Installing a pool is a major upgrade for your home, and it can be pricey. If you have a young family, why wait until the kids are grown and out of the house to add a pool? There’s no reason you can’t start creating memories now that will last a lifetime.

Just as you would finance that new kitchen or new car, it makes sense to look at financing options for a new swimming pool. At Shoreline Pools, we will not only be there to help design and build your pool, we’ll also walk you through the many financing options so that you find the loan that is best for you.

We have built a partnership with LightStream to assist our customers with financing. LightStream is the country’s premier online consumer lender and is a division of Sun Trust Bank. If you have good to excellent credit, LightStream will find a fixed loan with the lowest possible interest rates, while also offering a virtually paperless online application that makes the process easy and stress-free.

Whether you’re installing a fairly basic pool with few bells and whistles or a state-of-the-art high-tech one featuring waterfalls, lighting effects, premium decking, a hot tub and an outdoor kitchen, LightStream offers loans ranging from $5,000 to $100,000. There are no home equity requirements or application fees and you can apply in minutes from your phone, tablet or computer.

Of course, there are other financing options. A home equity loan or a line of credit allows you to borrow money at a lower rate than most personal loans and comes with longer terms for repayment. As of this fall, interest rates were as low as 5 percent. Home equity loans are especially useful if you know exactly how much money you need and feel confident you won’t go over budget.

With a line of credit, there is a limit to how much you can borrow, but you can withdraw only what you need from that account and pay it back over the draw period, which is usually five to 10 years. Interest rates are slightly higher for a line of credit, but you’ll only be paying on what you withdraw, not on the full amount.

A third option is an unsecured personal loan offered by banks and credit unions. Loan amounts can go deep into six figures, making them a viable option for pools of all sizes. But these are high-risk loans for the lender, so qualifying is more difficult. At the very least, you’ll need a verifiable income and a solid credit history.

The benefits of financing are obvious. First off, you get to begin enjoying your pool much sooner than if you were waiting to save up enough money. A pool and a backyard entertainment area can also add value to your home should you decide to sell. And it increases the equity in your home, which could be useful if you’re hit with an unexpected home repair or another emergency that requires financing.

Installing a swimming pool is a major decision. But if it’s something you’ve always wanted, there’s no need to wait.

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