
Soft Credit Check?Varies
Best forBorrowers with good credit, long credit history, co-signers, debt consolidation, home improvements
Click “Check Rates” to apply to LightStream

» MORE: LightStream Personal Loans Review

LendingClub

APR range6.95-35.89%
Available loan terms36 to 60 months
Loan amountsUp to $40,000
Time to fundVaries
FeesOrigination fee: 1% to 6%
Unsuccessful payment fee: $15
Processing Fee For Personal Checks: $7
Credit needed600+
Income neededn/a
Soft Credit Check?Yes
Best forBorrowers 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

SoFi

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

Avant

APR range9.95% — 35.99%
Available loan terms24 — 60 months
Loan amounts$2,000 — $35,000
Time to fundAs soon as the next business day*
Administration feesUp to 4.75%
Credit score needed580; typical credit score is 600 — 700
Income neededNo set income requirement stated
Soft Credit Check?Yes
Best forPeople 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

Conclusion

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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