We talk all the time with our clients and what they want to get out of their pool, all while remaining within their budget. Budgets are unanimously the number one obstacle to overcome in the beginning stages of planning a new build, or a renovation. Whether you have saved up enough cash reserves, or you plan on financing, keeping within the budget is key.
The topic of financing is one of the biggest questions we see day to day and also the most important part of the discussion. Financing allows you, as a homeowner, to expand your budget, or simply help out with your cash flow. When looking at a swimming pool, think of it as an automobile. Chances are, you financed your automobile, and for good reasons. Regardless of the reason, here are a few ways our customers finance their pools:
Equity Lines and 2nd Mortgages
A general rule to follow is, that unless you have owned your house for more than 6 years, it is highly unlikely you will qualify for this type of loan. The reason being is you will have not incurred enough equity.
The great thing about unsecured loans, is that they do not require you to have any built up equity. Instead you will need to have solid credit. Keep in mind, that unsecured loans will also have a higher loan rate than a 2ndmortgage. We have noticed a trend that most unsecured lenders will not lend more than $50,000. If you have secured an unsecured loan, you may have to seek additional ways to generate cash to afford the swimming pool you like. A few suggestions when searching for an unsecured loan:
- Check with your local credit union
- Check with your local bank
- Check with a national company. We recommend Lightstream and HSF Financing. Learn more.
At Premier Pools and Spas, we have a set timeline of payment schedules to help with your cash flow. As we start the project we will ask for a deposit, then once we finish certain features another progress payment is made, and finally the rest of the balance upon completion. Depending upon how small or large your project is, dictates how many payments will need to be made.
Most pool companies will accept out of pocket (cash or check) and credit cards as well. Be sure to check with your pool company on which method fits your needs the best. Never hesitate to discuss financing with your sales manager.