Pool loans are typically available in amounts up to $100,000 at interest rates ranging from 3% to 13% per year. For example, most pool buyers will have monthly payments of $450 to $500 on a $30,000 loan with a seven-year (84 month) maturity.
Similarly one may ask, can I get a pool loan with a 600 credit score?
You should have a 550 or above to qualify for pool financing. If your credit is below 600 you should consider applying for a personal loan with a cosigner who has good credit to increase your chance of approval.
Herein, do pool companies finance?
If you want to build a swimming pool, you might be considering pool financing — meaning some kind of loan or credit you can use specifically for the project. Options can include unsecured personal loans, home equity loans, HELOCs or financing through a pool dealer.
How many years is pool financing?
How many years is a typical pool loan? With a personal loan or home equity loan, you can generally target the length of time to pay back your loan. This will usually be between two and 10 years. The longer the loan, the lower each month’s payment will be but the more interest you’ll pay overall.
How much does a 18×36 inground pool cost?
Inground Pool Cost By Size
| Pool Size (feet) | Price |
|---|---|
| 12×24 | $14,400 – $37,440 |
| 14×28 | $19,600 – $48,750 |
| 16×32 | $25,600 – $66,560 |
| 18×36 | $32,400 – $84,240 |
How much is a pool loan payment?
Typically, you can finance anything between $5,000 to $100,000. Rates depend on your credit score and the number of swimming pool payment years. For instance, if you get $25,000 financed, at 5% for 15 years, you are looking at paying $200 each month.
Is a pool loan unsecured?
A pool loan is an unsecured personal loan from a bank, credit union or online lender that can be used for almost any purpose, including installing a swimming pool.
Is financing a pool a good idea?
Financing a pool can be a good option if you want to add a pool to your home, if you can qualify for an affordable loan, and if you don’t want to pay for your pool in cash.
What credit bureau does Lyon Financial use?
What credit score is needed for a pool loan?
What does an unsecured loan mean?
Unsecured loans don’t involve any collateral. Common examples include credit cards, personal loans and student loans. Here, the only assurance a lender has that you will repay the debt is your creditworthiness and your word. For that reason, unsecured loans are considered a higher risk for lenders.
What FICO score does Wells Fargo use for personal loans?
Have fair or good credit (630 to 719 FICO score). Are existing Wells Fargo customers. Want to add a co-borrower to their application.
What is the average monthly payment for a pool?
The trade-off is that you will likely pay more interest on the loan over time. For example, if you choose a 180-month loan term, your average monthly payment could be $200-$300 less. If you finance $50,000, your payments might be around $395 per month. A $30,000 pool would cost less than $250 per month.