Swimming Pool Financing Options

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aaronhawk008

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Jun 12, 2018
19
Birmingham, AL
Does anyone have any recommendations on pool loan companies with competitive interest rates? I called Lyon Financial today, the lady I spoke to said that they shop your credit score with 6-8 companies to get you the best loan option out there. I don't like the idea of my credit being inquired 6-8 times, I would rather deal with one lender that I feel comfortable dealing with.

I am looking for a competitive rate for a simple pool loan of about $40-50k.

Has anyone had luck with a certain lender when building their dream pool?

Thanks!
 
I got approved by Lyon Financial over a year ago, but I'm pretty sure that they only ran my credit one time (because I got just one alert sent to me-I have a protection on my credit report). I ended up NOT using them because their interest rate was extremely high...VERY. So, I just used my own money.

Note: once you go through Lyons, make sure you read "between the lines". For instance, if you borrow 40K from them, you may end up paying almost 80K in the next 12 years. That's how high their interest rate was.

Now, things may have changed and they may have better interest rates now, but when I wanted to use them, they didn't have a good interest rate for me.

So make sure you fully understand what you're getting yourself into when you sign those papers. I don't know of any other pool loan companies out there other than Lyon Financial.
 
Lyons only pulls your credit once. We did a 20 year fixed loan and they found us a rate at 5.99%. This was last July. You could also check local credit unions for better rates.

Also l if you have a credit card that gives you a free credit score you could use that as an initial way to find out rates.
 
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I also used hfs financial which brokered the deal to a credit union for a fee of 1500.00 if I remember correctly. So I will pay forward a good deed and save you the 1500.00 broker and tell you we used United States senate federal credit union. I have since used them directly for car loans etc... great bank. They also have a great rate on home improvement loans which this will fall under.
 
I would recommend LendKey Financial backed by Xcel Federal Credit Union. They have a loan that requires no collateral. If you have great credit you can get 6.5% interest on 50K for 10-15 Years and that drops to 6.25% if you do automatic payments.

The loan can only be used for Home Improvements (includes pools) so the Contractor has to be signed up with them (easy to do if they aren't already and they should be willing for your business) and when a payment to contractor comes due, they request it from LendKey and then you approve for the payment to be made.

LendKey handles the loan but it's backed by Xcel Federal Credit Union - you sign up with them (for free) as part of the loan app process.

Also, I had to call LendKey Customer Service a couple of times and was really impressed - easy to get someone on the phone and they actually do everything they can to help you.
 
We got a loan from a local bank for 5.5%. I don’t remember the loan type but I know we did not have any closing costs. It was the cheapest loan And interest we could find. Plan to have it paid off by December of 2020 but I hate paying interest so hope we can finish it earlier.
 
hollywoodfrodo said:
I would recommend LendKey Financial backed by Xcel Federal Credit Union. They have a loan that requires no collateral. If you have great credit you can get 6.5% interest on 50K for 10-15 Years and that drops to 6.25% if you do automatic payments.

The loan can only be used for Home Improvements (includes pools) so the Contractor has to be signed up with them (easy to do if they aren't already and they should be willing for your business) and when a payment to contractor comes due, they request it from LendKey and then you approve for the payment to be made.

LendKey handles the loan but it's backed by Xcel Federal Credit Union - you sign up with them (for free) as part of the loan app process.

Also, I had to call LendKey Customer Service a couple of times and was really impressed - easy to get someone on the phone and they actually do everything they can to help you.
Click to expand...

How long ago did you go through this process?
 

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Thanks guys! I really don't want to have to borrow money for a pool, but my wife and I would really like something now instead of next year so I am hoping to have it paid off withing a year.

I went to my local CU and they told me 11% so I figure there had to be something better out there.

Aaron
 
WantedSaint said:
Did mine through HFS Financial..unsecure loan at around 7% APR took a total of like 3 weeks. Couldn't have been easier.

https://www.hfsfinancial.net/

Best of Luck!
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Their rate is low, but they have a $1995 "processing fee" paid to them out of the loan proceeds. That makes the APR on their fixed rate of 6.75% about a point higher. Which for 12 years is still lower than any others I can find. Did you pay that fee? Much thanks for any help.
 
aham23 said:
Their rate is low, but they have a $1995 "processing fee" paid to them out of the loan proceeds. That makes the APR on their fixed rate of 6.75% about a point higher. Which for 12 years is still lower than any others I can find. Did you pay that fee? Much thanks for any help.
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That fee turned me off and I passed on them. My car was paid off so I did a "refi" and took the cash out (120% of the value) which I'll use in addition to some cash savings. I would have preferred to keep my cash but not at the expense of fees and high interest rates.
 
Sent you a PM

hollywoodfrodo said:
I would recommend LendKey Financial backed by Xcel Federal Credit Union. They have a loan that requires no collateral. If you have great credit you can get 6.5% interest on 50K for 10-15 Years and that drops to 6.25% if you do automatic payments.

The loan can only be used for Home Improvements (includes pools) so the Contractor has to be signed up with them (easy to do if they aren't already and they should be willing for your business) and when a payment to contractor comes due, they request it from LendKey and then you approve for the payment to be made.

LendKey handles the loan but it's backed by Xcel Federal Credit Union - you sign up with them (for free) as part of the loan app process.

Also, I had to call LendKey Customer Service a couple of times and was really impressed - easy to get someone on the phone and they actually do everything they can to help you.
Click to expand...
 
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