Many homeowners dream of having a custom-made swimming pool, but they may have no idea on how to go through the process of getting financing for a swimming pool. Like with any home improvement, money plays a crucial role when deciding on building a swimming pool. Adding a backyard oasis is a significant housing improvement that will cost thousands of dollars. Even with the high-cost, building a pool is well worth the money as it will increase the value of your home and give you fabulous family fun for years to come. So, how do you go about financing a pool?
When it comes to getting financing for a pool there are many different options to choose from. Some homeowners prefer taking a home equity loan or a second mortgage to finance a swimming pool. These products often offer low-interest rates, and borrowers may be able to secure larger loans than with other types of financing. However, it can be difficult to qualify for these types of loans in the current housing market unless you have a near perfect credit score. Also, the process of approval and receiving the funds, may take four to six weeks. For this reason, we have a partnership with Lyon Financial, to assist our customers in finding the best pool financing deal for them possible.
FAQ’s About Swimming Pool Financing:
What is the Difference Between a Secured Loan and an Unsecured Loan?
The difference between a secured and unsecured loan is the guarantee or collateral. With a secured loan, an applicant must have assets like a home, car, investments or other assets that can be liquefied (turn into cash) in case the client goes into default. On the other hand, unsecured loans only require the borrower’s good name and strong credit history.
How can I get Information on my Credit Score?
There are many credit reporting agencies available online to check your credit score. If you have a large number of credit inquiries from institutions, it can actually lower your credit score. Avoid having your credit score negatively affected by checking your credit scores directly. In this way, it doesn’t count as a credit inquiry and won’t negatively impact your credit score.
Where do I Apply for a Pool Loan?
Platinum Pools is now partners with Lyon Financial. We invite you to visit our finance page and find out how easy it is to take the first step in getting financing to help make owning your very own custom-made pool dreams come true.
What is Lyon Financial?
Lyon Financial is an independent lender that specializes in swimming pool loans nationwide. Since 1979, the Lyon Financial has provided borrowers with the perfect program to finance their swimming pools with over 400,000+ satisfied customers who would recommend using Lyon Financial to finance your pool.
How Long Does it Take to get Approved for a Pool Loan?
Contrary to conventional banking institutions, Lyon Financial approves a loan within 24 to 48 hours after the completed financing application arrives at the institution.
Will I Need a Down Payment?
A down payment, in most cases, is better to have available, regardless of the type of loan you apply for. When it comes to unsecured loans, a strong credit rating helps, but having a down payment can help in securing an approval.
Can I Pay Off the Loan Early Without Penalties?
Yes, you can! There are no pre-payment penalties for these loans, and no additional interest charged for paying the value of the loan off early.
What is the Advantage of Getting a Swimming Pool Loan Through a Pool Contracting Company?
One of the biggest advantages of getting a swimming pool loan through a financial institution that is partnered with a construction company is convenience. While you request a pool design/quote, our partner, Lyon Financial, can help you obtain the financing you’ll need. Lyon Financial will work with both the builder and you (the buyer) making your life easier, saving you time.
We at Platinum Pools, prove the difference in the way we build our pools every day. Part of our success is in part of finding financial lenders with experience in the swimming pool industry. Our team of pool experts strives to help make the pool building process an easy one. We invite you to visit our website and find out how easy it is to take the first step in making your dream of having custom-made pool come true.