Swimming pool financing

How to pay for your backyard watering hole — and what to avoid.

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Swimming pools can provide a private place to unwind and can even increase the value of your home. But if you don’t have cash or savings on hand, you might want to consider financing. Just watch out for extra-long loan terms that can get expensive.

Our top pick: Credible Personal Loans

  • Min. Credit Score Required: Fair to excellent credit
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $100,000
  • APR: 3.99% to 35.99%
  • Requirements: Fair to excellent credit, ages 18+ and a US citizen or permanent resident
  • Free loan connection service
  • Personalized rates in minutes
  • Secure online application

Our top pick: Credible Personal Loans

Get personalized rates in minutes and then choose an offer from a selection of top online lenders.

  • Min. Credit Score Required: Fair to excellent credit
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $100,000
  • APR: 3.99% to 35.99%
  • Requirements: Fair to excellent credit, ages 18+ and a US citizen or permanent resident

How does swimming pool financing work?

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 personal loans for swimming pool financing

Updated January 29th, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
5.95% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit.
Upgrade Personal Loans
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
LendingClub Personal Loan
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loans
5.99% to 20.01%
A highly-rated lender with competitive rates, high loan amounts and no fees.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Best Egg Personal Loans
5.99% to 29.99%
640 FICO®
A prime online lending platform with multiple repayment methods.

Compare up to 4 providers

How much does a swimming pool cost?

The cost of installing a pool depends on the type of pool and its size:

  • Concrete and granite pools: Around $20,000 to $55,000
  • Fiberglass pools: Around $15,000 to $25,000
  • Vinyl-lined pools: Around $1,500 to $5,000

More upfront costs to consider

Swimming pool costs don’t stop at the price tag for the pool itself — safety and maintenance are also factors you need to consider for your budget. Consider these costs:

  • Fencing. This vital safety feature can cost a lot of money, depending on the type of fencing and specific regulations you need to meet.
  • Construction costs. If you run into major issues such as water lines or large rocks during the installation of the pool, you might have to pay more for construction.
  • Insurance. Many providers charge higher premiums for home insurance if you have a swimming pool.

Don’t forget about maintenance

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.

swimming pool and gray armchairsWhat features should I consider for my new pool?

Before requesting a loan, you’ll need to figure out your budget for the pool. Considering the following factors will help you get quotes and estimates of the money required to get it all done.

Can I qualify for a pool loan?

Most lenders look for applicants who:

  • Have good or excellent credit. This means having a credit score over 670 — preferably over 740 for the best deals — and at least three years of good credit history.
  • Have a steady source of income. This includes your job as well as other sources of income like investments, alimony checks and child support. Lenders typically require applicants to make at least $25,000 annually, though you might need to make near six figures to get the best deal.
  • Have a low debt-to-income ratio. Most lenders require borrowers to have a debt-to-income ratio of 45% or lower, though the lower it is, the better chance you’ll have of getting competitive rates.
  • Be a US citizen or permanent resident. Some lenders — not all — require that you live in the US as well.
  • Be at least the legal age of majority in your state. In most states you must be at least 18 years old to legally be able to take out a loan, though some states go as high as 21.

How to compare swimming pool loans

Features you should consider when comparing swimming pool loans include:

  • APR. Rates for swimming pool loans vary depending on the product you choose, the amount you borrow, the loan term and your financial circumstances. Compare low-interest personal loans to find the most appropriate and affordable option for your circumstances.
  • Loan amount. If you’re getting a home equity loan, the maximum amount you can borrow depends on the value of the property you’re using to secure the loan. Your creditworthiness and financial situation also have an impact on the loan amount for both home equity products and personal loans.
  • Loan term. While opting for a longer loan term leads to lower monthly payments, it also means you’ll pay more in interest in the long run. Ideally, you should repay your loan as quickly as possible to keep interest payments down.
  • Secured or unsecured. With a home equity loan, the money you borrow is secured by your property. You can also get a secured personal loan by borrowing against another asset, such as your vehicle or a term deposit.

Pool loan calculator: Compare monthly repayments

When to avoid financing a swimming pool

Sometimes financing a swimming pool isn’t a smart choice. You might want avoid it in the following situations:

  • If you’ll struggle to make the monthly repayments. Not repaying a loan on time will have an adverse effect on your creditworthiness. If you default on a secured loan, you also stand to lose the assets you put up as collateral.
  • If you just want to add value to your home. Carefully research your options to make sure it will be considered an asset to the existing property — it might not be. Prospective homebuyers in some neighborhoods don’t want the added maintenance costs that a swimming pool brings.

Bottom line

Financing a pool could up your property value and be a boon to your social life if done right. But consider all of the costs you need to cover and what you can afford before taking out a loan to build a swimming pool.

Learn more about how personal loans work by reading our guide.

Frequently asked questions

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