Financing Swimming Pool Construction in the Tulsa Area
Financing the construction of a swimming pool is difficult to do on your own. There are many factors that need to be considered before you start designing the pool of your dreams.
Swimming pool loans can be expensive and have the potential to cause long-term debt. Understanding all the options available for financing a pool will help you decide if borrowing the money is worth the expense, and which loan is the best fit for you.
To explore financing options, you will need to determine how much pool you can actually afford. Pool costs are much more than just installation. You need to consider ongoing maintenance, increased utility costs, insurance premiums, and more.
Inground and Above Ground Cost
Installation and Maintenance Cost
In-ground pools offer a greater variety of shapes and designs. However, they are more expensive than above ground pool installation options. In addition to cost, there is also the question of land availability.
Inground pools are more expensive to purchase, install and maintain. The average cost of an inground pool ranges from $28,000 to $55,000, which comes out to about $50 to $125 per square foot. That price includes the pool’s shell, heavy equipment, excavation, water, backfill material, plumbing and pool equipment.
Above Ground Pools
Above ground pools are less expensive than inground pools and some homeowners can do most or all of the installation themselves, saving on labor costs. The average cost for the pool kit and supplies is around $2,850 on average, with kits starting as low as $750. Of course, higher quality pools, and adding labor, will increase the price.
Your swimming pool maintenance cost will vary depending on the size of your pool, pool system, additional features and if you plan on doing the pool maintenance yourself.
The do-it-yourself approach is an option for handy pool owners that are willing to put the time in and are familiar with the basics of pool chemistry.
An alternative option is to hire a professional pool service that will maintain your pool on a weekly, bi-weekly or monthly basis and complete major upgrades or repairs.
Some of the expenses include:
- Pool-cleaning equipment (for DIY cleaning)
- Cleaning service (if you don’t want to clean the pool yourself)
- Water and water treatments (chlorine, salt or other chemicals to kill algae)
- A pool cover
- Heating the pool (if needed)
- Electricity (for running the pumps)
Pool Financing and Installation
Can you finance a pool? Yes. There are several options you can do to to cover these high costs. Swimming pool is an ideal addition to your backyard and paying out of the pocket can be expensive. In fact, getting a pool is a great way to improve your quality of life without putting too much strain on your savings account. Jump ahead to know more about pool financing.
Faster Project Completion with Financing
One benefit of offering swimming pool financing is the ability to get the entire swimming pool project, including hardscaping and landscaping, completed faster instead of in stages based on budgetary constraints.
With consumer financing the pool builder can get advance funding while the consumer gets to pay for the pool using low monthly affordable payments over time so you can start and finish your pool job faster.
With low payments consumers generally choose higher quality materials.
Projects can get completed faster due to:
- No limitations on material selection
- Quick access to funds for the full project from the financing provider
- No contractor fees – so there’s no decision whether to use it or not
Best ways to finance your pool
Due to the high initial investment required for a new pool, many homeowners opt to borrow money for the project and pay it off over time. Here are some of the best ways to finance your new swimming pool if you don’t have the cash to pay for it up front.
Home Equity Loan
A home equity loan allows you to borrow against your home equity. This is also known as a second mortgage. How much you can borrow depends on how much your home is worth and what you still owe on your first mortgage.
This type of loan can be a good option if you have a high amount of home equity, but it may not work if you recently purchased your home.
Home Equity Line Of Credit - HELOC
A home equity line of credit, or HELOC, offers a more flexible way to borrow against your home equity. Instead of receiving a lump sum, like you would with a home equity loan.
A HELOC is a revolving line of credit. Similar to how you would use a credit card, a HELOC lets homeowners borrow and use funding as they need it.
A cash-out refinance is a type of home mortgage. You refinance your current mortgage with a new one that’s worth more than what you owe on the home.
You get the cash difference back as a lump sum, which you can use to finance a pool. If you have enough home equity built up, this can be an affordable financing option.
These loans are generally unsecured, so you don’t have to worry about putting up your home for collateral. But because personal loans usually don’t require collateral, they also come with higher interest rates.
You should at least check into other financing options for home improvements before settling on a personal loan.
Ways to save on a Pools Loan
- Borrow for the shortest time possible - a longer repayment timeline gives you smaller monthly payments, but your loan costs more in the long run.
- Make a sizeable payment - this will eliminate or at least cut the amount of interest you’ll have to pay.
- Shop around - explore all possible options and get prequalified by multiple lenders to identify the best possible loan offers for you. And as with any loan, don’t sign the loan paperwork until you know the total interest cost over the life of the loan, how much your monthly costs will be, and all the details of the loan term.
Credit Score Needed
Every lender has its own process for evaluating a borrower’s credit worthiness and different types of loans can have varying requirements. If your credit score is in the fair range (below 670) you still may qualify for a personal loan with some lenders.
Credit requirements for pool financing vary depending on the lender and the type of loan you use. Minimum scores might range from 600 to 680. If you want to finance a pool using a home equity line of credit or home equity loan, you may need a credit score of 720 or higher.
Some lenders have lower credit requirements, so it’s possible to get pool financing with a low score. However, a lower score means you’ll get a higher interest rate and pay more for your loan.
Typical Loan Range
With a personal loan or home equity loan, you can generally target the length of time to pay back your loan. This will usually be between two and 10 years. The longer the loan, the lower each month’s payment will be but the more interest you’ll pay overall. With a HELOC, you’ll generally be able to draw from your credit line for 10 years, then pay back what you borrowed over 15 to 20 years.
What should I look for in a loan provider?
The lending institutions that we have partnered with specialize in swimming pool financing and are good at what they do. The number one thing to keep in mind is what monthly payment is in your budget and then look at the lender that will offer the best rate and term to see if they can meet your needs.
Swimming Pool Contractor and Builder in Tulsa
Tulsa Pool Builders - Leave it to Us
Owning a pool is a lifestyle decision. Like any lifestyle decision (boats, muscle cars, travel), there are costs to consider beyond just the loan itself.
Building a swimming pool is an investment in your home and lifestyle. Not everyone has the cash flow to start construction right away, but financing may be a way to get your pool going without a long wait.
Making up your new pool with custom features, according to your wants and ideas, may take a while, but getting a loan should not. Elite Pool can help you find pool financing faster with affordable monthly payments. We service Tulsa and Surrounding Areas.
Happy Swimming Pool Owners - Reviews from Our Customers
"These folks are great to work with. Courteous, considerate, and very quick to respond to your needs. Very polite and respectful of your property. They put in a beautiful pool for our daughter's family and we stopped by frequently to see the progress. Based on my observation and seeing the final project, I would highly recommend this company for any pool needs you might have including designing, installation, and maintenance. Really good people with great ethics."
- Catrena Alford
5-Star Google Review
"Mark and Jenny do a great job of relaying what needs to be done to keep your pool in shape and following up and making sure it's being done right. They handle all sizes of jobs with professional and friendly service."
- Courtney Lewis
5-Star Google Review
Lyon - Our Financial Partner in Tulsa, OK
Elite Pool Services selected Lyon Financial as our financial partner. While there are many choices, this company stand out due to their wide array of loan programs, outstanding reputation, and impeccable service.
Lyon Financial specialize in pool financing and offer affordable rates, terms, and payments.
With over 400,000 satisfied customers nationwide, we know what a pool means to you and your family. It means barbecues and graduation parties.
Hours of outdoor fun and watching your children play. Lazy afternoons, endless evenings, and the freedom to relax with friends and family.
But most of all, it means making memories that will last a lifetime. Lyon Financial. More than just a pool loan, because it's so much more than just a pool.