Another thumbs up for lightstream. The wife and I were amazed how easy the process was...almost felt too easy. Interest rates are great when you factor in the hassle free process. 5.45% for 48 months were the terms we chose.
Pool Financing
- Thread starter Wingnut330
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Slick50
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Anymore information on Lyon Financial? Was looking at either them or Lighstream. Looking to borrow around 25k.
Patrick, IMHO you are correct. My financial adviser stated the following about borrowing from a 401k/TSP:
T. Rowe Price did a study that found for every $10,000.00 you borrow you reduce your future retirement benefit by $100,000.00.
I used Lightstream. Thumbs up for them. Very painless, no pressure and hassle free, they require you have excellent credit.
I paid off my lightstream note 3 years early on Monday and I will definitely consider them if I need to again.
I paid off my lightstream note 3 years early on Monday and I will definitely consider them if I need to again.
Slick50
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I talked to them yesterday, they have pretty good rates for a non secured loan. Think I will give them a try.
While its a bit unorthodox and wasn't for a pool but along the same lines, when we redid our kitchen with a budget comparable to the average pool (approx 80k), I put it all on my american express card. I have 0% for 12 months and earned a ton of points. By doing that I can make 12 payments of about 6500 and then have it paid off with out paying any interest, So instead of taking that much out of money market, it stayed and continued to earn interest and the DW and I split the monthly payments each month. My biggest reason is I hate using the house as collateral for anything other than a mortgage. Just feels risky putting up your main place for shelter to do something thats a luxury.
I looked at just about every form of financing available before we built ours this past summer and settled on a home improvement loan with a local bank. We got the terms we wanted and the lowest rate of any other option that was available to us (5.25% versus 7%-plus for the unsecured options, Lightstream, etc.), plus we get to write the interest off on our taxes. Although we will pay it off within a few years instead of going the full ten-years. This was definitely the best and easiest option for us.
So, just taking out a withdrawal from ur 401k isn't a good idea? I am currently playing around with ideas. I have at least 35 more years before I retire. Thinking about how short life is, my kids are young, I might not ever even get to enjoy living in my 60s. I am considering doing a withdrawal...
- May 23, 2015
- 24,443
- Pool Size
- 16000
- Surface
- Plaster
- Chlorine
- Salt Water Generator
- SWG Type
- Pentair Intellichlor IC-60
TFP is neutral with respect to the financial aspects of building a pool. How a person/family secures financing for a pool build is entirely up to them and so situation specific that there is no right or wrong answer. You have to do what's right for you. Everyone will have an opinion as to what "the right thing" to do is with regard to paying for a pool, but that's all it is, an opinion. Most retirement planning professionals will tell you to NEVER touch your 401(k) and most hate the fact that 401(k) loans were allowed/created in the first place. But, does that mean you can or should not do it? No one knows what is right for you beside you...
It is a horrible idea. You will be hit with early withdrawal penalties as well as taxes on it. I do some work in financial services and could go on and on covering all the reasons it is a terrible idea, but for a public forum I will just leave it at that. Your 401(k) is for retirement, leave it be.
As for life being short? Seems that way, til you run out of money. Then it never ends...
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I am closing this thread. This is a personal choice that should be talked over within the family and with a financial planner.
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