topic Re: Pool loan? in General Credit Topics

Pool loan?

Anonymous — Tue, 03 May 2016 01:04:05 GMT

We closed on a new construction home August 2015 with a VA loan and now we are wanting to get a pool. We don't have enough equity for a HELOC so I'm wondering what types of loans are out there for a pool? I estimate the total project, with screen enclosure, to be about $35,000-$40,000.

Re: Pool loan?

DrZoidberg — Tue, 03 May 2016 02:26:34 GMT

Taking a loan for a 40k pool is a bad financial move. Why not enjoy the house a few years and save up in the mean time?

Re: Pool loan?

JustinA — Tue, 03 May 2016 03:42:47 GMT

Pending location...a pool can also be a deterrent for resale.

Re: Pool loan?

Anonymous — Wed, 04 May 2016 00:48:35 GMT

Have you spoken with any pool builders yet? A lot of them have recommended lenders that they work with.

I'm waiting two more years before we put one in, it's killing me but I want to do it the right way! Good luck, let us know what you find!

Re: Pool loan?

RonM21 — Wed, 04 May 2016 10:00:34 GMT

@DrZoidberg wrote:
Taking a loan for a 40k pool is a bad financial move. Why not enjoy the house a few years and save up in the mean time?

Re: Pool loan?

Anonymous — Fri, 06 May 2016 11:25:41 GMT

I wasn't asking for a judgement of whether or not it's a smart financial move. You don't even have enough info about my finances to make that statement, but thanks for the negativity! There's one in every crowd.

We are in Florida. Pools are highly desirable. It will add value.

We have talked to a couple pool builders but did not inquire about financing. That's a good idea! Thanks for the advice!

Re: Pool loan?

JustinA — Fri, 06 May 2016 12:27:42 GMT

Take it easy there. It's all word of advice. In Florida you're probably correct. Here in lovely ohio it's not. It sounds like you had your decision already made so enjoy your pool.

Re: Pool loan?

Anonymous — Fri, 06 May 2016 12:53:49 GMT

I agree with the OP's second response in the thread. Too often on this forum (any forums, really) guys come off abrasive for no reason at all.

Re: Pool loan?

Anonymous — Fri, 06 May 2016 16:30:21 GMT

OP, let us know what you find. I'm in FL too and it's killing me not having a pool in the backyard already :-)

I'm looking at one possibly in two years - I'll have the items paid off that were a must have when we moved and then on to the nice to haves.

Re: Pool loan?

Anonymous — Fri, 06 May 2016 17:40:20 GMT

@Anonymous wrote:
I wasn't asking for a judgement of whether or not it's a smart financial move. You don't even have enough info about my finances to make that statement, but thanks for the negativity! There's one in every crowd.

We are in Florida. Pools are highly desirable. It will add value.

We have talked to a couple pool builders but did not inquire about financing. That's a good idea! Thanks for the advice!

It will add value, but that additional value won't be anywhere near the cost, even in Florida. That's what they were referring to when they said it was a bad financial move. They weren't questioning your finances. On the other hand, if you're planning to live there for a long time to come and you want the pool to enjoy, go for it.

Re: Pool loan?

ttleigh — Fri, 06 May 2016 21:07:17 GMT

Not sure why everyone feels like they need to give their opinions on your potential pool ownership rather than just answer your question.
When we looked into pool financing the pool people all had lenders to refer you to. BUT the interest rates can be high. I would look into loans from credit unions. Do you have any money to put down or use as collateral? Or maybe look into high limit credit cards with 0% periods. Pay off as much as possible then get a personal consolidation loan or home equity down the road when you have equity. Personally I have never liked the idea of a home equity loan. I don't like my house having liens

Re: Pool loan?

lot08 — Sat, 27 May 2017 19:14:04 GMT

Just happened to see this post while searching for something. We financed our pool at our Cape Coral Florida home with Lyon at a low interest rate (it was less that 5%) that was in 2011, they were easy, nice and it was all finished in less than a week. Our pool builder recommended them. Your pool builder will have recommendations, get your build plan first and then explore financing options. We paid it off by the end of 2013. We also financed our pool for our main home in Kentucky in 2003 we did that loan through Fifth Third Bank and paid it off by late 2005.... but would not go through a large bank if we were doing it again. We paid both pools off way faster than the loan term. I like to take longer terms and then pay off early while making sure that if some thing horrid happened with our income I could still make the minimum payments. Our Fifth Third interest rate was higher than our Lyon but it's impossible to compare due to difference in years and I am not sure where our credit scores were for each at each time etc. By the way,, we are avid swimmers, both my spouse and I competed and met each other as lifeguards. Pools matter to us, we will have a ton of people in our within the next hour as we are having a large grill out party ... Have fun with your build!

Re: Pool loan?

JoeLuvsHisCredit — Mon, 29 May 2017 01:01:34 GMT

@RM21 wrote:
@DrZoidberg wrote:
Taking a loan for a 40k pool is a bad financial move. Why not enjoy the house a few years and save up in the mean time?
+1

+111111111111111111