pool financing

dub_oulJune 2, 2011

I have been trying to find financing for a pool.All the banks here Florida want equity in my home and I don't have that.I see companies online that do unsecured loans.Does anybody have any suggestions or experience with this?

Thank you for reporting this comment. Undo

When you call the bank ask if they offer a home improvement loan, not a home equity loan. Some have gotten away from this, but many do still offer it. That is the way most are done if there is not alot of equity in the home. You will normally have to pay closing costs on this type of loan though.

    Bookmark   June 2, 2011 at 6:26PM
Thank you for reporting this comment. Undo

An unsecured loan is basically a CC cash advance. Expect the interest rate to be in the low teens. How much are you planning on spending on the pool? How much cash do you have available to put towards it?

Your not going to like what I'm about to say, but if you have no or little equity in your home and no or little cash on hand is a pool really a good idea at this time for you?

    Bookmark   June 2, 2011 at 8:43PM
Thank you for reporting this comment. Undo

We were financed thru Capital Bank (TX) with a home improvement loan, it did require a certain % of equity, but they added the value of the pool to the market value of our home to determine our equity position. We ended up getting 6.75% interest, with no closing costs. We were referred to them by one of the builders we interviewed.

Another option to look at is Lyons Financial. They also approved us, and until we found this other place, we were going with them. They have a similar package, but carried an 8.75% rate, plus about $2K in closing costs. Not a great option, but if you really want a pool, it may work out.

Good Luck!

    Bookmark   June 2, 2011 at 10:47PM
Sign Up to comment
More Discussions
Our Pool Remodel with Mr. Carlos Pools
So after much searching and many quotes from diffirent...
Basement pool - How to prepare the room?
With some slight modifications to my garage (dropping...
Alex House
Pool heater shutting off after 90 degrees F.
Hello! I have a pentair minimax 200M for my pool spa/combo....
Is it safe to build a vinyl inground with pyrite in the soil?
I have been trying to find information about excavating...
Concerns about quartzscape plaster on new build
Yea, our newly constructed pool was plastered with...
© 2015 Houzz Inc. Houzz® The new way to design your home™