Hot Tub Finance
Dealer Financing – Let Mile High Hot Tubs help you!
Dealer financing is a smart and convenient way to invest in your next hot tub. Mile High Hot Tubs partners with GreenSky, a Goldman Sachs company, to offer a range of attractive financing solutions directly to our customers. With various plans available, you can choose the option that best fits your budget and timeline.
The key benefits of dealer financing are simplicity and speed. Everything is handled through one source, and approval decisions are made quickly—saving you the time and hassle of shopping around for different loan providers.
GreenSky
GreenSky is a leading technology platform that facilitates home improvement loans of up to $65,000. These loans are issued by partner banks and made available through trusted contractors like Mile High Hot Tubs who use GreenSky’s streamlined financing process.
GreenSky offers several types of financing, each designed to support different budgets and financial goals:
GreenSky Loans
Deferred-interest loan: These loans feature a promotional period during which interest accrues but may be waived if the balance is paid off within the specified time. This can be a budget-friendly option for those planning to repay quickly.
10 Year Term Loan: Fixed APR of 9.99% over 120 months. For example, a $10,000 loan would result in a monthly payment of approximately $132.09. You’re free to pay off the loan early with no prepayment penalties.
Reduced-rate loan: For customers needing a longer repayment window, GreenSky offers reduced-rate plans with extended terms of up to 25 years. Rates vary based on loan amount, credit profile, and other factors, typically ranging from 0.99% to 24.99%.
Fast funding: Financing is processed at the point of sale, meaning you could secure funding immediately—much faster than traditional personal or home equity loans.
Joint applications available: Apply with a co-borrower to combine credit and income, which may improve your approval odds. (Note: GreenSky does not offer co-signer options—both applicants share full responsibility from the start.)
Whether you’re purchasing a hot tub, swim spa, or sauna, Mile High Hot Tubs is here to help make your wellness investment more attainable.
Ready to learn more about your financing options? Call Mile High Hot Tubs today!
When it comes to making big purchases like a hot tub, financing can help you break the cost into smaller, more manageable payments. However, with so many different options available, it can be hard to know where to start. That’s why we’ve created this guide on hot tub and swim spa financing.
Another consideration when deciding the best hot tub, swim spa or sauna for you is where you won’t have to spend money because you have a hot tub. Having your own spa can cut down on other expenses like physical therapy, a pool membership, a gym membership, paying for massage, acupuncture or other health services. Spas, hot tubs and saunas have many health benefits that may reduce the time and money spent on doctors and other health professionals.
Still, no matter how much you want that perfect spa addition for your backyard oasis or dream hot tub getaway right in your own home, cost is often at the forefront of any decision-making. With hot tub prices ranging anywhere between $5,000 and $20,000 or even more depending on accessories and features desired, paying in full may be daunting, or feel impossible. However, with proper research of different financing option available these purchases become much more feasible.
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is a loan that acts like a credit card, allowing you to draw funds when needed, up to the stated maximum lending amount. HELOCs are established as revolving lines of credit and use the equity in your home as collateral. The interest on such loans is calculated daily instead of monthly due to the variable balance from day-to-day. The entire time period for a HELOC includes both a ‘draw period’ for using the money and an ‘repayment period’ thereafter when the draws taken must be paid back with interest.
Most people typically take advantage of HELOCs to undertake expensive remodel projects, purchase large items like cars or appliances, and pay off high interest debt by taking out lower rate credit. Considerations such as length of borrowing horizon and whether you want full access to the loan proceeds upfront or only when you need it should be factored in prior to securing a HELOC. Additionally, many banks offer low or no interest HELOCs for anywhere from 12 months to 5 years which can give you longer to repay the loan and save a lot of money. it’s important to check out all available offers from various banks before making your final decision on using a HELOC.
Another consideration is how long it can take to get a HELOC. Since it is a bank loan, it can take up to 3-4 weeks to get the financing and you will probably have to pay closing costs.
Keeping a large balance on your credit card can also negatively affect your credit score. Many people apply for no interest credit cards to make large purchases without realizing that having a balance that equals 70% of your credit limit or more severely impacts your credit score. In addition, if you don’t pay the balance by the end of the promotional period the new interest rate can be prohibitive.
