Financing your pool with a construction credit

 

Enjoy a swimming pool in your garden in the height of summer… A dream accessible thanks to the works credit. This consumer loan is used to finance a pleasure purchase such as a swimming pool. With a credit of 30,000 dollars, the possibilities for swimming pools are numerous. It remains only to choose! Which pool for which budget? Which pool credit to choose? Response elements!

Pool credit: what form of consumer loan should you choose?

Pool credit: what form of consumer loan should you choose?

The purchase of a swimming pool is not given to everyone. As with any expensive project, sometimes the use of credit is essential. In this case, consumer credit is often the most appropriate. Thus, for the financing of your project, a financial institution will mainly offer you:

  • A personal loan, the amount of which can be used for your swimming pool but also for one or more other project (s).
  • An allocated credit, which will be exclusively devoted to the purchase and financing of the work on your swimming pool.

Note that a swimming pool credit may also be offered to you directly at the point of sale. Be careful however, because an installer or supplier is paid by the financial organization with which it is a partner. So, who says promo on a loan very often says higher pool price.

Less common, home loans are another option if you buy or have them built. The work relating to the construction of your swimming pool will then be included in your mortgage.

Credit repurchase, an alternative to simple pool credit

Credit repurchase, an alternative to simple pool credit

The purpose of the credit buyout is to consolidate your loans into one, extending the duration of repayment. It is an interesting solution since it will allow you to lower your monthly payments, and therefore, increase your borrowing capacity. This will make it easier for you to make your swimming pool project a reality. Indeed, you can completely back up a new loan to your credit repurchase.

Depending on current loans currently, a financial institution can make two proposals:

  • the repurchase of mortgage, in the event that you wish to redeem at least one consumer loan and one mortgage;
  • the redemption of consumer credit, if you wish to redeem two consumer credit minimum.

How to sort out all the pool credit offers?

How to sort out all the pool credit offers?

To find the best pool credit, you should compare the offers, just as you would for the purchase of furniture or other goods or services. It is an essential step! Because each bank or financial organization charges its own rates. And the gap can quickly widen! To help you, nothing like online comparators and simulation tools. You will save considerable time since everything is done online. You will therefore avoid going from one financial organization to another.

On loan offers, if there is one data that matters, it is the annual effective annual rate (APR). As it includes all credit charges (insurance, debit interest rate, administration fees …), this rate will allow you to compare offers in an objective manner.

Do not ignore other loan conditions, including:

  • borrower insurance (if you find cheaper elsewhere, there is no obligation to take out insurance with the financial institution that grants you the credit);
  • prepayment penalties (not all banks apply them);

Finally, a personal contribution is always welcome: the credit rate will drop as the amount of this contribution!