Swimming pools add value to your property, but they also provide a place in which you and your family and friends can hang out, have fun, and get some relief from the summer heat. If you find yourself desiring a pool but are unsure how to make it affordable, consider a pool loan as a financing option. LUSO Federal Credit Union offers pool loans in Ludlow and Hampden County as a way for members to improve their properties and get some summertime fun.
What Is Swimming Pool Financing?
Swimming pool financing is a loan option that is used to fund the development of a pool on your property. Since these loans are used for other features that aren’t strictly pool related, they are sometimes called “spa loans” instead. Regardless of what you call them, swimming pool loans are tailored with the understanding of the type of purchase for which they will be used and the general progression of how payments will be made for construction.
Features of a LUSO Pool Loan
LUSO Federal Credit Union provides two types of pool loans in Hampden County and Ludlow that can be used by homeowners to efficiently and successfully fund the addition of a pool, hot tub, or spa feature to their properties. These loans come with the following features:
- A Pool/Spa Unsecured Loan: Loan amount ranges from $1,500 to $20,000 with a five-year term, 7.990% interest rate, and 8.151% APR
- A Pool/Spa Secured Loan: Loan amount ranges from $20,000 to $50,000 with a max term of 10 years the interest rate will vary
Swimming Pool Financing Tips
- Installation, maintenance, and repair of your pool will all be costly, so you should first focus on getting financing for the most immediate needs of the project rather than for the entire thing at once.
- Aiming for the lowest-possible interest rate sometimes means looking to other types of loans. If you have good equity from your property, a home equity loan or home equity line of credit might get you better conditions.
- Swimming pools are cheaper to install during the off season, so prices are often highest during spring and at the start of summer. Plan accordingly and you can get a good deal.
Feel free to contact our LENDING HOTLINE at 888-848-5876 for more information.