Introduction to Pool Loans: Interest Rates, Payments, Qualifications

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When thinking about buying an inground swimming pool you probably already have an idea of how much it will cost, the next step in the process of buying a pool is to explore all of the various pool financing options available. Here at we have had the opportunity to help hundreds of homeowners make their dream of pool ownership a reality by helping answer their questions about pool financing and pool loans and directing them to qualified lenders that can best serve their individual needs.

If you need more information about pool financing, you’re certainly in the right place because we’re going to answer many of the common questions we often receive about financing a swimming pool. Let’s dive right in!

What Is The Average Interest Rate For A Pool Loan?

Pool loan interest rates have remained relatively stable for years. Viking Capital, the company we often refer our customers to, has fixed rate, unsecured, simple interest loans for amounts up to $100,000 at interest rates roughly between 5% and 10% based on your credit profile.

What Will Be My Pool Loan Monthly Payment?

Just to give you an idea, a $30,000 loan over 84 months will likely be between $450 and $500 per month. A $40,000 loan over the same term around $600 to $675, and a $50,000 loan roughly $700-$850 per month. You can calculate your own monthly payment here.

What Do Pool Loan Lending Agencies Consider “Good Credit”?

Basically, they want to see five or more years of credit history with a variety of account types such as major credit cards, vehicle loans, and a mortgage. They also want to see a positive payment history with little or no late payments as well as evidence of the ability to save as demonstrated by large down payments and the accrual of liquid assets. Finally, they want to see stable and sufficient income to insure the loan can be repaid.

What Information Is Required On A Pool Loan Application?
The lending agencies typically want the following:

  • Social Security #
  • Driver’s License #
  • Work Status
  • Amount and Sources of Income
  • Total Monthly Housing Cost
  • Home Equity
  • Liquid Assets
  • Retirement Assets

Can I Finance A Portion Of My Pool Project With A Pool Loan?

Yes, in fact this is quite common. There are many instances when clients can cover most of the base pool package cost and opt to finance the additional patio, fence, landscaping, or other accessory items with the intention of paying the loan off early, for which there is typically no penalty.

We hope this has helped you understand more about what is involved in financing your pool project and more about pool loans in general.

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