How Do I Finance an in ground swimming pool?
This type of loan is far and away the most common in the swimming pool construction industry as it allows homeowners to borrow against the equity that they have in their home in order to finance the project. Also, secured loans typically have lower interest rate and the payments can be spread over a longer period of time compared to other types of loans.
Also, most lending institutions will not lend more than $30,0000 on an unsecured loan, although you’ll occasionally find some that will lend in the $40,000 range. If you’re considering a swimming pool and don’t know if you’ll qualify for a loan, we suggest two actions:
Determine the current equity in your home so as to know if you’d be available for a home equity line (secured loan). If so, contact a lending institution so as to know their rates, programs, etc. Research lending institutions that offer unsecured loans and see if that amount will cover your swimming pool project. Also learn their rates, payment plans, etc.