Published by Matt Fichera on Sep 24 2019
Spa Financing Options
Financing for 48 Months with Approved Credit Through Wells Fargo
E-Z Test Pool Supplies is proud to offer financing options that help make the dream of owning a hot tub a reality. Hot tubs are great for relaxation and stress relief, they can become part of your lifestyle with certain health benefits and are also a great place to gather with family and friends.
There are several ways to purchase a spa or hot tub in today’s world. Purchasing with cash gets you out of a monthly payment or paying the additional interest that accrues during the life of a loan. The only real drawback from using cash if it is available is now it is not there for other uses. If you are making several large purchases in a small window of time, it may in fact be worth it to investigate financing options for at least some of the money.
A home equity loan certainly is a type of loan that could make good sense as the purchase of a spa could increase the value of your home. Using a home equity line of credit could qualify you for rock bottom interest rates as the loan would be tied into an already existing home loan. These funds could be used for spa purchase and installation but also could be spread over the cost of landscaping, electrical wiring, site preparation or anything else that’s related to the hot tub like decking, lighting, surround sound, or any kind of enclosure that you may choose. You will have to have established equity in your home that would cover the cost of the spa. Equity is defined by how much the house is worth minus the outstanding loan amount. If your home was appraised at $320,000 and you still owe $245,000 on your mortgage then you have $75,000 in equity. A big negative on this type of loan is that you are using your home as collateral. If for some reason you ever run into financial trouble before paying the money back you could lose both your spa and your home. This is something to consider. These loans also come with high fees that could make it not worth it unless the low interest rate counters it.
Another choice is a personal loan which is a good stand by and they can be used for just about anything. It is typical for this application process to happen very fast. It is typical for this loan to be unsecured which means there isn’t any collateral and if you have a high credit rating you could qualify for an interest rate in the single digits. It is here where you can really make this type of loan work for you because it usually is a very low interest rate or no interest rate at all for a certain amount of time. This is incentive for you to pay the amount back quicker.
Getting a loan that is specifically intended for a spa or hot tub is also easily done as we partner with Lightstream which is a lender that specializes in the financing of hot tubs. Lightstream is a very reputable organization that can help navigate the process. Funds that you get from them can also be used for related expenses like the decking, landscaping, site preparation or even accessories. Lightstream also may be able to offer a lower interest rate than you’d get with a personal loan. Plus, you’ll get a discount on your rate if you set up autopay through your checking account. Lightstream has the ability to put the funds directly in your bank account the very same day that you get approved with the idea being that as a cash buyer you may be able to secure a better deal.
There’s also always the option to finance the purchase of your hot tub with one or more credit cards. This option will obviously depend on you having open and active cards with a high enough credit limit and room to fit the purchase on them. It is typical for credit card companies to offer a certain amount of time where you can pay off a large purchase with little to no interest. Some credit cards with slightly shorter 0% APR promotional periods may provide rewards on your big purchase. A drawback of this choice is that you have to consider space on your cards for other purchases. This is also dependent on the total cost of the hot tub itself. You may want to do some research on credit cards as well because some give you rewards to incentivize larger purchases.
Securing financing can involve some research and we would definitely suggest reading about your options prior to purchase as you may find something that works even better for you that you weren’t aware of. At E-Z Test Pool Supplies our ultimate goal is to get you into the spa of your dreams. We’re available to gladly answer any and all financing questions that you may have!
For more information, please visit any of our 3 stores, call us, or use the form below to have a specialist contact you with more information.