Do you wish to have your own swimming pool and would you like to finance the pool with a loan? Then we recommend a personal loan . You then borrow a fixed amount against a fixed interest rate. This way you know exactly how much the loan for your swimming pool will ultimately cost. To ensure that you do not pay unnecessarily much, we also recommend comparing personal loans online. Pay particular attention to the lowest interest rate, the best conditions and a favorable duration.
Swimming pool loan, what to watch out for?
Choose the lowest interest rate. This sounds very logical, yet people often take out a loan from their regular bank without comparison. Because of this you quickly pay way too much for the loan for your swimming pool. The difference between the highest interest rate and lowest interest rate is a whopping 4.1 percent. So good comparing really pays in this case.
Determine a favorable duration. By choosing a longer term you have lower monthly payments. You only pay a lot more below the line than if you opt for a short term. Yes, the monthly charges are slightly higher, but two years shorter repaying saves you an average of 1,200 dollars in interest rate!
Read the conditions. Not only stare blindly at a low interest rate, but also check the conditions. These often cause hidden costs. For example, see if you can repay the loan early and free of charge and if the lender cancels the loan in the event of death.
Tip! No cancellation in the event of death? Then a life insurance policy comes true. You pay a little more, but if something ever happens to you, your next of kin will not be left behind with an expensive loan.
Financing Swimming pool, how much to borrow?
To give you a good idea of what a swimming pool will cost you, we have listed a number of things for you. Pay attention! We are talking about the average starting price of a large swimming pool 6 meters long and 3 meters wide.
- Groundwork from 1,000 dollars
- Swimming pool from 10,000 dollars
- Filter installation from 1,500 dollars
- Inside finish from 1,000 dollars
- Pool cover from 1,000 dollars
- Underwater lighting from 1,000 dollars
The loan amount for constructing a swimming pool with the above dimensions is therefore quickly 15,000 dollars.
Alternatives loan for swimming pool
In addition to the personal loan , there are a few other financing options for your swimming pool. For example, you can opt for a revolving credit or pay for the swimming pool on installment. These two options may seem interesting, but there are still some disadvantages:
Revolving credit. A revolving credit is very useful if you do not know in advance exactly how much a swimming pool will cost you. With a revolving credit you can withdraw and repay unlimited amounts up to an agreed amount. However, the interest rate is flexible and there is a high risk that you borrow more than is strictly necessary. It is therefore a flexible form of borrowing, which is usually more expensive.
Purchase by installment. If you buy a swimming pool, you also have the option to purchase it on installment from the producer or supplier. The interest rate that they use is usually higher and the conditions less favorable. In other words, it is most likely a very expensive loan.