Swimming pool financing options for NY state.
Having built many swimming pools and landscapes and after talking to many of our satisfied clients, we have learned that people are not always sure how exactly they are going to pay for their project. Sometimes people will pay with cash or check, and sometimes people will pay with financing. We have also noticed that roughly 70% of our clients will use financing in some way, shape, or form, for at least a portion of their project.
Over the years we have met with several people that had given us a deposit and sign a contract for a pool. They went through all the time, money, and effort to get their dream pool for their family... and then a crazy thing had happened. Guess what they were not able to get? They were not able to get their financing. And for these people it was a very disappointing experience.
So, starting last year in 2015. I told myself, that I would never allow my clients to go through this experience again.
Since that time, we have changed things around and everyone is so much happier now because customers no longer have to experience the regret of telling a child They'r not going to get the pool they had been promised. The way we accomplish this is by researching exactly what each customer's financing is before we get to their home. It helps you and it helps us to show you exactly what is the right fit for your budget.
Financing comes in many shapes and sizes, but for the most part we are talking about either a secured loan or an unsecured loan. With a secured loan, collateral of some type is used to protect the loan. Two common types of secured loans are a home equity loan, and a home equity line of credit. Secured loans typically offer lower rates, higher borrowing limits, and longer repayment terms.
The next type of loan is an unsecured loan. These loans include college loans, credit cards and Personal “signature” loans. The banks take on more risk in these situations because they have no way to recover their losses if the loan defaults. If you have been turned down for an unsecured loan you still may be able to obtain a secured loan as long as you have something of value that can be used as collateral.
How to get Financing for a Pool
Now to the easy part: getting financing, well that’s the easy part. A quick look at our pool pricing page should give you an idea of how much a pool costs, and help you get the ball rolling. From there - you basically have 2 ways you can go. If you have a relationship with a local bank or credit union and are happy with them, by all means ask them for financing. If you are looking for a company with great rates and who really knows home improvement and pool projects, we have two that we recommend. We want our customers to get the backyard they want - in a way that is going to meet their financial needs. In order to help you find the financial plan to suit your needs, we want to introduce you to HFS Financial and Lightstream. Here is what they have to say about your swimming pool financing options:
LightStream delivers a revolutionary loan experience that allows customers to focus on their purchase, rather than on their financing. With their innovative lending products and proprietary technology, consumers with strong credit profiles can receive highly competitive, fixed rate financing via an easy, fast and entirely paperless loan process. From the convenience and comfort of their computer or mobile device, customers can apply, be approved, sign their loan agreement and receive their funds, as soon as the same day of their application.
Interest Rate Matters: Interest Rate Matters: When you have solid credit, LightStream can offer low fixed-interest rates on swimming pool loans and no prepayment penalties or fees.
You Call the Shots: LightStream enables you to act as a cash buyer, with funds in your account that you can use to pay the contractor when you’re ready. You choose your loan amount, ranging from $5,000 to $100,000, and you set your repayment terms.
Preserve Your Home Equity: Home equity loans often require appraisals, time-consuming processes, and lots of paperwork. A LightStream loan is a fast and easy option, with funds in your account as soon as today. You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.