Best Lenders for Swimming Pool Loans: Navy Federal Credit Union, LightStream, Discover, Upgrade, SoFi, Prosper, Best Egg, LendingClub
Are you dreaming of having a backyard oasis with a swimming pool that could submerge the Titanic? The American Dream often includes a picture-perfect home with all the amenities, including a pool. But how do you finance such a luxury addition to your property?
Swimming pools can add value to your home both monetarily and recreationally. If you’re in the market for a pool loan, you may be overwhelmed by the options available. To help you navigate through the sea of lenders, here are some of the best options to consider:
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Navy Federal Credit Union: With rates ranging from 5.99% to 29.99% for secured loans, Navy Federal Credit Union is a great option for military families looking to finance their dream pool.
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LightStream: Known for its low APR starting at 7.49%, LightStream offers terms up to 144 months and no origination fees, making it a top choice for those looking for competitive rates.
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Discover: With a starting APR of 7.99% and no application or origination fees, Discover is a solid option for borrowing from a bank. They also offer a home equity loan option for larger loan amounts.
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Upgrade: Best for those with less-than-perfect credit, Upgrade offers secured loans and joint loans with repayment terms up to 84 months, making it accessible to a wider range of borrowers.
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SoFi: Ideal for higher-cost pools, SoFi offers personal loans up to $100,000 with the ability to have more than one loan open at once, providing flexibility for those looking to fund a luxury pool.
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Prosper: A peer-to-peer lending platform, Prosper connects borrowers with individual investors and offers hardship relief support in case of emergencies, making it a unique option for pool financing.
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Best Egg: Best for secured loans, Best Egg offers both unsecured and secured loans with APR discounts for those willing to put up collateral, providing options for borrowers with varying credit profiles.
- LendingClub: While they have a lower maximum borrowing amount, LendingClub allows for joint loans and offers a minimum borrowing amount as low as $1,000, making it a good choice for aboveground pools.
When considering a pool loan, it’s important to weigh the pros and cons of each lender, as well as alternative financing options such as cash, home equity loans, contractor financing, or using a 0% intro APR credit card. By comparing rates, terms, and fees, you can find the best option to finance your dream pool without breaking the bank.
Remember to check your credit score, get estimates from contractors, and gather financial documentation before applying for a pool loan. With the right lender and a solid financial plan, you can turn your backyard into a paradise with a sparkling swimming pool that will make your American Dream a reality.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.