Can anybody weigh in on how to finance a pool? Is it better to use a bank or what the PB suggests?
Financing
- Thread starter Trash1
- Start date
Compare rates. The PB is probably getting a few basis points for the recommendation. I had luck with LightStream back when we did ours, but their rates look pretty high today.
- Jul 16, 2019
- 694
- Pool Size
- 20000
- Surface
- Vinyl
- Chlorine
- Salt Water Generator
- SWG Type
- Hayward Turbo Cell (T-CELL-5)
If possible, look into mortgage refi rates. They are quite low right now!
Make some calls. Our PB gave us a # to call (lightsteam like above) and at that time the rates were great. What we liked about lightstream was that it was a standalone loan like a car loan that had nothing to do with the mortgage.
- Jul 16, 2019
- 694
- Pool Size
- 20000
- Surface
- Vinyl
- Chlorine
- Salt Water Generator
- SWG Type
- Hayward Turbo Cell (T-CELL-5)
Turbo1Ton
Gold Supporter
- Dec 26, 2019
- 2,007
- Pool Size
- 14500
- Surface
- Plaster
- Chlorine
- Salt Water Generator
- SWG Type
- Pentair Intellichlor IC-40
We used the PB's recommended financing company. The rates were reasonable. There was not quite enough equity in the home to do what we wanted to do. Like NewDude, I liked that it was standalone and was not tied to the mortgage at all.
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How's your credit? The better that is the better the rate they'll offer you.
One advantage of a loan tied to your mortgage is that you can deduct the interest, but of course that also puts your house in danger if you don't make the payments.
Shop around for rates. Credit Unions are often better than banks.
Consider how much you can afford and add 20% for contingency needs, or plan a pool for less than you can afford max.
Excellent financial guides online- ClarkHoward.com or Dave Ramsey.
Maddie
One advantage of a loan tied to your mortgage is that you can deduct the interest, but of course that also puts your house in danger if you don't make the payments.
Shop around for rates. Credit Unions are often better than banks.
Consider how much you can afford and add 20% for contingency needs, or plan a pool for less than you can afford max.
Excellent financial guides online- ClarkHoward.com or Dave Ramsey.
Maddie
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