Swimming pool loan calculator
Do you have a swimming pool on your home improvement list? A swimming pool loan can help you tick off that achievement more quickly than waiting on your savings. That means you get to upgrade your outdoor surroundings so you can relax in style while paying for the beautiful addition at a steady pace.
Before you sign off on the pool loan agreement, we recommend that you use our monthly repayment calculator to find an affordable solution to your leisure and refreshment needs. Keep reading for a full breakdown of how this pool loan calculator works and how you can use the results to budget for your outdoor retreat.
How does the swimming pool loan calculator work?
The pool loan calculator from CompareLoans.co.za shows you the estimated monthly instalment for any loan amount and loan term you choose. Here’s how it works in 3 easy and short steps:
Select the loan amount
How much are you planning to borrow? You might have already received a quote from a contractor. Enter this amount using the appropriate sliding tool. Personal loan amounts start from R2000 and go up to an average of R250 000. However, the amount you qualify for depends on your monthly income and expenses as well as your credit score.
Choose the loan term
How many months do you need to pay off your pool loan? This is your loan term, and it will affect the total cost of your loan. When you choose a longer payback period, your monthly payments automatically become smaller.
However, smaller monthly repayments also mean that the total paid interest on your loan increases. If you want to keep your pool loan cheap, the best way is to choose the shortest loan term possible.
After inputting the two numbers for your loan amount and term, click “Calculate Repayment.” The swimming pool loan calculator will instantly display your monthly payment. However, please note that the result is only an estimate. After submitting your swimming pool loan application, the actual offer you get is subject to credit approval and other factors.
How can you make your monthly payment more affordable?
- Make a deposit. You can partially finance your pool by making up the difference with any savings you might have. The larger your pool loan deposit is, the less you have to pay per month, or over the life of your loan.
- Choose a longer loan term. If you’re a home-owner installing a pool, then chances are you plan to enjoy the pool for many years to come. Choosing a longer pool loan term gives you more comfortable repayments that leave extra room in your budget for other home improvement expenses. However, try and keep a balance between reduced monthly payments and increased interest costs by avoiding a loan term that’s too long.
- Compare loans. Go through our comparison tables to find a lender that offers relatively cheap swimming pool loans. That can mean a low interest rate, low fees and charges, or discounts that reduce the amount you have to pay back.
- Shop around for the best quote. You can improve your negotiating power with contractors by asking them to match any quotes you might already have. A cheap quote from a reputable contractor allows you to borrow less, which keeps your monthly payments low.
- Choose a loan amount you can afford. Financing a pool is one of those home improvement projects that requires an expensive investment. That being said, it is best to control the size of your project so that it aligns with your budget.
Advantages of using the pool loan calculator
- You get to plan wisely about how the loan will be used. This easy-to-use calculator uses basic information about your loan to give you useful results. This, in turn, helps you to narrow down your pool loan options.
- It helps you choose the right lender. The calculator gives you results for multiple lenders at once. By looking at the results that appear in the comparison tables, you can see what different lenders offer for a particular loan in terms of monthly payments. The good thing is you can carry out a quick comparison in just minutes as the calculator displays fast results.
- You are better able to choose the best deal available for you. Calculating the total cost of your loan gives you the bigger picture when it comes to what you can afford. Once you have an idea of your loan’s monthly costs simply multiply the result with the number of months in your term to get the estimated total cost of getting pool finance.
- Can potentially improve your credit score. Choosing an affordable monthly payment via the loan calculator helps you to avoid financial problems later on. When you can afford your pool loan payments, you become a responsible borrower, and this can improve your credit score.
The next step after using the loan calculator
After using the swimming pool loan calculator to compare your financing options, the application process awaits you. Like the calculator, this next step is carried out online and can be easily completed within minutes. Going back to our comparison tables, simply click “Go to Site” for your chosen lender so you can move on to their website and fill in their application form. The general requirements for the pool loan application process are as follows:
- Valid copy of South African ID;
- Bank statements and payslips for proof of income;
- A good or excellent credit score;
- 18 years and above; and
- Proof of residence.
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