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Inground Pool Installation

What You Need to Know about Financing Your New Inground Pool

Deciding to take the plunge and create your pool paradise by installing an inground pool can be exciting. But it also takes some financial planning. If you’re planning on a larger pool, custom features, or installing a new patio as part of a larger pool project, you’re likely crunching the numbers.

Related Reading: What Does an Inground Pool Cost in 2023?

It starts with a realistic one. Plan on the finished project costing more than you think it will – there may be increases in materials costs, or you change your mind and decide to add something extra, such as pool lights, that wasn’t in the original plan.

Pool Financing Options

You have three main ways of financing your inground pool installation:

  • Home Equity Loan
  • Home Equity Line of Credit (HELOC)
  • Bank Personal Loan
  • Unsecured Pool Loan

Your financing method will depend on your personal preference, home equity, and credit rating. Let’s look at some of the factors to consider for each option.

Home Equity Loan

If you’ve done significant home renovations before, you may already be familiar with a home equity loan. This is essentially taking out a second mortgage on your home. The more equity you have in your home, the more you can borrow. The bank generally gives you a lump sum of cash at a fixed interest rate. You make monthly payments that stay the same, month after month. Like your first mortgage loan, there will be closing costs, and you could lose your home if you stop making payments.


The HELOC, or home equity line of credit, is a revolving line of credit that is again based on the equity you have in your home. A HELOC is similar in function to a credit card – you access the credit you need to finance your pool and pay the money back over a period of years – typically 10. You only pay interest on what you borrow, even if you were approved for a much more significant sum than what you need.

Something to be aware of with a HELOC is that they frequently have variable interest rates, so your payment could go up with little notice. And just like a home equity loan, you could lose your home if you stop making payments.

Personal Loan from Your Bank

You may also get offers from your bank inviting you to take out a personal loan. This is especially true if you have good credit because they know you have a good track record financially. If you decide to go this route, check the interest rates carefully – they may not be as good as your bank promotes them.

A personal loan from your bank could be a good option if you don’t have a lot of home equity or don’t want to put your house up as collateral.

Unsecured Pool Loan

Another option is an unsecured pool loan. This can be a good option if you don’t have a lot of home equity and are looking for lower loan rates than your bank might give you for a personal loan. You may obtain financing through a pool manufacturer like San Juan Pools, or you can get financing through your pool installer. Woodfield partners with HFS Financial and Lyon Financial to offer pool financing.

The Bottom Line

The bottom line is that an inground pool is an excellent investment for your family and the value of your home. And since most people don’t have the cash to pay upfront for pool installation, financing is the way to go. You get the pool you want now and time to pay for it.

Make It Exceptional. Make It Woodfield.

You work hard. If you invest in an inground pool, ensure you get the exceptional experience you deserve. That’s what we deliver. We design, build, and install custom inground and fiberglass pools for clients throughout the Baltimore area, including Anne Arundel County, Baltimore City, Baltimore County, Carroll County, Cecil County, Harford County, and Howard County. Schedule a call today.

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