What Does Hot Tub Financing Look Like?
Buying a hot tub can improve your wellness and overall quality of life in many positive ways. But how does it affect your finances? This article looks at hot tub financing and how it can help you stay within your budget.
Owning a hot tub is an investment in health and wellness. When purchasing one, you want to make sure it not only fits your home, your lifestyle, and your needs, but you want to make sure it works within your budget.
Once you choose the model and features that meet your needs at your desired price, you next need to decide how to pay for it. Will you pay cash, use a credit card, or finance your hot tub? If you are going to finance it, you want to ensure it fits within your monthly budget.
Let’s look at some ways to finance your hot tub.
Hot Tub Financing Options
- You can finance through Townley Pool and Spa. We offer 60-month, 0% interest financing on our hot tubs. This is a great deal and helps many people get into the hot tub of their dreams! Payments starting at $154/month make spa ownership truly affordable for many people.
- You can take out an unsecured personal loan, which means you don’t have to put up any collateral. The interest rates on personal loans and home equity loans are typically higher than the rate we offer.
- You can use your credit card. Some hot tub purchasers like to put their hot tub on their credit cards to earn rewards points. This is another option if you can pay the balance off when it’s due. It’s important to note your available credit first and the interest rate if you can’t pay it off quickly.
- You can pay in cash. This is an excellent option for people who have saved money to purchase a hot tub.
- Finally, you may choose a home equity loan or line of credit. With this method, you use your home as collateral for a hot tub loan. You generally need at least 15% equity in your home to do this. With this method, you may find lower interest rates, but you will rarely find 0% interest.
Interest Rates and Payment Terms
When financing a hot tub, your monthly payment is based on several factors:
- The amount you put down on the hot tub (if any).
- Interest rate
- Length of the loan term
If you qualify for our 0% APR financing, your monthly payment is simply the amount you are financing divided by 60 months. If you are financing your hot tub through a traditional lender, your monthly payment will also have interest figured in.
Please note that you must qualify for financing. You may still be able to get financing with bad credit, but your lender may offer you a higher interest rate. To offset this, you might consider putting more money down.
If there is no zero percent promotion, your monthly payment includes interest. Your interest rate varies based on the market and your own personal credit rating.
Tips for Getting the Best Possible Interest Rate
When shopping for loans, whether from our provider or another lender, it’s a good idea to get pre-approved for a loan before you start shopping. This helps you see what hot tub you can afford and what your monthly payments will look like.
Always talk to us about our spa financing programs. We work with lenders specific to the hot tub industry and have very competitive interest rates and terms.
Shop and compare different lenders’ rates. Do be careful that you don’t have too many inquiries for credit that impact your credit score.
Check out a home equity loan.
If using a credit card, call the company and make sure you know what the interest will cost you if you carry the hot tub on your card.
Benefits of Financing Your New Spa
Financing your hot tub allows you to upgrade to a better spa with more features. This is especially true if you qualify for 0% interest financing.
In addition, financing allows you to spread the payments over many months, making your new hot tub infinitely more affordable than paying upfront.
Now that you have this info on hot tub financing, you can start looking for your new hot tub! Call, text, or stop by to learn more about our amazing Hot Spring Spas hot tubs!
