Hot Tub Finance
Dealer Financing – Let Mile High Hot Tubs help you!
Dealer financing is an excellent option for those looking to purchase a hot tub. Mile High Hot Tubs has a relationship with GreenSky, a Goldman Sachs company, meaning we can offer financing directly to our customers. Rates on dealer financing can vary greatly, but GreenSky has a 0% offer, ideal for those looking for a smaller investment to be paid back over a short time.
The two primary advantages of dealer financing are the simplification and convenience of the purchase process. Everything goes through one source, and you get an immediate response about approval. This method saves time by eliminating the need to search around for different rates from multiple lenders.
GreenSky
GreenSky is a technology company that facilitates home improvement loans up to $65,000. Its loans are funded by banks and offered to consumers through home improvement contractors like Mile High Hot Tubs who use GreenSky’s financing platform.
For borrowers who take GreenSky’s deferred interest loan and pay it off during the promotional period, GreenSky is a fast and inexpensive alternative to other options for financing home improvements.
GreenSky Loans
Deferred-interest loan: GreenSky loans with deferred interest accrue interest charges during a promotional period of 12 months. If you pay off the entire balance before the promotion period ends, you pay no interest. If you don’t pay it off, you pay the interest charged during the promotional period, plus interest that accrues on the balance thereafter. GreenSky’s deferred-interest loans are effectively 0% interest loans if the balance is repaid in full within the promotion period. It’s a good option if you know you can repay the balance in full.
10 Year Term Loan: GreenSky offers a fixed APR of 9.99% for a loan term of 120 months (10 years). For example, if you needed a loan of $10,000, you would have a monthly payment of $132.09 for 120 months. If you decide to pay the loan off early there will be no prepayment penalties.
Reduced-rate loan: If you need longer to repay the loan, you can talk to GreenSky about a loan with a lower APR and repayments up to 25 years. The rates range from 0.99% to 24.99% depending on the amount of the loan, your credit and other considerations.
Fast funding: GreenSky loans originate at the point-of-sale, so you can get financing almost immediately — faster than getting a personal loan, which can take a few days, or a home equity loan or line of credit, which can take several weeks.
Offers joint loans: Borrowers can file a joint application for GreenSky financing, which means both applicants’ credit and income will be considered. Adding someone with better credit than you can help improve your chances of approval. The company doesn’t allow co-signers, though. (Co-borrowers are equally responsible for a loan from day one, a co-signer is only responsible if the main borrower can no longer pay.)
If you need funding for your hot tub, swim spa or sauna purchase, call Mile High Hot Tubs about your options.
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.
