Lyon Financial Pool Loan reviews provide a necessary look into the many financial options available to those in need of a loan. With the number of lenders on the market, it can be hard to differentiate between quality loan offers and scams. That’s why it’s important to take the time to research loan offers to make sure that you’re making the best decision for your financial future. And this is where Lyon Financial Pool Loan reviews come in handy. They provide unbiased reviews of each loan provider, outlining the pros and cons of the offer, so that you can make an informed decision without feeling pressure to simply ‘take the offer’.
A backyard pool can serve as a refreshing oasis for any home, and homeowners can finance a new pool with one of the best pool loans available.
By Jeff Keleher | Published Sep 8, 2022 11:46 AM
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Installing an above-ground or in-ground pool can be a great way to entertain guests, escape the summer heat, and unwind after a long day at work. However, because it’s one of the most expensive home improvement projects a homeowner can take on, building a pool is frequently an expensive proposition. An inground pool typically costs $51,833, but costs may be even higher depending on the design, size, and materials used.
This renovation project may seem like a pipe dream given that the cost of a backyard pool is comparable to that of some luxury automobiles. However, there are financing options available to help homeowners cover these expenses and construct a pool according to their needs. For borrowers to comfortably finance a pool installation, the best pool loans provide sizable loan amounts, relatively quick funding times, competitive interest rates, and flexible repayment schedules.
The specific advantages offered by the top loan providers in this market vary considerably. Some lenders may stand out more than others depending on a homeowner’s circumstances and what they’re looking for in a pool loan. Therefore, it’s crucial to research the top pool loans available and choose the one that makes the most sense for each individual’s particular circumstance.
What to Consider When Choosing One of the Best Pool Loan Companies
There are many options available from the top pool loan providers, but not all of them will be the best fit for every household. It’s crucial to understand which features or capabilities to value above other factors as homeowners evaluate their options and evaluate the advantages and disadvantages of each lender. Homeowners can more quickly and easily find the best option for their needs by reflecting on what is most important to them and taking the time to narrow down their options.
Maximum Loan Amount
As mentioned, installing a pool, especially an inground pool, can be expensive. Even the average cost of a fiberglass pool, which is frequently less expensive than other pools, is $29,178. The borrower may want to confirm that the loan amount will be sufficient to pay for all installation costs, including site preparation, excavation, electrical work, and lighting. Loan amounts for pools can differ significantly between lenders because some finance these home improvements with simple personal loans, while others have specialized financing options made to meet the needs of a pool installation. Focusing on lenders with higher maximum loan amounts may be a good place to start when looking for the best pool loans for borrowers who want to construct an expensive pool with premium materials and opulent amenities.
Minimum Credit Score
Lenders will initially assess the borrower’s financial situation and debt management skills before extending a pool loan. Examining a potential borrower’s credit history can help lenders reduce risk by weeding out candidates who have previously had trouble paying off debt. In light of this, one of the most crucial factors used to determine loan eligibility may be a person’s credit score. Homeowners with better credit scores are more likely to be offered better loan terms, such as lower interest rates, and to be approved for a pool loan.
In order to qualify for a loan, lenders may set minimum credit scores for borrowers to meet. Other lenders might not impose any restrictions on credit scores at all, even providing pool loans for people with bad credit. Homeowners may want to think about lenders’ minimum credit score requirements early in the selection process because a borrower’s credit score may affect the availability of different financing options.
Annual Percentage Rate
The annual percentage rate (APR) of a loan is a representation of the total cost that the borrower will incur, which includes interest, lender fees, and any additional costs that may be incurred. With regard to pool loan rates, lenders may provide a variety of options depending on the borrower’s financial capabilities. Consider the fact that personal loans typically have higher interest rates than many other types of loans when homeowners are evaluating their pool loan options. They might discover that lenders using personal loans rather than lenders who only finance pool loans have broader APR ranges and higher minimum APR options. It might be a good idea to check the APR range offered by each pool loan provider before making a final decision because there is so much variation between lenders.
Funding Time Frame
The amount of time it takes for funds to be disbursed could be a significant concern depending on how quickly a homeowner wants to begin work on a pool installation. If contractors move on to other jobs because the funds necessary for a deposit are not immediately available, lengthy funding timeframes could cause the building process to be delayed. In some circumstances, lenders might be able to support rapid processing, depositing money into a borrower’s account within 24 hours of approval. Knowing in advance what their funding timeframes are for other companies is a good idea since they might take several days to fund approved loans. Homeowners may also want to consider how funds are disbursed. However, some pool loan companies prefer to send money directly to the contractor instead of the borrower’s bank account.
Loan Length
Loan terms can differ significantly because some lenders treat pool loans as a separate loan product while others fund pool installation through personal loans or home improvement loans. Companies that focus on pool loan financing typically provide much longer loan terms, with borrowers repaying their loan amount over the course of ten years or more. Companies that don’t view pool financing as a separate loan product may require borrowers to repay their loans much more quickly—in some cases, as quickly as two years.
A borrower’s monthly payment can be significantly impacted by the loan’s term. For example, a 10-year pool loan will be spread out over more installments than a 3-year loan of the same loan amount, resulting in lower payments each month. In order to strike the right balance between low monthly payments and speedy debt repayment, homeowners may want to think about their own preferences for loan length when evaluating the best pool loans on the market.
Discounts
Discounts from some of the top pool loan providers enable qualified borrowers to cut the total cost of their loan and monthly payments. While researching pool loan providers, homeowners may come across one of the more frequent discounts: an autopay discount. Borrowers might be able to reduce their APR by a specific amount in exchange for setting up automatic payments on their accounts, which would result in paying less interest overall for the life of the loan. These discounts could be a crucial consideration when comparing the APR ranges of each lender, as qualified borrowers might be able to lower their rate and make some savings on their pool financing.
Application Process
Homeowners may prefer an application process that is quick and simple to complete when applying for a pool loan. Online applications are supported by many pool loan providers, but response times may differ. If a contractor is prepared to start work on installing a pool, for example, homeowners who are impatient to get started may not want to wait too long to learn the status of their application. The application process may also be more difficult to complete and have a negative impact on the customer experience even before the loan is approved because some lenders may require more documentation and information than others.
Our Top Picks
We concentrated on finding lenders with competitive interest rates, flexible financing terms, generous discounts, and quick application and funding times as we looked into the best pool loans.
Why It Was Selected: LightStream provides qualified borrowers with low APR options, potential rate discounts, and opportunities for same-day funding, as well as a dedicated mobile app to manage their loan payments.
LightStream provides pool loans at extremely low rates; qualified borrowers may get an APR as low as 4. 99 percent. In fact, LightStream’s Rate Beat Program, which guarantees to lower any rival’s APR by 0, may enable homeowners to get the lowest pool loan rate conceivable. 1 percentage points. By utilizing the lender’s autopay discount, which can reduce a loan’s APR by 0 percent, borrowers can further lower their interest payments. 5 percentage points if the customer enrolls in autopay. Some borrowers might also be qualified for same-day funding, enabling them to get the money they need as soon as possible to start construction on their new pool.
LightStream is also a relatively digital-focused loan provider. The tool gives borrowers a good idea of their loan options and what they might owe each month over the course of the loan, even though its rate calculator can be slightly inaccurate due to certain baked-in criteria (users are presumed to have excellent credit, for example). Customers can manage their loans using a dedicated mobile app that the company supports, which allows them to schedule payments, update account information, and monitor the status of their repayment plan.
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Why It Made the Cut: Lyon Financial specializes in pool loans and offers a variety of long loan terms with low APR options. This makes Lyon Financial a good option for homeowners looking to work with a pool loan expert.
While some businesses offer personal loans or home improvement loans for pool financing, Lyon Financial offers dedicated loans for the sole purpose of paying for pool installations. The company’s loan options, which are focused on the logistics of financing backyard pools, reflect this expertise in various ways. For instance, Lyon provides borrowers with ample time to repay their loan amount—which may be as high as $200,000—by offering loan terms ranging from 12 to 25 years. Such extended loan terms can facilitate borrowers’ ability to plan their monthly payments and repay their debt in full. APRs as low as 4 percent may be available to some borrowers. 99 percent, which may enable them to save money over the course of the loan on interest.
Because financing the installation of a pool entails such a significant financial commitment, Lyon demands that homeowners submit a scope of work before funds are disbursed. However, since the lender can put customers in touch with skilled pool builders through its preferred contractor network, getting a scope of work may not be too difficult. By doing this, homeowners can be sure that their contractor has the knowledge, experience, and capabilities necessary to construct a structurally sound pool and complete it on schedule. Utilizing this network can also assist customers in saving time when looking for the top companies to install pools.
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Best for Service Members3
Why It Was Selected: As a lender that specializes in pool loans, Viking Capital can provide extremely high loan amounts to qualified borrowers, in addition to an easy application process and rate reductions for active duty military personnel.
If you want to work with a company that knows which financing terms make the most sense for this kind of home renovation project, Viking Capital may be the only lender that specializes in pool loans. For instance, qualified borrowers could be approved for loans up to $225,000, which is a very high loan amount for this kind of financing and would enable them to secure the funding for all but the most expensive pool installations.
Despite Viking charging some upfront lender fees, which vary depending on the borrower, qualified service members may be able to reduce their loan costs by utilizing the lender’s military rate discount. Homeowners who value a seamless online experience may be happy to learn that the pool loan company supports a quick, simple, and straightforward online application process. Potential clients can thereby quickly determine whether they are eligible for a pool loan and, if so, what terms they might be entitled to.
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Why It Was Selected: For qualified borrowers, SoFi supports a number of financing options, including same-day funding and payment deferment. Additionally, this lender offers a variety of other loan products that customers can investigate.
SoFi is a significant player in the lending sector and offers customers a wide range of loan products, including one for home improvements like installing pools. It may be convenient for some homeowners who would prefer not to keep track of numerous loans with different lenders to work with a single lender for all of their financing needs.
Prospective borrowers should be aware that SoFi’s rates can occasionally be somewhat high, with the maximum APR reaching 22. 73 percent. However, SoFi does provide some flexibility for borrowers who experience difficult financial circumstances. Borrowers who are unemployed may postpone their monthly payments for a maximum of 12 months in a row. Customers who need a little breathing room to organize their finances and get back on their feet may benefit from this feature. In some circumstances, SoFi can also offer same-day funding, assisting many borrowers in receiving their funds for pool installation as soon as possible.
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Why It Made the Cut: Marcus by Goldman Sachs rewards borrowers with benefits for regularly making on-time monthly installment payments. Additionally, borrowers can easily manage their loans using the lender’s mobile app.
Homeowners who don’t require the sizable loans provided by pool financing experts might want to look into Marcus by Goldman Sachs as a substitute. Loan amounts are capped at $40,000 because the lender uses personal loans to provide money for pool installation. Additionally, funding times are a little bit longer, with this lender’s typical funding times of 5 days. However, after the loan is funded, borrowers who adhere to their repayment schedule may be eligible for some benefits. Customers can choose to postpone their payment for one month without accruing any additional interest after paying 12 consecutive monthly installments without missing or being late. This function can assist homeowners in temporarily setting priorities and allocating more funds to other financial commitments.
Customers can manage their loans by setting up autopay, scheduling payments, and reviewing their payment history through the lender’s mobile app. Some borrowers may find it convenient to be able to check the status of their loan at any time and from any location, making it simpler for them to monitor their loan repayment progress.
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Our Verdict
We gave our Best Overall award to LightStream due to its low starting APR, autopay discount, Rate Beat Program, and same-day funding option. The Runner-Up award goes to Lyon Financial because the lender specializes in this particular type of financing, offers low APR options, and provides lengthy loan terms.
How We Chose the Best Pool Loan Companies
We evaluated the amount of money homeowners might be able to borrow from each lender and whether that sum would be sufficient to pay for an inground pool when ranking the best pool loan companies. We also considered elements that might affect a borrower’s eligibility, such as minimum credit score requirements. We also weighed discounts and fees in addition to each lender’s annual percentage rate because the total cost of a loan was a crucial factor. We also looked at the loan terms themselves, determining whether the funding timelines and loan terms would be suitable for homeowners looking to finance a pool installation or whether they might end up being problematic for them.
Before You Choose One of the Best Pool Loan Companies
The best pool loans frequently lack any form of collateral because they are unsecured loans. That can give homeowners some peace of mind if they’d prefer not to use any of their possessions or assets as collateral to finance the installation of a pool. However, some people might choose to use their home equity rather than obtain a specific pool loan. A home equity loan, home equity line of credit (HELOC), or even a second mortgage might be used to pay for a new pool. These secured loans typically have lower interest rates, but approval and funding are likely to take much longer. Homeowners may want to review the top home improvement loan companies to see if there is another option available if this one sounds more appealing than a dedicated pool loan.
Pool financing may also be available from banks and credit unions, and some homeowners may prefer to work with a neighborhood branch rather than a national lender. In that case, it might be worthwhile investigating neighborhood banks that provide pool loans.
Cost of Taking Out a Loan With One of the Best Pool Loan Companies
Even though some businesses may impose lender fees such as origination and application fees, the only cost that borrowers will incur with respect to a pool loan is interest. Customers can avoid higher pool loan rates by looking at lenders’ APR ranges, but they might want to think about how their own credit history and financial situation will affect the APR that they are ultimately offered.
It’s crucial to consider both the total cost of a pool loan and the monthly payment necessary to repay it. If the borrower will find it difficult to make loan payments every month, a lower total cost might not make sense. In light of this, it may be prudent to investigate whether longer loan terms could result in lower monthly payments and easier budgeting for these payments in addition to other recurring housing costs and financial obligations. Homeowners may find it useful to use a pool loan calculator to estimate the final cost of a specific loan.
The Advantages of Choosing One of the Best Pool Loan Companies
Installing one of the best above-ground pools requires a significant financial commitment, and many homeowners would struggle to do so without the aid of separate financing. Some lenders specialize in pool loans only, which can give homeowners peace of mind because their financing terms are tailored for pool installations. The best pool loan companies, however, can offer numerous benefits to borrowers whether or not they specialize in this kind of financing, including:
FAQs
There are many ways for homeowners to pay for the installation of a pool. It can occasionally feel a little overwhelming with dedicated pool loans, personal loans, home improvement loans, and home equity loans all on the table. Pool loan reviews can offer some guidance, but homeowners may want to check out the top pool loan providers on their own. Finding the best financing for a borrower’s unique situation may require some time spent researching the pool loan options available.
Q. How can you finance a pool installation?
However, borrowers may also be able to use personal loans for these renovation projects. Some lenders provide specialized pool loans to finance installations. Additionally, homeowners with enough equity in their home may be able to use money from a home equity loan to pay for pool installations. Homeowners can speak with their preferred lender to find out the next steps for obtaining a home improvement loan for a pool once they have determined which option is best for them.
Q. How long do pool loans run?
A pool loan could last from 24 months to 25 years, depending on the lender and the type of financing.
Q. What are typical terms and costs on a pool loan?
Strong credit borrowers may be eligible for an APR in the single digits, but pool loan rates can be significantly higher, particularly for homeowners using a personal loan. To give borrowers the best value for their money, cheap pool loans typically combine low interest rates, generous discounts, and flexible repayment plans.
Q. What credit score is needed for a pool loan?
Lenders may have different credit score requirements, and some may not have any minimum credit score requirements at all.
Q. How many years can you finance a pool?
Generally speaking, pool loan specialists will offer longer loan terms. Some homeowners might be able to get a 20-year pool loan—possibly even a 25-year loan—in certain circumstances.
Q. Can you finance a pool into a new mortgage?
There are some mortgage products that could permit homebuyers to incorporate the cost of installing a pool into their refinance. For instance, money from a cash-out refinance could be used to pay for a new pool.
Q. Is it easy to get a pool loan?
Homeowners with good credit and little debt will have more options to choose from, but even those with fair credit can qualify for simple pool loans with low credit score requirements. More From Bob Vila.
FAQ
What credit score is needed for a pool loan?
To obtain a personal loan to pay for a pool, you typically need to have a credit score of at least 600. Some lenders may also have income requirements, which will vary. A score of 680 or higher is frequently required for HELOCs and home equity loans.
Does Lyon financial approve right away?
Normally, it takes us two to three business days to conditionally approve your application after we receive it. Your application will be personally reviewed by a member of our loan team, ensuring that you are matched with the best program for your needs and qualifications.
What bank does Lyon Financial use?
Since 1979, Lyon Financial has worked as a specialist in unsecured pool financing and is pleased to partner with Central Bank. In addition to offering the best unsecured loan options, we take great pride in our outstanding customer service.
What debt to income ratio is needed for a pool loan?
Depending on the loan program, the debt-to-income ratio must be around 42%. Add up all of your monthly payments to creditors (mortgage, car loan, credit card balance, student loans, etc.) to determine your debt-to-income ratio. ) plus an anticipated pool payment sum, then divide by your gross monthly income.