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Researching Pool Financing?
Most folks who are shopping for a swimming pool cannot afford to pay for the entire cost of their pool out of pocket. Luckily, there are a few options available for pool buyers that are looking for swimming pool financing. Once you’ve figured out what type of pool you want and how much your pool will cost, you’ll have to figure out exactly how to pay for your pool.
How Most People Pay For Their Swimming Pool
If you’re building an inground swimming pool, odds are you’ve wondered more than once how you’ll pay for it. Although some pool buyers actually do pay for their inground pool from savings, they majority of them will actually wind up financing such a large purchase in one of the following ways:
Home Equity Based Financing
Many swimming pool buyers will look to either get a home equity loan, line of credit, or second mortgage to finance the construction of their swimming pool. These options use the equity built up in the home as collateral for a loan. The rates are typically lower than an unsecured loan. The only drawback really is if you haven’t lived in your home long, you probably won’t qualify for this type of financing.
Unsecured Personal Loan
This type of loan isn’t based off of collateral, but rather on credit worthiness. If your credit is in great standing, getting an unsecured loan on acceptable terms shouldn’t be very difficult for many pool buyers. One drawback is that the interest rates with this type of inground pool loan are not as appealing as those to be found with home equity based financing.
Many buyers these days are using their credit card to financing their swimming pool purchase, which is typically broken down into milestones for making pool payments. It’s not unusual for pool buyers to pay at least a portion of their bill using their credit card. Again, one drawback is higher interest rates when using a credit card to pay for your pool.