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    Creative Swimming Pool Financing

    May 3, 2013

    dollar_tree - purchased thru PresenterMediaThere are many creative ways to move your money around so you can build your swimming pool of your dreams. Financing rates are at an all time low. Now is the best time to plan out a budget for your inground pool project.

    Building a Do It Yourself inground swimming pool is not a small investment. Most of our customers spend $6-10,000 on their pool kit, equipment and supplies to build the pool, and another equal amount on contractors for various phases of construction.

    Although you can build your own inground pool for under $13K, most of our pool kit projects come out closer to $20K, when it's all said and done - not a small amount of money!

    Most of the costs, for the pool kit, equipment, excavators, concrete and other materials, will be due within a 30-60 day window, unless you have some pool financing set up, or plan to phase-in the pool construction, and spread-out the costs.

    This post explores some creative ways that you can fund the pool project, without breaking the bank!

    1.        Home Loans for Swimming Pools

    The first form of financing and one of the most popular is a Home Improvement Loan.  A home improvement loan is money lent to a homeowner for home repairs, or remodeling. Home improvement loans are not necessarily secured by the property they are intended for and may be classified as home improvement loans by the lending institution.dollar-signs

    Another source of financing is to take out a Home Equity Loan.  Home equity is the difference between the current value of the house and the amount of money owed on the mortgage. For example, if you owe $90,000 on your mortgage, and there are no other liens on the property and the current market value of your home is $150,000, then the home equity amount is $60,000 (150,000 -90,000) .

    Your current mortgage company is typically the best route to go, and should provide you with the best interest rate. However, it doesn’t hurt to shop around, because many financial institutions are very competitive with attractive loan rates in order to earn your business. A Home Equity loan is a secured loan.  The lending institution will affix a lien on your home, securing their loan.

     2.      SPP Financing Options:

    For our customer's convenience, SPP Pool Finance has an 18-month, 0% interest Home Improvement loan, and after 18 months, a low interest rate, for up to 60 months.  There are several plans to choose from, and you can apply for, and be approved for - more than one loan program.

    Apply online, with instant approval for this non-secured home improvement loan. For more information, call our SPP Pool Experts for complete details on our pool financing program at 855-863-4301.

    3.        Your Credit Cards:

    Utilizing your low interest credit cards that offer reward points or frequent flyers miles will earn you additional benefits by using one (1) or several of your credit cards to cover your total budget for your swimming pool installation. By using several credit cards, this allows you to spread out your pool budget expense as the installation progresses and material are needed.credit_card_blue_world - purchased thru PresenterMedia

    However, if you end up being unable to pay off the credit cards within a few months, this could be the most expensive option for financing your inground pool. If not paid within a year, it really becomes expensive to use credit cards, with current average rates being around 13-15%. BankRate has a credit card interest rate calculator that can be useful.

    Another tactic with credit cards, is to use one card to gain Miles or Awards, then transfer the balance to a card with 0% interest for 18 months, making monthly payments. If needed, after 18 months, transfer to another 0% card, and continue to make payments each month to reduce the principal.

    4.        Cut Back on Living Expenses:

    Owning your own pool will naturally allow you to cut back on some monthly budget items such as Pool or Fitness Club Memberships. You can also more easily enjoy a summer "Stay-cation" in your own backyard. Other expenses that could be reduced or eliminated include the Cable bill, Restaurants, Home Energy use and using Grocery Coupons. Anything and everything - will help you to save for that dream swimming pool, and make it possible to pay it back quickly.

    Begin to cut back early in the planning stages, and begin to build a nest egg. Even if it's just a few thousand dollars, that will give you a solid start!

    5.        Sell your Boat, RV or Second Vehicle:

    Sell off items you no longer use, such as a motorcycle, boat, snowmobile, RV or collectible items. By selling unused but valuable items, you can save money for the project, or help to pay off loans faster. Depending on the value of these items, could provide you with a big boost towards getting your pool installation completed. A good garage sale can net hundreds of dollars, and add to your pool fund.

    No matter which direction you choose to take, there are many ways to acquire the money to install your dream pool. Here's some other pool finance related information that may be useful as you plan your inground pool budget.

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    Bob Arnold
    SPP Pool Expert

    Blog Author
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