At times, you may wish to construct pool dome enclosures, however, inadequate finances could be the greatest impediment to the process. Again, this should not prevent you from having a pool enclosure design of your choice.
In this article, I will share with you some of the most reliable ways to finance pool dome enclosures. Of course, everyone craves to enjoy all the benefits of pool enclosures.
Financing pool dome Enclosures in simple steps
Before we discuss various ways to finance pool dome enclosures, let’s begin by exploring the prices. This is because, from these prices, you will budget for the entire project.
Key factors that determine swimming pool enclosure prices include:
- Type of material
So, as you choose your swimming pool enclosure, remember to consider the three.
While other pool dome enclosure manufacturing companies are increasing their prices, we strive to make them affordable for you. We have reduced our enclosure prices by more than 10%.
Remember, the total amount of money you need should include both the cost of the enclosure and labor costs.
With this in mind, let us discuss some of the ways to finance your pool dome enclosures.
Financing pool swimming pool enclosure from savings
This is the cheapest and a better way to finance pool dome enclosures. Why do I say so?
- The process does not have additional expenses such as interest rates.
- No paper work – simply walk into a store and buy your pool enclosure.
- Convenience – buy the enclosure when you want with no obligations of terms attached to the process.
- Gives you a peace of mind – no need to worry about repaying the loan.
Here, you will definitely enjoy using the pool without worrying about the ups and downs loans come with.
It seems like this is the best way to get a swimming pool enclosure. However, how many people can finance swimming pool enclosure from savings? There are very few.
Closely related to this is borrowing money from friends and family. Normally, this financing method comes with either zero or very low interest rate. It will depend on the nature of the agreement.
In case you can’t manage to get the two, you have no option, but to approach a financial institution.
Now, how do you go about this process?
Financing pool dome enclosures from loans
Well, this is a good idea thou, getting a fair deal is never a walk in the park.
For a fact, there are very many financial institutions willing to lend home owners. There are those who even claim to make these funds available within 8 hours. Furthermore, some try to make the process so easy that they allow for online applications.
I would like to warn you in advance – When the deal is too good think twice.
You could end up repaying the loan longer than you anticipated. By the end of it, you may realize the cost of financing is more than 25% of the actual cost of the pool dome enclosures.
When you consider financing pool dome enclosures, there are two types of loans that you may go for – secured and unsecured loans.
Secured loans for pool dome enclosures
The term “secured loans” is from the fact that, a lending institution will require a collateral before it issues a loan. This implies, when you default, the lending institution can claim the rights of a property used as a collateral.
You should check with the lending institution of choice the type of collateral they accept. This could be a house, piece of land or drivers logbook. In most cases, lending institutions will use your home as a collateral.
Secured loans for pool dome enclosures are the most common way to finance this equipment. The key benefits of secured loans are:
- Lower interest rates
- Installments can be spread over a long period of time
Unsecured loans for pool dome enclosures
Here, the lending institution does not attach the loan to any collateral. Since they are risky loans to the lending institution, you should expect the following:
- High interest rates
- Payment terms are spread within a short period of time.
Do you qualify for a swimming pool enclosure loan?
Normally, the financial institution will first focus on your credit rating. If you have a low credit score, then chances of getting an unsecured loan are very minimal. This is why it is advisable to have a good credit rating.
To determine whether you qualify for a loan or not, the lending institution will determine the current equity in your home. Moreover, most lending institutions will focus on your ability to finance the loan.
Which lending institutions should I go for?
For a fact, don’t take their word for it. They will entice you with lucrative deals only to find out that there were some hidden clauses, making you to be their “slave”.
You need to do thorough research and compare rates and terms of the loan. For instance, I found this information about swimming pool lending rates useful.
The terms of the loan may vary depending on the amount of money you want to borrow. Below is an example:
As you can see from this lender, even the region/state also plays an integral role when it comes to determining the lending terms and conditions.
It is advisable to seek assistance from an expert in the finance industry. He or she should advise you accordingly depending on your location.
Remember, you could be lucky to find loans with fixed rates and no prepayment penalties. Just be sure to evaluate all pool dome enclosure financing options the company offers. But, be careful not to be part of a fraudulent company that will steal from you by adding unnecessary penalties.
If you can finance the construction of pool dome enclosures from your savings, the better. However, if you must get a loan to finance the process, then do thorough research to get a cheaper option. Make sure you understand all terms of the loan contract.