How to Finance a Pool
One way to finance the purchase of a pool is by using a home equity loan. These loans are usually fixed-rate fixed-term loans with payback periods of up to 20 or 30 years. Important things to bear in mind here are the current value of your home, your outstanding mortgage loan balance, and whether there is room between these two numbers – that is the amount you can borrow for a pol. While many banks limit home equity loans to 80% or 85% of your home’s value, some banks will loan up to 100% of that value.
Another way to finance a swimming pool is by using an unsecured loan. While these loans are not limited by the value of your home and outstanding mortgage loan balance, they are usually limited to amounts of $25,000 or less and repayment terms of 5 years or less.
Another option to consider is a loan secured by the swimming pool itself. One bank offers fixed-rate fixed-term loans using the swimming pool as collateral. It may be possible to finance the full purchase price of the swimming pool and repay the loan over a 12-year period.