While some consider pools a luxury, others see them as a necessity. However, one thing’s for sure – pools aren’t cheap. They’re a form of an investment that usually takes time, effort, and a large sum of money. If you’re planning on building a swimming pool, your contractor will often tell you to prepare an emergency fund for unforeseen expenses like excavation problems…the kind that only reveals itself once you’ve dug up the ground. Not to mention other fees involved in building, remodeling, or renovation of your swimming pool including pool installation, the costs of applying for the necessary permits, and all the paperwork. You also have your fencing and landscaping; then there are other associated expenses that might cause your pool bill to just blow up.

Because pools are usually an expensive undertaking, it’s not uncommon for those who want a stunning backyard pool to seek pool financing.

Borrowing money for your swimming pool project will help you get that much-needed financial boost that will help you see the project through. Whether it’s building a brand-new backyard pool or if you’re remodeling an old and outdated residential one, pool loans can ensure that you’ll have enough money in the bank to handle the cost of the swimming pool of your dreams as well as the succeeding costs of maintaining your aquatic haven. But before you take the plunge, we’d like to help you get familiar with swimming pool financing. Let’s start with some frequently asked questions about pool loans.

What is Swimming Pool Financing?

Swimming pool financing is the act of borrowing money to use with your pool project. You can borrow money from various institutions including a bank, a credit union, or an online financial institution.

What Information is Needed for Pool Financing?

Typically, a lending institution would require the following:

  • Social security number (SSN)
  • Driver’s license number
  • Certificate of employment
  • A list of sources of your income
  • A list of your assets
  • A list of your liabilities

Make sure to have these pieces of information available. However, different institutions will have different requirements, so be sure to ask your lender of choice.

Is Pool Financing Hard to Get?

In an ideal situation, applying for pool financing shouldn’t be that hard. The key is a good credit score rating as this is one of the most important factors involved in any type of loan. Ideally, lending agencies and institutions will want to see at least more than five years of credit history with various accounts like mortgages, vehicle loans, and credit cards from major financial organizations with a good payment record.

However, different pool financing companies and unions will have different requirements, so make sure to check your options.

Swimming Pool Financing Pros and Cons

For the most part, financing a pool is simple and easy. After all, your lending company won’t approve your application if they don’t believe you can afford it. That said, you will have affordable monthly payments laid out for you, allowing you to make progressive payments for your loan. If you’re still on the fence about pool financing, here are a few things that might help you make your decision:


  • Immediate funding
  • Reasonable monthly plans
  • Practical interest rates
  • Increases the value of your home


  • Applying for a loan can be challenging
  • Additional debt

While the pros of pool loans outweigh the cons, you should always remember that like any kind of loan, pool financing can damage your credit score if you’re unable to keep up with your payment. However, if you feel like you can take on and maintain additional debt, then pool financing might be the best option for you to get your dream backyard.

Here are a few more things you need to know about financing a pool:

Swimming Pool Financing Options

Now that you know what benefits and responsibilities borrowing money for your pool entails, let’s talk about your options in funding your pool project.

1. In-House Pool Financing

Many pool companies nowadays partner up with lending organizations. This will probably be the most appealing option to many homeowners as using in-house financing can help speed up the process of a loan application. Your pool contractor will most likely have all the necessary information on hand and they can help you handle the paperwork, giving you a higher chance of securing the loan that you need.

It can make the process a lot more convenient, but it doesn’t always mean that it’s the best choice. If you commit to in-house financing, your options will be limited to what your pool contractor will have available. Good ones will have partnered up with several lending companies while others might leave you with very little to no choice at all. Furthermore, even if you get approved through in-house financing, you’re never guaranteed the best interest rates since your options with in-house solutions may be limited. The key to in-house pool financing is to find the best interest rate so you can make good use of the advantage you get with the pool company and the lending institution working hand-in-hand.

2. Equity Loans

Another option for borrowing money for your swimming pool is through equity loans. Equity loans work by borrowing against the value of the property with the aforementioned property acting as collateral.

Equity loans may be risky as you’re putting your property up for collateral. You might end up with a foreclosed home if you’re unable to keep up with your commitment to pay for the payment plan. However, equity loans offer a lower interest rate, allowing you to stay on track with your financial commitments. That said, equity loans won’t give you the feeling of getting ripped off since you will normally be offered an interest rate lower than the other sources of funding. Equity loans will be easier to work with, which can help mitigate the risk of losing your property. Nevertheless, you should be careful with your finances if you don’t plan on ending up with a foreclosed property.

Because the average interest of borrowing through equity loans is lower, a common mistake of homeowners is to borrow a lot of money because the funding is awarded in a lump sum instead of smaller, incremental quantities. Having said that, you’ll also have to pay interest on the larger sum of money.

3. Personal Loans

Lastly, you have the option of using a personal loan. Often referred to as an unsecured loan, a personal loan is a form of financing for your swimming pool and can come from any type of lender. Personal loans are often offered in fixed terms and with a higher interest rate.

One benefit of using a personal loan is the availability of lenders, including peer-to-peer lending as well as those from large financial institutions. Personal loans are often seen as an easier route to borrowing money as the money awarded to the borrower is lent and labeled for personal use. This means they will have less stringent requirements, but will often have a fixed term based on the option you selected, so you will know exactly when your pool will be paid off (which can be good or bad depending on your situation). Contrary to the common belief, personal loans can let you borrow a larger sum of money. As long as you borrow from the right lender or financial organization, you won’t have to borrow from various entities to get your targeted amount.

What’s The Best Way to Finance a Pool?

If you’re looking to increase your chances of getting approved for pool financing, an in-house solution may just well be your best bet. That’s because your pool contractor can help you with forwarding all your requirements with their partner company for faster and better results. Furthermore, most pool companies that work hand in hand with lending organizations will often have some sort of pool financing calculator readily available on their site for use. This will allow you to easily gauge their interest rates, allowing you to make a sound decision before signing up with a lending company. Online pool loan calculators allow you to get a rough estimate of the interest rates you’ll be faced with without having to set up an appointment with an agent or to make a phone call and speak with a finance professional. You’ll get to save time by simply punching in a few numbers in a matrix.

However, if you’ve got a lot of equity in your property, you might want to consider getting a home equity loan, since you can get lower interest rates as well as have the benefit of a tax deduction. Equity loans can be tax-deductible for as long as you use the borrowed money for home improvements (swimming pool) and that the combined total debt does not go over the amount of $750,000. If you meet this criteria, then you can enjoy better benefits from equity loans.

The bottom line is that you should always do your research so you can make an informed decision before you sink deep in debt.

Where Can I Get Swimming Pool Financing?

Now that you have an idea of what your possible options are in financing a pool, it’s time you start considering where to get your funds. Here’s a quick breakdown of some of today’s most common loan providers:

1. Banks

For obvious reasons, banks are our number one on the list. They provide various kinds of loans and can help you with funding your new pool. Your bank can provide you with a lower interest rate compared to other lenders, so be sure to check them out. You can also get a better chance of approval if you’ve been with your bank for a while now. Chances are they might have offered you some kind of credit card, or you might have had a history with them making it easier to apply for a loan.

2. Credit Unions

Considered as non-profit lenders, credit unions are lenders that may offer low rates and relatively flexible terms, allowing you a bit of leeway and a bit of room to work with, especially if you’re expecting to be on a tight budget. However, credit unions require certain membership requirements, including having been living in a particular state or region for a period of time as well as having a family member working in a specific industry sector or a branch of government. Some credit unions may also allow prospective lenders or borrowers with family members working for a particular cause.

3. Online Lenders

An online lender can range from various companies that offer financing services online. They will often have a brick and mortar location where you can visit and set up an appointment with an agent. Nevertheless, they make lending easy, reaching out to a wider audience by promoting their services online. They may have a more stringent application process and may ask for more information, especially if you’ve sent your application online. Depending on the lending company, they may deduct an organization fee that could range from 1% to 6% of the total amount you borrow. It’s important that you consider these factors when planning to use an online lending service.

4. In-House Pool Financing

An in-house pool financing is something you can get from a pool service provider. Many pool companies nowadays offer various kinds of pool financing, and having to get it directly from the pool contractor can help you get faster results and provide you a better chance of getting approved.

We at Valley Pool Plaster offer pool financing solutions, allowing you to finance your pool in just a few easy steps. We’ve partnered with some of the most trusted financial and lending institutions, which allows you to enjoy the most competitive rates with a higher chance of approval.

Valley Pool Plaster knows just how difficult it can be to apply for a pool loan. We’ll help you get your dream backyard without having to come up with a large sum of money. Let us help you. Let us be your pool professional of choice.