>> Looking For A Home Improvement Loan? Visit vcloan.com <<

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.

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email

How Can You Improve Your Credit Score?

Build your credit file: Open new accounts which will report to the major credit bureaus. Most lenders and credit card issuers report to all three so this is easy to achieve. In order to establish any credit, there must be accounts open in your name. From there, you can begin to establish a good record

Read More »

Updating or Remodeling your Swimming Pool

So, your swimming pool is looking a little worse for wear these days. Maybe your once bright tiles are not as lustrous as they used to be, or your plaster is cracked and chipped, or maybe you are just tired of the design. You may be thinking that your only choices are to either live

Read More »

Tips For a More Eco-Friendly Swimming Pool

Swimming pools, while a wonderful addition to the home, can be somewhat harmful to the environment. They require the use of a lot of water, chemicals, and energy to maintain, which all pose different threats to the earth. While there is really no way to maintain a completely eco-conscious swimming pool, there are certainly steps

Read More »

Payment Calculator

FREE Loan Consultations and payment details for all applicants!

Example 1

Loan amount $40,000
Rate 5.49%
Term 15 Years
Monthly payment $327/mo.

Example 2

Loan amount $50,000
Rate 7.99%
Term 20 Years
Monthly payment $418/mo.

Loan Terms

* Loan terms and availability vary based on borrower qualifications and are subject to change without notice. Monthly payment amounts are for demonstrative purposes only and are not guaranteed to match final payment amounts for all borrowers. Your Viking Capital Loan Representative will go over all your loan options and their respective terms and payment amounts.

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).