The Best Swimming Pool Loans and Financing

Installing a swimming pool is still a big investment — one that usually requires financing. If you’re thinking about taking out a pool loan, you must consider all of the costs associated with building and maintaining your pool. A swimming pool can cost as much as $50,000 to $100,000 if you include all the peripheral add-ons like a pool house, safety equipment and cleaning equipment.

You can obtain a swimming pool loan directly from pool companies, but you can also obtain it as a home improvement loan from banks and online lenders. You may also be able to obtain a personal loan to finance your swimming pool.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

The 5 best swimming pool loan providers of 2020

  • Lightstream: Best for expensive pool renovations
  • Wells Fargo: Best for borrowers with low credit scores
  • Sofi: Best for borrowers with good credit
  • Earnest: Best tech-driven lender
  • Upgrade: Most flexible repayment terms
Lender Starting APR* Min. Loan Max. Loan
LightStream 4.99% $5,000 $100,000
Wells Fargo 5.24% $3,000 $100,000
SoFi 5.99% $5,000 $100,000
Earnest 5.99% $5,000 $75,000
Upgrade 6.98% $1,000 $50,000

*Based on advertised rates as of 2/17/2020

The 5 best swimming pool loan providers of 2020

LightStream: Best for expensive pool renovations

Lightstream is a division of SunTrust Bank that specializes in personal loans for home renovations, debt consolidation and other expenses. It even provides loans specifically for weddings and swimming pool installations.

LightStream is a good option for swimming pool financing if you have extensive credit history and have a good credit score. It has one of the lowest starting APR’s available, so you can lock in a great rate if you qualify for it.

LightStream even lends up to $100,000 at a time, which makes it a good option if you’re looking at a more expensive pool installation. Its loan terms are also favorable, with terms as long as 144 months. The one drawback to LightStream is that people who have less than stellar credit or short credit histories won’t qualify for loans.

Wells Fargo: Best for borrowers with low credit scores

Wells Fargo is a multinational financial company that provides banking and financial services to people all over the world. Wells Fargo’s home financing options are just as generous as LightStream — you can borrow up to $100,000 with a personal loan or personal line of credit. However, unlike LightStream, Wells Fargo is willing to work with borrowers who have a low credit score.

Wells Fargo also offers secured loans for building home improvements like swimming pools. Its secured loan options include a cash-out refinance loan, which pays off your current mortgage and provides additional funds for building your pool, and a home equity line of credit, which can provide up to $25,000 or more in financing.

SoFi: Best for borrowers with good credit

Sofi made its name with debt consolidation loans — primarily student loan refinancing options — but the company also provides personal loans and mortgage loans. SoFi is a good choice if you have a high credit score and a long history of credit. Its starting APR isn’t as low as other providers, but that’s not the biggest selling point.

SoFi has no annual fee on its personal loan, and you can borrow as much as $100,000 if you qualify. You could even qualify for a 5.99% rate on its maximum loan amount option if you apply for a 2-year term. SoFi also offers flexible payment options for repaying your loan. You can change your payment due date, and there are no fees for late payments, pre-payment or origination.

Fixed rates from 5.99% APR to 19.96% APR (with AutoPay). SoFi rate ranges are current as of May 14, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Earnest: Best for borrowers looking for no fees

Earnest operates differently from traditional lenders. The company uses software and algorithms to get a complete financial picture of loan applicants, taking in factors like education and employment, as well as credit score and payment history.

This makes Earnest a decent option if you don’t have a long-standing credit history, as you could qualify for swimming pool financing based on a more holistic view of your financial picture. Earnest also offers flexible payment options and no fees.

Upgrade: Most flexible repayment terms

Upgrade is another new, non-traditional lender. Its starting APR is high compared to other providers and it won’t lend you as much, but it does offer flexible repayment options on home improvement loans.

You can schedule repayments based on your monthly budget. Upgrade even has a hardship option, which lets you reduce your monthly payments based on qualifying situations, such as losing your job or running into unexpected medical bills.

What is a swimming pool loan?

Unless you finance a swimming pool directly from a pool company, few lenders offer loans specifically for swimming pools. Instead, most lenders will provide you with swimming pool financing through a home improvement loan, a personal loan or a home equity loan.

Swimming pool loans operate like any other type of loan. You are provided a lump sum of cash to pay for your swimming pool. Then, you must repay the loan, plus interest, in installments over a set term.

How should I choose the right swimming pool loan?

Your first step should be to check your credit score and your credit history. If you have poor credit, you will likely be stuck with a higher interest rate. Even with poor credit, however, you may qualify for some unsecured loans.

Your second step should be to choose between an unsecured loan like a personal loan or a secured loan like a home equity loan. A secured loan is one in which you, the borrower, pledge an asset as collateral to obtain the financing. For homeowners, this is most often their own home.

This can be a risky prospect. If you fail to repay your loan, your lender will place a lien on your home. If you continue to default on your payments, the lender could take your house and sell it to cover their costs. Nonetheless, a secured loan could get you much better interest rates.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

The bottom line

Before taking out a swimming pool loan, get a full picture of your financial situation including your credit score and credit history. Then, formulate a budget for repaying your loan.

Most borrowers will be well-served by a traditional lender, but don’t hesitate to shop for the best rates and repayment options by looking at non-traditional online lenders. Some non-traditional lenders may be able to provide you with better rates, especially if they don’t rely solely on your credit score as an assessment.