Undoubtedly, pool construction is a huge investment and can cost a tidy sum of money. Consequently, most homeowners opt to consult swimming pool lenders for financing methods. Suppose you intend to request a pool loan, ensure you calculate all specific costs required, including maintenance fees.
You can get pool loans from swimming pool lenders. However, you can also obtain them from any other financing institutions like banks and online lenders. Today, there exists a variety of swimming pool lenders. Some of the best pool loan providers are LightStream, Wells Fargo, Sofi, Earnest, and Upgrade.
This lending company is famous for granting personal loans mainly for loan consolidations and home revamping. Being a branch of SunTrust Bank, it is a reputable institution for giving loans. If you have a high credit score, it could be the best option for you. With a relatively low annual percentage rate (APR), you can secure a favorable interest rate once you obtain a loan.
Furthermore, LightStream grants large loan amounts that go up to $100,000. This helps homeowners with costly pool installations. The firm offers more extended payment periods of up to 12 years, thus can work in your favor. Nonetheless, this company doesn’t grant loans to people with lower credit scores and minimal credit histories.
Wells Fargo is an international lending institution that provides quality banking and financial services around the globe. The company has a maximum loan limit of $100,000. The competitive advantage of Wells Fargo is that they are willing to work with people with lower credit scores.
Moreover, the financing company provides secure loans to enhance your home facilities, such as pools. Such loans are secured through a cash-out refinance loan or your home equity line of credit, which offers more than $25,000.
This swimming pool lender has a well-known reputation built through debt consolidation. However, it has a relatively high startingAPR compared to other lenders.
Personal loans at SoFi have no yearly fee, and you can borrow large amounts of $100,000 if you meet all the loan requirements. The financing company also provides low rates of 6%, if you choose to repay your maximum loan amount within a shorter period. SoFi offers flexibility since you can alter the repayment debt period. Also, there is no penalty attached to prepayments and late payments.
But it is vital to note they do not grant everyone low pool loan rates. For you to qualify for the most favorable rate, your credit history should be promising. Your rate depends on your earnings, financial history, current assets, liabilities, among other factors. The company implements an autopay system that offers a 0.25% rate deduction. It requires you to agree to an automatic monthly deduction from your account.
Earnest employs technology to get a financial background of applicants hence quickly determines qualified applicants.
It is thus a good alternative if you have a short credit history. You can qualify for a swimming pool loan depending on a comprehensive picture of your financial status. To your advantage, the company also provides pliable remittance alternatives and no prepayment fees.
The upgrade incorporates technology in its lending systems. However, it has a high starting APR in comparison to other financing institutions. But the company provides flexible payment alternatives, particularly with loans used to make home improvements. Fortunately, you can select your monthly installments based on your budget. Also, you can decrease your monthly payments whenever you encounter financial strains.
In this present age and time, it is rare to find a financing institution that specifically offers pool loans. Most lenders provide pool loans through personal loans and home improvement loans. Alternatively, you can request your pool construction company to offer financing services directly or link you with a swimming pool lender.
There is no difference between swimming pool loans and other loan types. Swimming pool loans offer a certain amount of money based on your application. Besides, you are then required to pay the loan with interest within a specified period, just like any other loan.
First, identify your credit score and financial background. Note that if you have low credit, most swimming pool lenders will give you a high-interest rate. However, you can still obtain an unsecured loan; thus, do not be in haste to put your house on collateral.
Second, decide to settle for either a secured loan or an unsecured loan. If a lot of equity is tied to your home, you might opt for a home equity loan. But note that the home equity loan is quite risky. Payment failure could lead to foreclosure of your house. Nevertheless, secured loans have reasonable interest rates.
Ultimately, ensure you know your financial standing before applying for a pool loan. Also, come up with a plan on how to repay the loan. Whether traditional or non-traditional, select a swimming pool lender that works in your favor and meets all your requirements.