Things You'll Need
Good credit Proof of income Home equity
Talk to a loan officer at your bank. It is much easier to get a loan through a bank with which you have a history of doing good business. The loan officer may be able to offer you an unsecured loan to finance your swimming pool. The loan officer will check your status with their bank, as well as your credit score.
Take out a home improvement loan. Many banks and mortgage lenders consider a swimming pool as something that will increase the value of your home. This makes them more likely to lend out the money needed to purchase the swimming pool. These loans come in the form of three years, five years and 10 years. You should choose the one that has monthly payments that you can meet each month. Make sure there is no pre-payment penalty so that you can pay it off sooner if you have the money.
Refinance your home. You do not need to tell your mortgage
company why you want to refinance. They only look to make sure your home has equity in it. If it does, they will gladly refinance your home. You can then take the money out that you need to buy the swimming pool. Keep in mind that when you refinance and take money out for your swimming pool that your monthly payment will increase.
Buy a swimming pool through a company that offers their own financing. You see this a lot with car dealerships, and there are some pool companies that do the same thing. They will want verification that you have a steady job. They may also check your credit history. If everything checks out, they will offer you financing directly.
Use an online company such as Horner Xpress Financial Services (see Resources). They have an easy-to-use website that will let you know whether you qualify for a pool loan within 24 hours. They also have a payment calculator that you can use to make sure you can afford the pool even before you apply.
Category: Personal Finance