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Pool financing

Find out how to pay for a swimming pool from personal loans to in-house financing.

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By

Leanne Escobal

&

Emma Balmforth

Updated

Fact checked

It seems as though there’s a heatwave in some part of Canada every summer, which means having a swimming pool is never a bad idea. Not only do swimming pools give you a place to cool off, they can also increase the value of your home. However, figuring out how to fund your new swimming pool can be a difficult task. If you don’t have cash or savings on hand, there are several loan options that can help you build your dream pool. Read our guide to find out more.

What are my loan options?

How it works depends on what type of financing you go for. There are two main loan options to cover the cost of a new swimming pool: home equity loans and personal loans.

Compare home equity loans to finance a pool

Fairstone Secured Personal Loan

Fairstone Secured Personal Loan

Alpine Credits Home Equity Loan

Alpine Credits Home Equity Loan
APR
APR 19.99% - 24.49% 10.00% - 22.99%
Loan Term
Loan Term 36 - 120 months Up to 60 months
Loan Amount
Loan Amount $5,000 - $50,000 $10,000 - $500,000
Fees
Fees Varies by province 5.00% - 8.00% of the APR covers closing & admin fees
Min. Credit Score
Min. Credit Score 560 300
Provinces/Territories Serviced
Provinces/Territories Serviced All across Canada AB, BC, ON, QC
Requirements
Requirements Canadian resident, age of majority in your province of residence, home equity to use as collateral Canadian citizen or permanent resident, must be a homeowner, no consumer proposal from past 3 years, no bankruptcy from past 7 years
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Read review

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Compare personal loans to finance a pool

1 - 6 of 6
Name Product Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
Loans Canada Personal Loan
6.99% - 46.96%
$300 - $50,000
4 - 60 months
Requirements: min. credit score 300
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Spring Financial Personal Loan
Spring Financial Personal Loan
9.99% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
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SkyCap Financial Personal Loan
SkyCap Financial Personal Loan
19.99% - 39.99%
$500 - $15,000
9 - 60 months
Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
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LoanConnect Personal Loan
LoanConnect Personal Loan
6.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
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Mogo Personal Loan
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
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View details
Fairstone Secured Personal Loan
Fairstone Secured Personal Loan
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
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How much does a pool cost?

swimming pool

The cost of installing a pool depends on the type of pool and its size. As a general guide, a concrete or granite pool can cost anywhere from $20,000 to $55,000, while a fiberglass pool can cost between $15,000 and $30,000 and it costs anywhere from $1,500 to $5,000 for a vinyl lined pool. However, the costs don’t stop there – safety and maintenance are also factors you need to consider for your budget. Fencing, for example, is an important safety feature and can cost a lot of money, depending on the type of fencing and specific regulations you need to meet.

There could be additional construction costs if you run into major issues such as water lines or large rocks during the installation of the pool. Many home insurance providers charge higher premiums for homes with swimming pools.

Meanwhile, pool maintenance is an ongoing cost that’s essential for the safety and value of your property. Expect to pay a monthly or annual fee if you’re hiring a professional to maintain your pool. Remember that even if you plan on maintaining it yourself, you’ll still have to spend money on pumps, filters, chemicals and other cleaning supplies, as well as heating costs.

Example: The Jones family get a swimming pool

The Jones family have been talking about getting an outdoor swimming pool for years – but they never seem to be able to save up quite enough to cover the costs. With $13,000.00 in available savings, Steve Jones decides to get a quote from a local pool company. With basic upgrades and a cement interior, Steve is told he’s looking at a total cost of $25,000.00.

Steve is happy to take out a loan to cover the remaining $12,000.00. Since summer is on its way, he wants work to get started on the pool immediately – and he knows his bank will take a couple of weeks to approve a loan. Instead, he settles on a personal loan from an online lender, which is funded directly into his bank account by the next business day. He has a good credit score and a fairly high income which makes him a great candidate for a competitive interest rate of 7.00% on a three year loan.

Cost of swimming pool/labour$25,000.00
Loan typePersonal loan
Loan amount$12,000.00
Interest rate (APR)7.00%
Loan term3 years
Additional feesOrigination fee of 3% ($360.00)
Monthly payment$370.53
Total loan cost$13,698.91

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

Who qualifies for a pool loan?

While it can vary between lenders, most look for applicants who:

  • Have good or excellent credit. This means having a credit score over 650 and a few years of good credit history. In order to get more competitive rates, your credit score should ideally be 720 or higher.
  • Have a steady source of income. This includes your job as well as other sources of income you have, such as investments, alimony payments and other forms of income. You’ll need to provide proof of your income in order to qualify for a loan.
  • Have a low debt-to-income ratio. Most lenders require borrowers to have a debt-to-income ratio of 43% or lower, however the lower it is, the better chance you’ll have of getting a more competitive interest rate.
  • Be a Canadian citizen or a permanent resident. You’ll usually need to be a citizen or a permanent resident of Canada with a valid Canadian address.
  • Be 18 years of age, or the age of majority in your province or territory. You’ll need to meet the legal age requirements to take out a loan, which is usually 18 years old.

Features you should consider when comparing pool financing loans:

  • Interest rate. Depending on the lender you choose, the interest rates for swimming pool loans vary greatly. Factors including the amount you borrow, the loan term and your credit score will determine the rate you are offered. Remember that even a small difference in the interest rate can make a huge difference in the total cost of your loan.
  • Loan amount. If you need a large loan amount, you’ll need to look for lenders who offer large amounts. Some lenders will allow you to borrow between $500 and $35,000, while others may offer higher amounts.
  • Loan term. While opting for a longer loan term leads to lower repayments each month, it means you’ll pay more interest over the life of the loan which makes the loan more costly. Ideally, you should repay your loan as quickly as possible to keep interest payments down. Your repayments will be bigger each month, however the loan will cost less and be paid off faster.
  • Secured or unsecured. With a home equity loan, the money you borrow is secured by your house. You can also get a secured personal loan by borrowing against another asset, such as your vehicle. Remember that if you fail to make timely repayments towards any kind of secured loan, you stand to lose the collateral – which means you could lose your house or car. With unsecured loans, you aren’t required to put up collateral, however you may pay a higher annual percentage interest rate (APR) since you’re seen as a higher risk borrower.

Things to avoid when financing a swimming pool

When taking out a loan to finance your swimming pool, be aware of the following:

  • If you feel you may have trouble making your repayments on time, avoid taking out a loan in the first place. Not only will your loan cost you a lot more in late fees and interest, you’ll also likely damage your credit score.
  • Taking out a home equity or secured personal loan means if you default on your loan repayments, you stand to lose your collateral.
  • If you plan to get a pool with the sole purpose of adding value to your home, it’s also important to carefully research your options to make sure it will be considered as an asset to the existing property.
  • Some prospective home buyers in some neighbourhoods don’t want the added maintenance costs that a swimming pool brings, so do your research before you finance one.

Bottom line

There are several ways to finance that dream backyard pool from home equity loans and in-house financing to using a credit card and your own savings. Another way to financing your pool is to compare and apply for a personal loan from an online provider. Make sure that you compare rates and fees and that you meet the lender’s application criteria before applying.

Frequently asked questions about swimming pool loans

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