How to Finance a Pool in Louisiana: Our Guide to Payment Plans

Has all the warm weather finally convinced you to take the plunge on pool ownership? We don’t blame you! A pool is perfect for relaxing, spending time with family and friends, or simply beating the heat. 

But, unless you’re ready to pay $25,000 to $100,000 for a new pool, you’ll first need to decide how you plan to finance your backyard oasis. In this article, we get into the specifics of pool financing, including the best options available, and why financing a pool through Morehead Pools will help you get your dream pool quickly at a rate that works for you.

Key Takeaways:

• Pools can be quite expensive and often range between $25,000 to $100,000 which often requires financing.
• Financing methods include personal loans, home refinancing, home equity loans, and contractor financing, each with specific pros and cons.
• Financing via Morehead Pools / Lyon Financial allows for manageable monthly payments, preserves savings, and can improve credit ratings despite interest costs.

 

Types of Pool Payment Plans Available in Louisiana

When it comes to financing your pool, there are several options available. The best one for you depends on several factors, including –

• Your monthly budget
• Your credit score
• The amount of debt you owe
• How well you plan your finances

Here are some of the most common methods people use to finance their pool: 

• Personal loans – Also known as unsecured loans, this type of financing requires no collateral, and the application process is typically quite fast. However, these loans come with higher interest rates and faster payback periods. 
• Home refinancing – Allows you to refinance your home at a higher value, so you can borrow the difference and pay it back over time. This keeps the interest rate and loan payment low but could result in foreclosure if you can’t keep up with the payments. 
• Home equity loan – With this loan option, you can borrow money by using your home equity as collateral. The interest rates are usually low and you can write the interest off on your taxes. But, failure to pay back this loan could also result in foreclosure or a lien on your home. 
• Contractor financing – This is when pool contractors secure exclusive financing deals with lenders to provide customers with payment plans suited to their budgets. While the interest rates are sometimes higher, these loans are collateral-free and the application process is fast and convenient. 

Benefits of Financing Your Pool 

If you can afford it, cash payment is a great interest-free way to pay for your pool installation. However, spending that much money at once could deplete your savings, leaving your finances vulnerable in the event of an unexpected emergency. 

Financing a pool allows you to break up the amount you owe on your pool into smaller monthly payments. While you may end up paying more with interest over time, you won’t have to worry as much about unforeseen expenses. 

Additionally, financing helps build your credit rating, so you can take advantage of even lower interest rates when you finance other expenses in the future. 

How Long Can You Finance Pools? 

The length of your loan period depends on the type of pool financing option you choose, the amount of money you put down, and how quickly you pay off the loan. That said, personal loan terms are typically between one and seven years, while home equity loans, and home refinancing options can be paid back over five to 30 years. 

Our financing partners at Lyon Financial offer low fixed-rate pool loans for up to 30 years, with amounts of up to $200,000, and require no collateral, making them less risky than other loan options out there.

Are you ready to purchase your dream pool? By working with our trusted partners at Lyon Financial, Morehead Pools offers hard-to-beat flexible pool financing options to match your budget and timeline. 

With over 60 years of experience and thousands of satisfied customers in Shreveport and the surrounding areas, we pride ourselves on fast, professional service and top-notch craftsmanship certified by the Master Pools Guild. 

If you’re looking to finance a pool in Shreveport, Bossier City & surrounding areas, contact Morehead Pools today!