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- Comparing rates won’t affect your credit score
- No home equity needed
- No obligation to get a loan
- Fair to excellent credit (580+)
- Best for pool projects up to $35,000
- Rates from 5.99% to 35.89% – availability and rates depend on credit score and other factors
Why Pool Financing Makes Sense
You’ve had enough of the sweltering summer temperatures.
Now, you’re looking forward to your new pool (or redoing your old one) - but need to figure out your financials before you break ground.
Pool renovation costs vary widely. The typical pool remodel costs $9,000, whereas an inground pool installation averages $45,000. It could be risky to withdraw that much from your account in cash or load the cost of your pool remodel onto your card.
How should you pay for your pool?
Your Pool Financing Options
Zero-Equity Pool Loans
Pool loans that don’t require home equity are best if you have an urgent remodel, and want to finish your pool before the summer months are up. After all, dealing with a half-finished pool and a muddy construction site throughout the winter could drive up the cost of your pool renovation.
Personal loans can put money into your bank account as soon as tomorrow. These pool loans typically have lower rates than credit cards. Personal loans also have short repayment periods of 3-7 years, so you can pay off your pool remodel sooner rather than later through predictable monthly payments.
Pool Loans that Require Equity
If you have equity easily available and are planning your pool a month or more than your anticipated start date, you should finance your pool with a secured loan.
You have three options available through home equity: home equity lines of credit, home equity loans, and refinancing. FHA loans won’t finance swimming pools.
Pool loans that use home equity typically offer lower rates than personal loans, despite their 4-6 week long application approval process. These loans are also tax deductible.
Using A Card Could Sink Your Pool Renovation – and Bank Account
Large pool projects are risky to load onto your credit card, especially since the average interest rate on cards hit record highs of 15.82% this year.
Even for credit cards with 0% annualized percentage rates (APR), financing $9,000-$45,000 with a card could lead to disaster. One missed or late monthly payment could lead another….and another. Before you know it, your $45,000 purchase may soon be subject to 16% interest (or more!). You’d be overpaying for your project - and ruining your credit score.
How Hearth Can Help
Hearth helps you make smart decisions about your pool renovation without putting you, your home, or your bank account at risk.
Fill out our 60 second comparison tool, which finds you the best rate on personal loans for pools. Our secure process won’t affect your credit score, is 100% free, and you have no obligation to get a loan.
Next, explore your personalized offers from our multiple lending partners. You can select the loan that is best for you and your pool by exploring which options have the shortest term, lowest APR, or more.
Finally, select a loan! You’ll need to complete a few extra steps after you click ‘Apply.’ Then you’ll receive funding in 1-14 days to start your pool project.
Making Your Pool Renovation a Success
To make your pool your backyard centerpiece, follow these money-saving tips while installing a new inground pool or renovating your current one:
Your pool’s surface can come in different colors and patterns, but it can be expensive and often needs to be replaced over the life of your pool. Consider how much your surfacing costs and what it could cost to potentially resurface in the years to come.
Energy efficient equipment can make your pool less expensive to operate. Certain equipment like a variable speed pool pump may also qualify you for an energy rebate where you live.
Robotic cleaning, or other automated systems, may save you money and time in the long run. You could skip out on hiring someone to tend to your pool or having to actively care for it yourself.
Installing a salt water system is cheaper than buying chlorine, and salt water pools are less expensive to maintain. An added perk: it’s easier on the skin and eyes.
Consider how a pool will add value to your home. Adding a pool makes most sense if you live in a warm climate or a neighborhood where most homes have pools. Keeping an old pool updated with renovations could also increase your home’s value.
If you’re ready to renovate, find a local contractor through BuildZoom to get started.
Ready to start your pool project?
Compare pool financing options without affecting your credit score.
Get renovation finance advice from Hearth
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