Financing an Inground Pool

February weather in Maryland makes a lot of us dream of summer, and lounging by the pool. If you’re thinking about installing an inground pool, you’re not alone. But most of us don’t have the cash lying around to pay for an inground pool up front. And if we did, it’s a safety net for unexpected expenses. But never fear. Inground Pool financing is available from a number of sources. But before we discuss financing, we need to discuss inground pool costs, and your budget.

Fiberglass Inground Pool Cost

In general, fiberglass inground pools will cost between $35,000 and $85,000 upfront.  The actual cost depends on a number of factors, including:

• Size and shape – the bigger the size and odder the shape, the higher the cost.
• Coping material such as concrete, pavers, brick, etc.
• Gelcoat color
• Pool accessories such as slides, tanning ledges, etc.
• Patio size and material
• Water features, if any
• Landscaping

Concrete Inground Pool Cost

Your concrete inground pool cost is going to be higher, because of the added labor and materials involved in installing your pool. In general, concrete pools will cost between $50,000 and $100,000 up front.

That’s a wide range for the initial cost. Several factors affect the upfront costs, including:

• The size and shape – rectangular pools cost less.
• Interior finish – specialty finishes cost more.
• Waterline tile (required)
• Coping material such as concrete, pavers, natural stone, brick, etc.
• Pool accessories such as stairs, slides, diving rocks, and more.
• Water features, if any
• Patio size and material
• Landscaping

Options for Financing an Inground Pool

There are several options for financing your inground pool. Which you choose depends on your credit rating, and your personal preference.

Home Equity Loan

Most of us are familiar with a home equity loan. Also referred to as a “second mortgage,” a home equity loan gives you a lump sum based on what the equity is in your home. You have a fixed interest rate and in most cases, you have to pay the loan back in 10 to 15 years. Interest rates are generally lower than an unsecured, personal loan. You will have to pay interest on the entire lump sum, rather than borrowing smaller amounts as you need them.

Home Equity Line of Credit (HELOC)

A home equity line of credit, or HELOC, is what’s known as a revolving line of credit. This allows you to borrow smaller sums of money, as you need it. You’ll either get a set of checks, or a special HELOC credit card. You use it as you need it – to pay an initial deposit, installation costs on the schedule you set with your pool builder, payments for the pool fence, etc. This means the interest that accrues is limited. You also only need to make the minimum payments teach month, but of course you can pay more than the minimum. HELOCs may start with a variable interest rate, but you can convert that to a fixed rate.

Unsecured Pool Loan

An unsecured pool loan means you don’t have to put up any collateral for the loan. It’s essentially a personal loan. An unsecured loan is more risky for a financial institution, so they may charge you a higher interest rate on the loan, and give you a shorter amount of time to pay it back. But this type of loan also means you don’t have

Inground Pool Financing with Woodfield Outdoors

Financing an inground pool doesn’t have to be hard. Woodfield Outdoors partners with HFS Financial. They’re based in Reisterstown, and stand ready to help you achieve your dreams of an outdoor oasis. Check out their 60 second loan inquiry.