Summer is the ideal time of the year to enjoy your swimming pool. Nonetheless, if you are not yet a pool owner, you may wonder how homeowners pay for this upgrade. Even so, once you identify the costs for in-ground pool construction, do not let them intimidate you. Luckily, you can make your backyard dreams come true without worrying much about the costs. Some pool owners opt to save for pool construction costs while others sought for pool financing options.
The majority settles for their preferred pool financing option and immediately begins the pool construction process. Consider it as an investment since your home value increases as soon as the in-ground pool is complete. Additionally, it enhances the attractiveness of your yard as well as offers entertainment, especially if you have children. But before making any financing decisions, it is crucial to learn about the different pool financing plans.
Today, there are new financing alternatives that assist you with your pool construction costs. You can obtain money at a 0% interest rate within a payment period of one and a half years. On the other hand, you can apply for a 6-month lay-away plan. Both financing options enable you to build and install your inground pool in a shorter period without worrying about the source of finance.
This financing plan is suitable if you have a shorter credit history. There are no fees attached to it, and it offers a 0% interest rate within one and a half years. Additionally, this loan type is much quicker to process. The plan also provides flexibility since you can still apply for a jumbo loan with a longer-term at meager interest rates. This way, you can make your backyard aesthetically pleasing just in time for the next summer.
The 6-month lay-away plan is ideal if you choose to build a pool during the low seasons. How does it work? Once you apply for a loan and it’s approved, the total payment gets apportioned over six months. Each month has equal pay. Afterward, the pool lender automatically bills your credit card for six months until payment is complete. The advantage of this plan is that it applies no interest rate; thus, you will spend no additional expenses.
Most people dislike using their credit cards for loan repayments. However, when you use your credit card, payment gets completed in a short period, and your credit card company will not have the chance to apply any additional interest. Thus, this plan is an effective way if you’d like to save. The 6-month Lay-away plan is suitable for only credit card holders, and it happens only at the pool lender’s discretion.
There are several factors to consider before settling for a particular pool financing option. It is advisable to choose the right financing options with the best interest rates, and that caters to all your requirements. Below are some of the factors you ought to consider:
Make sure you know what you desire to spend before requesting a pool loan. Consult your pool contractor and calculate all building costs, including any additions like bubblers and fountains. Once you determine the costs, it will be easy to pinpoint the type of financing you need.
Suppose you don’t know where to start, inquire for reliable financing companies from your builder. Aside from online feedback, consider asking other pool lenders for recommendations. When you do this, chances are you will end up with a suitable pool financing company that meets all your needs and match your budget.
Occasionally, online platforms advertise loans as free, and this could mislead you. There is nothing like a free loan; it just means no additional fee or collateral is attached. Thus, it’s good to conduct thorough research to settle for the best financing alternative.
Ensure the repayment procedure and loan term is feasible for you. Also, evaluate penalties for prepayment and late payment conditions.
Assess the value attached to the pool loan. Your loan benefits should be more than the loan itself. For instance, if pool financing companies provide additional services such as the autopay system and occasional consultations, ensure it’s worth the extra fee.
Ultimately, there are various financing options to choose from, and each of them has benefits and drawbacks. Thus, it is essential to find the most suitable choice that will meet all your needs. Before settling for a pool financing option, ensure you evaluate the factors mentioned above to help you choose the best option.