Q:

What are some swimming pool financing options?

A:

Quick Answer

Some swimming pool financing options include applying for financing with specific lenders that specialize in swimming pool loans, such as LightStream, or applying with your current bank for a home improvement loan. Additionally, a person could apply for a home equity loan through a credit union or for a personal loan through their bank.

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Full Answer

If a person is unsure about her options when financing a pool, working with her contractor is a good way to start, as most contractors are experienced with all aspects of pool construction, including financing, and should be able to help people make good choices. Using a bank that has a specific department for pool loans may be one choice, as these will be specially tailored to people looking for pool financing. As of 2015, LightStream offers pool financing in all 50 states with no equity required. Depending on a person's individual situation, the money is usually available the same day that the loan is approved.

Customers can also look into financing through their bank or wherever they have their house financed. In some cases, banks may classify pool construction as a home improvement, as having a pool can help to increase a home's value. These types of loans usually come with lower rates and, in some cases, tax deductions. Customers should contact their bank first to see if they include pools as part of their home improvement loan processes.

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