If you’ve decided that a pool loan is right for you, the next logical question is what credit score is needed and if you qualify.
When evaluating a loan application, lenders ideally want at least five years of credit history consisting of a variety of account types (such as mortgages, vehicle loans and major credit cards) with a record of consistent on-time payments. Additionally, lenders will also consider your income and debt-to-income ratio to help determine your ability to repay the loan.
Typically, lenders are looking for a credit score of at least 660. As with any loan, those with good-to-excellent credit (740+) will get the better interest rates and lower monthly payments.
However, even if you have “bad” credit, it may still be possible to get a pool loan. But, beware, as this will likely come at the cost of a significantly higher interest rate, adding to the overall cost of the pool.