Typically, these loans range from $5,000 to $125,000, with repayment terms varying from one to 15 years. Pool loans are usually unsecured, with average APRs ranging from 8% to 25%.
Here’s an example of a calculation for a pool loan. Suppose you borrow $15,000 for a pool project with an APR of 12% and a 10-year repayment term. Your monthly payment would be approximately $215.21. The total amount paid by the end of the term would be $25,824.77.
We connect you with contractors who provide financing for any type of swimming pool you have in mind. Before you commit to a pool installation and apply for financing, it’s a good idea to consider the different types of pools people finance:
Planning your budget is key when building a pool, and we make it easier by giving you a clear breakdown of costs so that the financing process is clear for you. Pool installation usually costs from $6,700 to over $100,000. The cost for full installation for an average-sized home is $11,500. However, the cost will vary depending on the type of pool and materials used. The expenses of inground pools based on the material used are as follows:
| Material | Average Cost |
| Fiberglass | $28,000 to $60,000 |
| Vinyl | $28,000 to $40,000 |
| Concrete | $50,000 to $100,000 |
Above-the-ground pools are much cheaper. Steel is usually the most affordable material, with average costs ranging from $500 to $3,000, while aluminum above-the-ground pools can cost $1,000 to $4,000.
Here’s a breakdown of the costs for each component when constructing and installing an in-ground swimming pool:
| Item/Project | Cost |
| Landscaping | $100 to $45,000 |
| Permits | $200 to $300 |
| Excavation | $400 to $1,500 |
| Pool Shell | $500 to $5,000 |
| Equipment and Crane Rental | $2,400 to $2,800 |
| Dirt Disposal | $13,000 to $20,000 |
| Pool Equipment | $700 to $1,200 |
The costs for standard pool maintenance procedures include:
| Service | Cost per month |
| Water analysis and chemical balancing | $50 to $80 |
| Backwash filter | $50 to $80 |
| Clean out skimmer and pump baskets | $50 to $80 |
| Auto pool cleaner bag | $70 to $95 |
| Skim the surface of the pool | $100 to $200 |
| Vacuum pool | $100 to $200 |
| Winterize pool | $100 to $200 |
Owning a backyard pool is a joy, but it also comes with its share of challenges. Whether it’s unexpected repairs or routine maintenance, Renovate’s financing solutions can help you tackle these common pool issues:
Before diving into pool construction, consider the following factors that can influence your new pool's design, cost, and enjoyment.
The type of pool you choose should reflect your budget, lifestyle, and desired aesthetic. Fiberglass pools are a good choice for homeowners looking for quick installation, a long lifespan, and minimal upkeep. Conversely, concrete in-ground pools are a better choice for those who want a bespoke design that integrates seamlessly with sophisticated landscaping.
The placement of your pool goes hand in hand with its design and construction. Consider the size of the yard, soil condition, and proximity to other structures. Next, ensure enough space for construction equipment and that the location complies with local zoning laws.
A few pro tips: a sunny spot can help naturally warm the pool and reduce heating costs. While trees provide shade and enhance privacy, they can lead to more maintenance due to falling leaves and debris.
If you want to save costs and be environmentally friendly, consider energy-efficient pumps and pool heaters. They use less energy and reduce operating costs. You can also install solar heating systems to warm your pool using natural energy. Also, thermal covers can retain heat overnight and further reduce heating costs.
Create a comprehensive budget covering all pool installation aspects and long-term maintenance. Upfront costs include excavation, materials, labor, and equipment. Ongoing expenses include regular cleaning, chemical treatments, and energy costs.
Make sure to also leave 15% to 20% of the budget as a contingency for unexpected expenses.
Finally, implementing safety measures is a must. First, fences should be installed with self-closing and self-latching gates to prevent unsupervised access. Next, equip doors to the pool area with alarms to alert you if children enter the zone unsupervised. Finally, invest in a sturdy pool cover to secure the pool when it’s not in use.
Swimming pool financing can make your dream of a backyard oasis a reality without the immediate financial strain. Here are the direct benefits of using Renovate to finance the construction of your new pool:
By choosing Renovate for your swimming pool financing, you can access competitive interest rates to make your project more affordable. We partner with top-tier financial institutions to ensure your offer comes from a reputable source.
Renovate connects you with experienced pool contractors who offer financing options. This accessibility can help you find the right contractor who aligns with your financial and project needs.
Our financing network is one of the most diverse in the industry, catering to various credit profiles. We make the process accessible and hassle-free for homeowners with superprime and subprime credit.
Applying for pool financing through Renovate is straightforward and efficient. Enter your personal, financial, and project details into our online form to start the process. The application is quick, and you can pre-qualify in minutes. This streamlined process simplifies your journey from planning to swimming in your new pool.
The average monthly payment for a pool loan depends on the loan term, amount, and interest rate. For a $20,000 loan at 10% APR for 10 years, the average monthly payment would be around $264, while a $50,000 loan amount would require a monthly payment of about $660.72.
However, keep in mind that the interest rates can be higher for those with bad credit.
Generally, a credit score of 600 or higher is required to qualify for swimming pool financing at favorable rates. However, some lenders may offer financing solutions for lower credit scores, considering other factors like your income.
The factors that influence the cost of swimming pool construction and maintenance include:
Pool loans are typically not tax deductible. However, parts of the interest might be deductible as a home improvement loan if the pool increases home value or is a medical necessity.
Many lenders and financing programs also cover pool repairs and add-ons such as slides, diving boards, or updated filtration systems. Financing options vary.
