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Making Your Dream a Reality: How to Get Financing for an Inground Pool

Dipping in a refreshing pool is one of the best ways to beat the heat and relax on a sunny afternoon. The experience would be even better if you were doing so in an inground pool in your own backyard. It’s like having a private oasis. Unfortunately, many people hoping to have an inground pool are discouraged by the cost of having it built.

A backyard inground swimming pool is a great investment and has many benefits. Regardless of where you’re at on your pool building journey, understanding how to get financing for an inground pool can be an important part of your planning process. So, how can you get financing for your inground pool and make your dream a reality? Here’s what you need to know. 

Related: Can You Finance a Swimming Pool? Everything to Know

How to Get Financing for an Inground Pool: Why Pool Financing?

An inground swimming pool is a great addition to your home. Inground swimming pools are versatile and can be better integrated into the surrounding landscape. When built with quality building materials and modern design, it can easily complement the style and architecture of your home.

The pool’s design, size, and shape are customized to match your aesthetic taste, and therefore, there are numerous options for making your backyard a haven where you can relax during the hot summer days. Since you only build that dream backyard oassis once, many homeowners consider financing so that they can get all the features they want in their investment.

What is Inground Pool Financing?

If you want to build an inground pool but don’t have enough capital on hand, or you’d prefer to keep your current resources invested, you can opt for inground pool financing. This involves borrowing funds from a lender to pay for the pool’s construction costs. 

Financing gives you the funds to invest in a quality pool that will serve you and your family for many years. Your budget will most likely influence the pool type you’ll choose, and financing can help you plan for the kind of pool you want. You can get adequate funds to enable you to include dream features such as a spa, a safety cover, etc. 

Typically, there are two main types of loans: unsecured and secured. Unsecured loans do not require you to provide collateral and thus often come with higher interest rates. On the other hand, secured loans require you to give some form of security and, as such, tend to have lower interest rates.

Home equity loans and home equity lines of credit are good examples of secured loan options. They use your home as equity. A personal loan, on the other hand, would be a good example of an unsecured loan option. With this loan option, you won’t need to put your home down as security to get approved.

The right lender can help you get financing to start your inground pool building journey. However, looking for one by yourself can be time-consuming and requires intensive research.

Luckily, a reputable pool builder can make things easier for you and help you with inground pool financing matters. A great pool builder will match homeowners with reputable lenders and have a network of loan programs that fit your unique needs. You can also count on their advice on inground pool building financing and be confident that they’ll give you a trustworthy quote.

Planning for Your Pool

Before you are ready to discuss financing with your pool builder, you’ll want to have a good idea of what you’re looking for in that dream pool. If you already have a pool design idea in mind, you can discuss it with your pool builder. If not, you can consider the following ‘resort’ ideas for inspiration:

An Infinity Pool

Inground infinity pools fit excellently in modern spaces. The design allows you to enjoy an elegant and vast natural view on one side. You can opt for this design if you would like to incorporate the visual illusion of an expansive edge in your backyard. For example, if there is an extensive landscape visible from your home, the pool won’t have an large deck on the side of the natural view you want to incorporate. Instead, it extends on the opposite side to give a view of the pool together with the extensive landscape. 

A Pool with a Slide

Adding a slide is a great way to make your inground pool kid-friendly. While your kids are still young, a slide and a playhouse structure are great, provided you have room in your backyard. In fact, the feature is the ultimate backdrop to making summer memories. It also brings much fun to your pool parties. 

A Pool with an Adjacent Spa

You can integrate a spa into the pool or have it raised in an adjacent space to counterweigh the shape of your pool. Either way, your pool gets a seamless functional and visual transition, unlike a freestanding hot tub.

An Indoor-Outdoor Pool

This unique idea would be great if you have a squeezed backyard and a space to move it indoors. You combine the space available with a den to double the size such that the pool runs from an indoor space to an outdoor space. A meandering shape is the best for this design to allow you to utilize the space available. This way, your swimming pool looks like a meandering river winding its way from an indoor to an outdoor space. A glass wall can help ease the transition between the two spaces. The design allows you to swim outdoors or indoors, depending on the season or your mood. 

Pool with a Baja Shelf

A Baja shelf is a large step whose width can accommodate several lounge chairs, thus different from pool floaties. This type of inground swimming pool is great if you have small kids learning to swim or if you like to lounge in the pool without being fully submerged. The large step serves as a makeshift kiddie pool if you remove the furniture.  

Pool with a Fancy Shape

When you think of an inground swimming pool, you probably imagine it to be rectangular or square. After all, the two are the most popular pool shapes. But you can spice things up a bit and consider different designs as follows: 

Round Shape

If your home has a traditional architectural design, you can settle for a round-shaped inground pool. The soft edges of the pool tend to fit perfectly. You can make it even more relaxing and serene by adding a natural stone. 

Kidney Shape

You can also break the monotonous norm of rectangular, oval, or round pools. A bean-shaped inground pool is a great idea for your backyard. You can have the lounge chair occupy the curving space of the pool. 

Irregular Shape

You can opt for an irregularly shaped inground pool, especially if you want to build it around the landscaping design. It allows you to have a space for an adjacent fire pit or lush plants such as palm trees. In fact, you may use the shifting shape as a sign of shallow waters becoming deeper if there are kids who will be using the pool. 

Your Stay at Home Is Always a Vacation When You Have a Pool in Your Yard

When you have an inground swimming pool in your backyard, you can create a replica of your own paradise. If you want to have fun with friends and family, you just need to throw a pool party. At the same time, if relaxing by the poolside with a good book and your favorite drink is what floats your boat, you can do that anytime you want.

Financing Can Help Make Your Dream Come True

An inground pool in your backyard comes with unlimited benefits. However, how to get financing for an inground swimming pool could be the nut you need to crack to bring your dream into a reality.

According to HomeAdvisor, the cost of installing an inground pool ranges between $36,750 and $66,500. However, this can vary widely depending on pool size, building material, the features you want to add, location, and other factors. 

But, although it might be a bit pricey to set up a pool, financing can help make the entire process manageable and ensure you end up with the inground swimming pool you have always desired. 

Related: Swimming Pool Remodel Financing

How to Get Financing for an Inground Pool 

When thinking of how to get financing for an inground pool, you’ll probably contemplate finding lenders. Unfortunately, it can be time-consuming to look for lenders for your project. Instead, here’s the best way to get financing for your inground swimming pool. 

Reach Out to a Pool Dealer

Find a reputed pool designing company that can help you secure funds for your project through its financing options or financial partners. Provide details of your location, and the company will connect you with a local design center in your area. The local design center will ask specific questions about your pool project and financing needs.

Choose the Type of Loan That Suits Your Project

Talk with your pool dealer to know the best type of loan for your project. There are numerous pool financing options, and your choice depends on many variables, including your credit score, equity in your home, how fast you need the loan, and the duration it takes for you to pay off the loan. 

You can discuss various loan options, including cash-out refinance, home equity loan, FHA 203(k) rehab loan, Home equity line of credit (HELOC), and Personal/Home improvement loan. 

Provide the Required Personal Details 

Provide your information to the financial institution. Although financial institutions may have different requirements, the most common details you can expect them to ask for include your driver’s license, social security number, employment, and salary. 

The financial institution uses your credit score, debt ratio, and other qualifiers to establish your maximum loan amount and interest rate. However, the interest rate may also depend on the loan amount, the length of the loan, the market rates, and other personal details. The financial institution or pool dealer should explain how they arrived at the rates. 

Receive the Funds

If you have some cash for the inground pool project, talk to the financial institution or pool dealer to finance the remaining balance. Having a portion of the cash makes it easier to get the loan and also lowers the loan amount. This will reduce your monthly payment and overall interest payments.

Get Financing for an Inground Pool and Make Your Dream Come True

An inground pool enhances your home and lifestyle by offering years of fun and cherished memories. Fortunately, how to get financing for an inground pool should not give you sleepless nights anymore. California Pools, a reputed leader in pools and the outdoor living industry, can help you secure financing and get the pool of your dreams, with tons of customized features and options. Contact us today, and we’ll help you make your dream a reality.