At Premier Pools and Spas 915, we’re committed to helping El Paso homeowners find the best financing options to make their dream pool a reality. This guide will explore various swimming pool financing options, explain how financing works, and highlight how our trusted partners, like Lyon Financial, have helped countless families create their ideal backyard retreats.
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Why Financing Your Dream Pool Makes Sense
A swimming pool isn’t just a luxury—it’s an investment. It boosts your home’s value, enhances your quality of life, and creates endless opportunities for fun and relaxation. However, the upfront cost of a pool can make owning one out of reach. With average pool installation costs in El Paso ranging from $30,000 to $70,000, financing allows you to break down that expense into manageable monthly payments while enjoying your pool sooner.
That’s just the borrowing costs, once your pool is ready to swim in, you’ve also got to think about its’ long-term costs. From pool supplies, furniture, and additional features these extra costs can pile up quickly.
Top Ways to Finance a Swimming Pool in Texas
There are plenty of online lenders that will lend you loans of all types to fund your pool project. However finding the right financing solution depends on your budget, desired pool, credit profile, and financial goals.
Many of them have minimum credit score requirements meaning if you have bad credit you are out of luck. You must do your research and talk with any lending partners to fully understand how each one of these options work. Here are the most common ways to finance your pool:
1. Home Equity Loans
A home equity loan is a type of loan that allows homeowners to borrow money using the equity in their home as collateral. They’re often referred to as second mortgages, as they create an additional lien against the property
Best For: Homeowners with excellent credit and significant equity built up.
How It Works: Borrow up to 85% of your home’s value, minus any existing mortgage balance.
- Benefits:
- Fixed interest rates.
- Repayment terms of up to 30 years.
- Potential tax-deductible interest (consult your tax advisor).
- Example: If your home is worth $300,000 and you owe $200,000, you may qualify to borrow up to $85,000.
2. Personal Loans
A personal loan is a type of borrowing offered by personal loan lenders, typically for amounts up to $100,000, though maximum loan amounts vary by lender. These loans can be used for various purposes, including as a home-improvement loan. Key features include
Best For: Smaller pool projects or homeowners without sufficient equity.
How It Works: An unsecured loan requiring no collateral.
- Benefits:
- Quick approval and funding.
- Fixed monthly payments for consistent budgeting.
- Considerations: Interest rates may be higher than home equity loans due to lack of collateral.
3. Home Equity Line of Credit (HELOC)
Another loan option is to get a Home Equity Line of Credit (HELOC), which is a revolving credit line secured by the equity in your home. Average rates fluctuate based on market conditions, though some lenders offer fixed-rate options.
Best For: Flexible, ongoing pool projects.
How It Works: Access a revolving credit line based on your home’s equity.
- Benefits:
- Borrow as needed during the initial 10-year draw period.
- Interest-only payments during the draw period.
- Considerations: Variable interest rates can fluctuate over time.
4. Premier Pools and Spas 915
At Premier Pools and Spas 915, we work with partners like Lyon Financial to provide our El Paso residents with easy financing solutions. We have 3 pool financing partners that make it easy to get loan proceeds to fund your pool project. these three partners are Lyon Financial, HFS Financial and Viking Capital.
They have been helping homeowners in El Paso with easy affordable pool financing for over 4 years. Today, we’re going to take a look at how to finance a pool with our partner, Lyon Financial.
How to Finance a Pool With Premier Pools and Spas 915
- Complete the Online Application
Visit Lyon Financial’s website and submit a quick online application with basic financial information. - Personalized Application Review
A Lyon Financial team member will personally review your application to match you with the best financing option. - Conditional Approval
Receive a conditional approval within 24 to 48 hours based on your creditworthiness and application review. - Submit Income Verification Documents
Provide required documents, such as tax returns, W-2 forms, or pay stubs, to finalize the approval process. - Sign Loan Documents
After final approval, you’ll receive loan documents electronically to sign, along with a signed contract from your pool builder. - Clear to Start
Once all documents are returned, Lyon Financial issues a “clear to start” notice to your pool builder, and construction can officially begin.
That’s it! With average pool turnaround times of 6 to 8 weeks, you can get approved to swim in your new pool in just under 2 months!
Understanding Swimming Pool Financing Plans & Terms
Before committing to a loan, it’s important to understand the terms and factors that will impact your financing:
How Long Can You Finance a Swimming Pool?
- Pool financing terms typically range from 5 to 30 years.
- Longer terms result in lower monthly payments but higher total interest.
- Shorter terms reduce total interest paid but require higher monthly payments.
How Much Does it Cost to Finance a Swimming Pool?
- Average pool loan amounts: $30,000 to $50,000 but can exceed above $70,000 for pools with extra features like spas.
- Monthly payments: $250 to $850, depending on loan term, interest rate, and amount financed.
Qualification Factors
- Credit history and score. You must have fair credit or excellent credit as lenders don’t usually loan large amounts to people with bad credit.
- Home equity (for secured loans).
- Income and debt-to-income ratio.
- Loan amount and repayment ability.
Tips for Financing Your Pool
Navigating pool financing can be overwhelming, but these tips will help you make informed decisions:
- Get Multiple Quotes: Compare interest rates and terms from different lenders to secure the best deal.
- Check for Prepayment Penalties: Ensure you can pay off your loan early without additional fees.
- Consider a Down Payment: Reducing the loan amount lowers your monthly payments and total interest.
- Review Terms Carefully: Understand all fees, rates, and repayment terms before signing.
- Raise Your Credit Score: Work on getting your score to at least the minimum credit score requirements from lenders.
Why Choose Premier Pools and Spas 915?
At Premier Pools and Spas 915, we go beyond building pools—we help families bring their backyard dreams to life with affordable and flexible financing options. We’ve partnered with leading financing companies like Lyon Financial, HFS Financial, and Viking Capital to offer monthly loan payments that fit your budget.
With a seamless loan application process and a soft credit check, you could lounge in your pool with affordable, monthly installments.
Multiple Financing Options Help You Afford Your Dream Pool
- Lyon Financial: Specializes in swimming pool loans with low fixed rates, long terms, and exceptional customer service.
- HFS Financial: Ideal for homeowners seeking quick, no-collateral personal loans with full control over their funds.
- Viking Capital: Perfect for borrowers looking for flexible approval options, fast funding, and the ability to bundle multiple home improvement projects into one loan.
Lyon Financial Is a Top Choice for Pool Financing in El Paso
Our first partner ensures financing your dream pool doesn’t have to be stressful or complicated. Lyon Financial, with over 43 years of experience, specializes in swimming pool loans, offering homeowners in El Paso peace of mind. Here’s why financing with Lyon Financial is a smart choice:
- Industry Expertise You Can Trust
Since 1979, Lyon Financial has been the leader in pool financing. Unlike traditional lenders, their sole focus is pool loans, ensuring you receive competitive rates, customized terms, and expert guidance. - Personalized, Human-Centered Service
Every loan application is reviewed by a real team member, not an automated system. This personal touch ensures your unique needs are met, with most approvals finalized within 48 hours. - Flexible and Transparent Loan Terms
Lyon Financial offers loan amounts up to $200,000 with repayment terms as long as 30 years—some of the best in the industry. Plus, there are no prepayment penalties or hidden fees, so you’re always in control. - Protecting Your Credit
Lyon Financial takes extra care to minimize unnecessary credit checks, safeguarding your credit score and keeping the financing process straightforward.
Getting a Pool Loan with HFS Financial
Worried about long waits, endless paperwork, and jumping through hoops just to get financing for your pool? Our second partner HFS Financial makes the process simple, fast, and stress-free so you can focus on making your backyard dreams come true.
What Makes HFS Financial Different?
- No Collateral Required: Unlike traditional banks, HFS offers personal loans, so there’s no need to use your home as equity or provide other types of collateral.
- Fast Approvals: Their quick, streamlined process gets you approved and funded in just a few days, eliminating unnecessary delays.
- You Control Your Funds: HFS ensures your loan funds go directly to YOU upfront, giving you complete control over payments to your pool builder.
Viking Capital Has Flexible Pool Financing in Texas
Finally, our third partner, Viking Capital makes financing your dream pool simple and fast. Here’s why they’re a good choice:
- Quick Decisions and Fast Funding
Get approval in as little as 24 hours and funding within 2 days, so you can start building your pool without delays. - Flexible Loan Options
With no-income-verification loans, Viking Capital is a great choice for self-employed borrowers or those with unique financial situations. - Highest Approval Rates
Their flexible loan programs help more homeowners qualify for the funding they need to turn their backyard dreams into reality. - More Than Just Pool Loans
Have other home improvement projects in mind? Viking Capital lets you bundle renovations into one convenient loan.
Our Proven Track Record
Over the years, we’ve helped countless homeowners in El Paso, Socorro and Horizon City own just about any type of pool. From initial design to financing approval and construction, we’re with you every step of the way. Our financing partners make the process seamless, ensuring you can enjoy your pool without financial stress.
Making Your Dream Pool a Reality
Creating a pool is about more than financing—it’s about crafting memories, enhancing your home, and building a lifestyle you’ll cherish for years to come. At Premier Pools and Spas 915, we’re here to make that journey smooth and enjoyable.
Ready to dive in? As one of El Paso’s most trusted pool contractors, Premier Pools and Spas 915 is ready to help take the first step toward your dream pool in El Paso.
With the right financing and a trusted partner, your backyard paradise is closer than you think.
** Loan interest rates are subject to approval and not guaranteed even by meeting our lender’s minimum credit requirements.