Typical Pool Loan Process
If you do not have the money to pay for a pool upfront, then you may want to explore the option of a loan pool. Swimming pool loans are similar to regular personal loans but they have a lower interest rate (the rates are between 5-10 percent depending on the company and clients credit score). If you are thinking of filing a pool loan application, below is an overview of the pool loans process.
Step One: Set a budget for your pool and check your credit score
We all want luxury, but you can still get it on a budget. It is absolutely necessary for you to find a pool that you can finance within your means. If your application information shows that you cannot service the loan at the requested amount then it is unlikely that you will be approved. Sit down and work out what you could pay back at a monthly rate for a loan, then times that by 84 months at 10 percent interest. The interest on your loan is going to be set by your credit rating so if it were me then I would make sure I got my latest credit score before applying for the loan.
Step Two: Find a pool builder and obtain some free quotes
Free pool quotes are a great way to figure out if you can afford to build the pool of your dreams. Many companies in Nevada offer free pool quotes. There are many Pool builders in Las Vegas, Nevada, and the surrounding areas. Some even specialize in custom pool building and many companies in Summerlin Las Vegas even offer their own financing options. Sometimes it can work in your favor to go for finance through the pool builder as they may be softer on those with poor credit, and they may offer lower repayment options.
Step Three: File a Pool Loan application
With your quote in hand, it is time to approach the lender of your choice. Remember you can sometimes obtain credit through the pool builder, but there is always the option to shop around. Pool loans are competitive, so shop around before you file the application. The application process for a pool loan is just like any other loan you apply for. When you file the application you will have to provide documentation, including but not limited to, the following:
Social Security number
Driver’s License number
Amount and Sources of Income
Total Monthly Housing Cost
Now most lenders will let you know on the spot if you are approved for a loan. If they need more information they will advise you and give you time to get the documents you need together so they can make a determination. Swimming pool loans are unsecured so lenders need to be sure you are going to be able to pay the loan back without issue.
Step Four: It’s Pool building time!
Woot! you have been approved for the loan and now it’s time to break ground, baby! So sit back, relax and wait for your fun in the sun. If you hadn’t chosen a pool builder before the loan was approved, then you might want to search google for “pool builders in Summerlin Las Vegas”, “Custom Pools Las Vegas” or “Pool Builders Las Vegas”