Start Making Waves: Fiberglass Pool Financing Advice

Hello, soon-to-be pool owner! If you’re already dreaming of your ideal inground Fiberglass swimming pool and have figured out your budget, the next step is to look into pool financing options to turn those dreams into reality. Navigating pool financing can seem daunting, but with the right information and resources, you can make informed decisions and bring your backyard oasis to life. Let’s plunge into the essentials, starting with a key aspect: the fiberglass pool cost.


Understanding Fiberglass Pool Costs

As of 2024, a turnkey fiberglass installation, including the installed pool, a patio, and a handful of essential accessories, costs between $70,000 and $135,000. Additional costs may arise from landscaping, decking, fencing, and ongoing maintenance. It’s essential to consider these when budgeting for your pool project to avoid unexpected financial strain.


Understanding Pool Loans

Imagine this: You can access pool loans up to $500,000 with annual interest rates ranging from 5.99% to 13%. These personal loans are great because they don’t require home equity or a property appraisal. For a ballpark figure, a $30,000 loan over 20 years usually has monthly repayments of about $225 to $250.


How You Receive the Funds

Once approved, depending on the lender, the loan amount may be directly provided to you in one total payment or it may be provided directly to the builder and dispersed at different stages of the project. Many contractors prefer this direct-to-consumer funding approach, which allows you to directly manage costs for the pool and any additional features like landscaping or accessories.

Interest Rates and Monthly Payments

Loan interest rates are stable, and you can find loans across all 50 states. For a quick reference, monthly payments on a $30,000 loan might be around $225, scaling up to about $360 for a $50,000 loan over 20 years. If you know how much you want to borrow, you can calculate your monthly payments online.

What Qualifies as ‘Good Credit’?

Lenders typically look for a strong credit history, including diverse accounts like credit cards, car loans, and mortgages. They value consistent on-time payments, the ability to save (demonstrated by significant down payments), and a favorable debt-to-income ratio. Stable and sufficient income is crucial to secure loan approval. Generally, a credit score of around 600 is acceptable for getting a loan offer from HFS Financial.


Specialized Companies for Pool Financing

Several finance companies offer loans on inground pools. Please note that Thursday Pools is not affiliated with, nor do we receive any payment from the following companies. 

  1. HFS Financial: Known for offering up to $500,000 in loans specifically for pool projects, HFS Financial provides terms of up to 20 years. Longer terms allow for manageable monthly payments and extensive financing options tailored to the scope of your pool project.
  2. Lyon Financial: With a long history in the pool loan industry, Lyon Financial offers various loan amounts up to $500,000. They emphasize unsecured loans, which don’t require home equity, making it easier for homeowners to get the financing they need without leveraging their property.
  3. LightStream: A division of SunTrust Bank (now part of Truist), LightStream offers pool loans with competitive rates and terms. They focus on unsecured loans that can be used for various home improvement projects, including pools. Their streamlined process is convenient for borrowers looking for quick approvals and flexible terms.
  4. Viking Capital: Viking Capital provides pool financing solutions for pool purchases and related home improvements. They offer loans up to a certain amount, requiring specific credit qualifications. Their expertise in the pool industry ensures that their financing options are well-suited to meet the needs of pool buyers.
  5. Paramount Capital: Paramount Capital helps customers find financing for new pool construction and remodeling projects. They offer tailored financing solutions to meet the specific requirements of pool installations, ensuring that homeowners can access the funds they need for their projects.


Preparing for Financing

Before applying for financing, it’s essential to get your financial house in order. Here are some steps to take:

  • Check Your Credit Score: A higher credit score can qualify you for better interest rates and terms.
  • Evaluate Your Budget: Ensure you can comfortably afford the monthly payments without straining your finances.
  • Compare Offers: Don’t settle for the first loan offer. Compare multiple lenders’ rates, terms, and fees to find the best deal.
  • Get Pre-Approved: Pre-approval can give you a clear idea of how much you can borrow and at what terms, helping you set a realistic budget for your pool.

Overlooked Costs and Considerations

When budgeting for your fiberglass pool, it’s important to consider additional costs beyond the initial installation. 

  • Maintenance: Regular maintenance is essential to keep your pool in good condition. Whether you do it yourself or hire a pool professional, maintenance costs include cleaning, keeping the water balanced, and opening and closing the pool.
  • Insurance: Adding a pool to your property can increase homeowners’ premiums. Check with your insurance provider to understand how your policy might change.
  • Utilities: Running a pool pump, heater, and other equipment will increase utility bills. Energy-efficient options can help mitigate these costs.
  • Landscaping and Decor: Post-installation landscaping, furniture, and decor can enhance the look of your pool area, but it will also add to the overall cost.


Contact an Independent Thursday Pools Dealer to Get Started!

Navigating pool financing requires careful planning and consideration of various factors, from understanding the fiberglass pool cost to exploring financing options and preparing for overlooked expenses. Doing your homework and making informed decisions can turn your dream of owning a fiberglass pool into a reality without causing financial strain. Are you ready to make a splash now? Contact an independent dealer to schedule a design consultation or get an estimate.