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Thread: Pool Financing

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    Pool Financing

    Hello all,

    I'm not sure if this is the right section to ask this question, but who have you folks used for pool financing? What types of rates / term did you get? I'm in the Central Ohio area and would like to get started.

    Thanks in advance!

  2. Back To Top    #2
    ComputerGuyInNOLA's Avatar
    Join Date
    Oct 2012
    Location
    Mandeville, Louisiana
    Posts
    602

    Re: Pool Financing

    The rates last year for a pool loan were about 8%. You should just refinance your home if you have the equity and get a much lower rate. Current rates are under 4%. If you do a pool loan you will most likely have to put up your home equity as collateral anyway. Get the money the cheapest way possible. We refinanced at 3.75 which was waaaaay cheaper than a finance company.
    Gunite/Plaster pool at 13k gallons. All Jandy with CL340 series cartridge filter, 1.5 HP Jandy Stealth pump. Jandy 1400 SWCG and PDA4 controller. Dual waterfalls. Polaris 280. Pool installed August 2012. Southern Louisiana. And lets not forget my trusty TF100 test kit!

  3. Back To Top    #3

    Re: Pool Financing

    Not sure if you have BBVA Compass but in Texas they offer a construction loan for home improvements with very flexible terms and low rates. The value of your home is also raised by a certain pct of the pool build to help increase your home equity. But I do realize certain states have different home loan rules.

    Also get with with your pool builders. They most times have the best knowledge for your area and some might get better rates if they are a preferred builder by a certain bank.
    13K IG Pool with Raised Spa
    Jandy E Pump- 2HP Variable Speed
    Jandy CV460 Cartridge Filter
    Jandy LXI 40,000 Heater
    Polaris 9300 Robot

  4. Back To Top    #4

    Re: Pool Financing

    Or you could save up but money is at an all time low. Take advantage!
    13K IG Pool with Raised Spa
    Jandy E Pump- 2HP Variable Speed
    Jandy CV460 Cartridge Filter
    Jandy LXI 40,000 Heater
    Polaris 9300 Robot

  5. Back To Top    #5
    4knights's Avatar
    Join Date
    Aug 2012
    Location
    NE Kansas
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    416

    Re: Pool Financing

    You could also take loan from your 401k if it's set up to allow this. I have no interest and the loan only cost $50.00! 5 year payback term, so I still contribute at a lower rate while paying myself back. No early pay off penalty and had the money in less than a week.
    Ron- Kansas. IG fiberglass, Riviera 30 Freeform 13600 gallons,
    EasyTouch 4 w/IC20 SWCG, Pentair Whisperflo 1hp, 2 speed 220 pump, Hayward ProGrid 4820 DE filter using Eco Klean instead of DE, 2 Savi Melody 12v 5 color LEDs, Raypack 266k btu millivolt heater, Arctic Armour Mesh custom safety cover (Total self Install) TF-100 test kit w/Magic stir.

  6. Back To Top    #6

    Re: Pool Financing

    I went to a smaller bank here and did an unsecured 3yr loan for our pool. The payment is higher than a refinance or HELOC but we have it completely paid for in 3 years or less and the total interest paid for the loan is $2,000 or less.
    John Nguyen, CWS I
    Sales and Applications Engineer
    Stenner Pump Company

  7. Back To Top    #7

    Re: Pool Financing

    Good ideas. I think the small local bank might be a good option for us. We built our house a couple of years ago and there's like not much equity just yet, so home equity loan isn't an option. 401K loan is a good consideration also, but I'd like a longer term.

  8. Back To Top    #8
    NoFear95's Avatar
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    Mar 2013
    Location
    Phoenix, Az.
    Posts
    138

    Re: Pool Financing

    I ended up getting some of the remaining funds I needed from Discover card personal loan...7.99%
    IG, 18K gallons, 100' Perimeter, 565 SF surface area, 980sf interior area, Max Length -36', Max Width - 16', Pentair 520 Clean and Clear Cartridge Filter, Stenner Chemical Injection System (Chlorine, Acid Coming Soon) , Pebble Tech - Blue Granite, Pentair variable speed filter pump, Zodiac MX8 Cleaner, Multi-Colored LED Lighting, Travertine coping & Decking, Boulder Water Fall....

  9. Back To Top    #9

    Re: Pool Financing

    Quote Originally Posted by 4knights
    You could also take loan from your 401k if it's set up to allow this. I have no interest and the loan only cost $50.00! 5 year payback term, so I still contribute at a lower rate while paying myself back. No early pay off penalty and had the money in less than a week.
    Don't forget the opportunity costs of being out of the market.

    I'm sure it all depends on your bank and the terms, but, do they simply give you a check for the excess borrowed above your home's cost..? I've never borrowed any extra, we also refinanced not too long ago. It sure would be nice to take out extra for some improvements though!
    Aaron
    [ Vogue Vectra 24' AG | Hard plumb: Hayward Power-Flo Matrix 1HP 2-speed, 27" sand filter & Pentair MiniMax 100 NG | Taylor K-2006 | Central IL ]
    Powered by: TFP, PoolMath & TFTestkits

  10. Back To Top    #10
    NoFear95's Avatar
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    Mar 2013
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    Phoenix, Az.
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    Re: Pool Financing

    Unless you have alot of equity in your home, an equity loan is tough to qualify for. Generally 80-85% LTV is there limit.
    IG, 18K gallons, 100' Perimeter, 565 SF surface area, 980sf interior area, Max Length -36', Max Width - 16', Pentair 520 Clean and Clear Cartridge Filter, Stenner Chemical Injection System (Chlorine, Acid Coming Soon) , Pebble Tech - Blue Granite, Pentair variable speed filter pump, Zodiac MX8 Cleaner, Multi-Colored LED Lighting, Travertine coping & Decking, Boulder Water Fall....

  11. Back To Top    #11
    4knights's Avatar
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    Aug 2012
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    NE Kansas
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    Re: Pool Financing

    Quote Originally Posted by Speedo
    Quote Originally Posted by 4knights
    You could also take loan from your 401k if it's set up to allow this. I have no interest and the loan only cost $50.00! 5 year payback term, so I still contribute at a lower rate while paying myself back. No early pay off penalty and had the money in less than a week.
    Don't forget the opportunity costs of being out of the market.

    I'm sure it all depends on your bank and the terms, but, do they simply give you a check for the excess borrowed above your home's cost..? I've never borrowed any extra, we also refinanced not too long ago. It sure would be nice to take out extra for some improvements though!
    I agree with No Fear about home equity line, didn't want to pay the loan fee or the interest plus you may end up being below the 20% mark and end up paying private mortgage insurance to boot.
    My 401k loan was a friends idea as he takes loans from his all the time. (not pool size though) my terms allow me to take one loan at a time for a max amount then pay back in no more than 5 years or as soon as I want- no penalty, no interest and the only cost was the $50.00 for them to transfer the funds. (only possible down sides are if you lose income and can't make payment then it all becomes taxable and the loan payments are on top of normal contributions unless you decrease that amount for the loan period.)
    It was a win-win for me, no interest at all! No need for another appraisal (so the housing tax assessors don't know to jack your rates right away.)
    Ron- Kansas. IG fiberglass, Riviera 30 Freeform 13600 gallons,
    EasyTouch 4 w/IC20 SWCG, Pentair Whisperflo 1hp, 2 speed 220 pump, Hayward ProGrid 4820 DE filter using Eco Klean instead of DE, 2 Savi Melody 12v 5 color LEDs, Raypack 266k btu millivolt heater, Arctic Armour Mesh custom safety cover (Total self Install) TF-100 test kit w/Magic stir.

  12. Back To Top    #12

    In the Industry

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    Aug 2007
    Location
    near the swamp
    Posts
    804

    Re: Pool Financing

    I wouldn't reccomend it, but I have had a few customers who have said they borrowed from their life insurance policy.

  13. Back To Top    #13

    Join Date
    Jun 2013
    Location
    Dunwoody, GA
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    74

    Re: Pool Financing

    I looked into www.mypoolloan.com, they wanted to charge 7.5% with a $1595 consulting fee, told them to pound sand
    Tallman Monterey (fiberglass), 16'x33', 11500 gallons, 480 sq/ft, Depth: 3' - 5' 6", Salt Water, TF-100, Pentair pump, sand filter, Easy Touch Control System, SWG

  14. Back To Top    #14

    Join Date
    Apr 2013
    Location
    DFW, TX
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    72

    Re: Pool Financing

    I was looking just as you are. Lyon Financial does pool loans and has pretty good terms.
    I got pre-approval first am currently working with them to close my loan.
    So far they seem to know what they are doing.

    I will reserve my opinion till the construction ends and they have made all payments etc. to the builder - but so far its been a fairly good experience dealing with them. So check them out if you are still looking for options.

  15. Back To Top    #15
    NoFear95's Avatar
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    Mar 2013
    Location
    Phoenix, Az.
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    138

    Re: Pool Financing

    What kind of terms did you get?
    IG, 18K gallons, 100' Perimeter, 565 SF surface area, 980sf interior area, Max Length -36', Max Width - 16', Pentair 520 Clean and Clear Cartridge Filter, Stenner Chemical Injection System (Chlorine, Acid Coming Soon) , Pebble Tech - Blue Granite, Pentair variable speed filter pump, Zodiac MX8 Cleaner, Multi-Colored LED Lighting, Travertine coping & Decking, Boulder Water Fall....

  16. Back To Top    #16

    Join Date
    Apr 2013
    Location
    DFW, TX
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    72

    Re: Pool Financing

    The loan I am getting is available to Texas residents only. You can check what they offer to AZ residents.
    I like that they offer 15 and 20 year terms and also allow 100% add on of the cost of the pool before they determine LTV.
    Their rates are similar to what others offer for HELOCs, but its the LTV calculation method, LTV allowance (upto 95%) and the loan period that I find quite favorable - considering HELOC interest is (usually) tax deductable.

  17. Back To Top    #17
    NoFear95's Avatar
    Join Date
    Mar 2013
    Location
    Phoenix, Az.
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    138

    Re: Pool Financing

    I did notice them, but only available in Texas. I was unable to find a lender with better terms than I got unsecured. I was looking for a 5 year max term since we were not looking at a large $$ build.
    IG, 18K gallons, 100' Perimeter, 565 SF surface area, 980sf interior area, Max Length -36', Max Width - 16', Pentair 520 Clean and Clear Cartridge Filter, Stenner Chemical Injection System (Chlorine, Acid Coming Soon) , Pebble Tech - Blue Granite, Pentair variable speed filter pump, Zodiac MX8 Cleaner, Multi-Colored LED Lighting, Travertine coping & Decking, Boulder Water Fall....

  18. Back To Top    #18

    Re: Pool Financing

    We did an unsecured loan through SunTrust Bank. Our terms were $50,000 for 7 years at 6.24%. It went very smoothly and everything was done in a matter of days. They asked what day I wanted the money and what day I wanted my payments to start. Of course, rates and terms depend on your credit score.

    Here is the link: www.lightstream.com
    KJK

    IG, 16X38 Double Roman, 20,000 gallons, Pentair TA-60 Sand Filter, Waterway Chamption 1.0 HP Pump, SWG

  19. Back To Top    #19

    Re: Pool Financing

    Quote Originally Posted by 4knights
    Quote Originally Posted by Speedo
    Quote Originally Posted by 4knights
    You could also take loan from your 401k if it's set up to allow this. I have no interest and the loan only cost $50.00! 5 year payback term, so I still contribute at a lower rate while paying myself back. No early pay off penalty and had the money in less than a week.
    Don't forget the opportunity costs of being out of the market.

    I'm sure it all depends on your bank and the terms, but, do they simply give you a check for the excess borrowed above your home's cost..? I've never borrowed any extra, we also refinanced not too long ago. It sure would be nice to take out extra for some improvements though!
    I agree with No Fear about home equity line, didn't want to pay the loan fee or the interest plus you may end up being below the 20% mark and end up paying private mortgage insurance to boot.
    My 401k loan was a friends idea as he takes loans from his all the time. (not pool size though) my terms allow me to take one loan at a time for a max amount then pay back in no more than 5 years or as soon as I want- no penalty, no interest and the only cost was the $50.00 for them to transfer the funds. (only possible down sides are if you lose income and can't make payment then it all becomes taxable and the loan payments are on top of normal contributions unless you decrease that amount for the loan period.)
    It was a win-win for me, no interest at all! No need for another appraisal (so the housing tax assessors don't know to jack your rates right away.)
    Question- if borrowing from your 401k does the repayment come out of your pay pretax ? like going into your 401k...

  20. Back To Top    #20

    Join Date
    Mar 2013
    Location
    New Hampshire
    Posts
    350

    Re: Pool Financing

    Question- if borrowing from your 401k does the repayment come out of your pay pretax ? like going into your 401k...[/quote]

    No, you pay it with after tax dollars and because they do not send you a 1099 for it ( unless you default ) then it goes back in and you pay taxes on it when you take it out in retirement.
    18k: IG: Black Granite Liner: Aspen: 16x33.5: SWG: Polaris 280

    My pool build new-pool-build-in-nh-t60957.html

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