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What’s the Longest Repayment Time for a Pool Loan?

There is a simple answer to this question and a more in depth one. The short answer is that most financing sources that are truly competitive in swimming pool financing (as opposed to banks, mortgage companies, local credit unions, etc.) offer terms up to 20-25 years. Those loans will usually be the lowest payment and a popular option.

The slightly more complicated answer relates to what type of loan you should opt for based on your financial situation. Longer term loans almost always come with higher rates. Lenders charge a premium to tie up their money for so long. Also, the longer you stretch the term, the more interest you pay over time. It’s important to speak to a qualified loan consultant to see what’s right for you. For instance, if you don’t mind a slightly higher payment, say $100 per month, that would come with a shorter term and a lower rate. When you do the math, that extra $100 you pay every month will allow you to pay thousands less in interest over the life of the loan and pay the loan off sooner. It’s important to find the “sweet spot” where you’re comfortable with the payment but are still able to take advantage of the shortest term and lowest rate.

There is no “one size fits all” option so it’s very important, especially on a project with this level of importance, to speak to an expert and know all of your options. Small changes in term and rate can save you or cost you a lot over the life of the loan.

We should also note that if you or a family member is affiliated to the armed forces there are slightly different rules for the rates and length of the loans. We offer various pool loans for veterans and their families to allow them build their dream pool more easily.

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Updating or Remodeling your Swimming Pool

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Loan amount $40,000
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Term 15 Years
Monthly payment $327/mo.

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Rate 7.99%
Term 20 Years
Monthly payment $418/mo.

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We are proud to offer these great loan options to our Military Families

*Eligibility requirements:

The applicant or co-applicant (or Family Member*) is active duty, military retiree, reservist, or veteran.  Branch of service: Air Force, Coast Guard, Army, Navy, Marine Corps or reserves for these branches. 

Family members must be “lineal” (spouse or direct-line ancestors and descendants. Includes family by adoption and marriage).