Is financing a swim spa a good idea?

Whether or not financing a swim spa is a good idea is a personal decision. Before deciding on a loan, look at the interest rate, proposed monthly payment, whether or not a downpayment is required, and any fees charged by the lender. Consider the new monthly expense's impact on your budget and if you have an emergency cash reserve in a savings account should your finances be tight in a particular month.

What will the monthly payment be if I finance a swim spa?

The monthly payment for your financed swim spa will vary based on how much you borrow, the interest rate on your loan, and the length of your loan. For example, if you finance a $20,000 swim spa project over 60 months at an interest rate of 8%, you can anticipate a monthly payment of approximately $405.

Do you need to put a deposit down to get swim spa financing?

Whether or not you have to provide a security deposit to finance your swim spa will vary, primarily based on your credit score. Those with higher credit scores are less likely to need a deposit than those with lower ones. If your credit score is 680 or under, you may be required to make a downpayment, which will lower your monthly payment and lessen the interest you pay on your loan.

Is it possible to finance a used swim spa?

Not all lenders will offer financing for a used swim spa. However, lenders that do offer financing for a used swim spa provided they request details on how you will use your loan, will likely require that the unit comes with a warranty. In this case, you will need to find out if the lender has any restrictions on using the funds associated with your loan. 

About the Author

Ann Schreiber

Written by: Ann Schreiber

Seasoned Copywriter & Content Marketer

Ann has been a marketer and a content writer for over 20 years. She worked for financial institutions such as FICO, Experian, and BlueChip Financial as a director of content and brand marketing.

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