Hot Tub Financing
So you’ve decided to purchase a hot tub. You’ve selected the model, colors, accessories, and even decided where you’re going to put it at your home. The only thing left to decide is… how will you pay for it? There are many hot tub financing options available, so what’s right for you?
Personal loan from your bank
You could apply for a signature loan at your banking institution. This is usually a fairly easy process. Generally, you can apply online for a small loan through your bank’s website. The options regarding monthly payment and interest rates vary a great deal from one bank to the next and from one loan to the next depending on the loan options selected. Check with your financial institution for specific details.
An existing credit card
What could be easier? Flip out an existing card and be done with it. If you have one of those cards where you earn points, this may sound like a great idea. But, is that really your best choice? Do you have enough open balance available? What happens if other things come up which you need to purchase, but your credit card is maxed out? What interest rate will you be paying? What happens if you miss a payment – late fees? More interest.
Refinancing your home
This is a very common approach for consumers to take when adding features to their homes. By refinancing your existing home mortgage balance and increasing the loan balance beyond the total payoff amount, you could use those extra funds to pay for your hot tub. Refinancing will also perhaps allow you to tap into a lower interest rate for your mortgage, depending of course, on your current rate. You could potentially even lower your monthly payment. However, there are some pitfalls to home mortgage refinancing as a means for purchasing a hot tub. It is a lengthy process, and generally involves additional fees to the bank to cover the administrative costs of all the paperwork. If you have the extra time and don’t mind paying those fees, this could still be an option for you. Another potential pitfall is extending the term of your home mortgage loan. How many months or years do you want to continue to make those monthly payments before your home is paid in full? Perhaps you don’t intend to stay in your home for the life of the loan, so you don’t really expect to see that day. A refinance will still impact your equity and make a difference in the funds you receive when you sell your home – usually a negative difference.
Home Equity Loan
Often referred to as a “second,” this type of financing is similar to a home mortgage refinance in that the equity in your home is used as security against the funds loaned to you to pay for your hot tub. However, this is indeed a separate loan and will require a separate monthly payment to your bank or lien holder. This also can be a bit of a lengthy process to get to the funding date, and will most likely incur some sort of banking fee to cover administrative costs. You’ll also see that impact to your equity if you should sell your home prior to settling this debt.
Specialty Credit Card
This concept is similar to the idea of a department store or gas company credit card. It’s a line of credit accessible through the use of a credit card, accepted at a specific retailer. One such card helpful in the use of buying a hot tub is from Wells Fargo. The Wells Fargo Outdoor Solutions Visa® Credit Card is ideal for purchases of hot tubs and other outdoor related purchases. Best of all, the application is secure, quick funding, and provides purchase programs with special financing terms with approved credit.Right now participating Marquis® dealers will help you apply on the spot, while you’re in the store! Credit decisions only takes a few minutes, so you’ll know if you’re funded before you even decide on which hot tub color you like best.The most popular Wells Fargo Outdoor Solutions Visa Credit Card programs for purchasing a hot tub include:
- 12 months no interest if paid in full. Interest will be charged to your account from the purchase date if the purchase balance is not paid in full within the promotional period. *
- 0% APR for 36 months.**
It’s as easy as that. There’s no need to wait to make your purchase. Take your hot tub home today and enjoy it while you are making those monthly payments – and enjoy 0% interest when you pay in full during the promotional period.
Don’t let financing get in the way, visit your local Marquis® hot tub dealer, ask about the Wells Fargo Outdoor Solutions Visa and start soaking today!
**The Wells Fargo Outdoor Solutions Visa® credit card is issued by Wells Fargo Financial National Bank, an Equal Housing Lender. Special terms apply to qualifying purchases charged with approved credit at participating merchants. The special terms APR will continue to apply until all qualifying purchases are paid in full. The monthly payment for this purchase will be the amount that will pay for the purchase in full in equal payments during the promotional (special terms) period. The APR for Purchases will apply to certain fees such as a late payment fee or if you use the card for other transactions. For newly opened accounts, the APR for Purchases is 27.99%. This APR may vary with the market based on the U.S. Prime Rate and is given as of 01/01/2015. If you are charged interest in any billing cycle, the minimum interest charge will be $1.00. If you used the card for cash advances, the cash advance fee is 5.00% of the amount of the cash advance, but not less than $10.00. Offer expires [03/31/2015].
*The Wells Fargo Outdoor Solutions Visa® credit card is issued by Wells Fargo Financial National Bank, an Equal Housing Lender. Special terms apply to qualifying purchases charged with approved credit at participating merchants. Regular monthly payments are required during the promotional (special terms) period. Interest will be charged to your account from the purchase date at the APR for Purchases if the purchase balance is not paid in full within the promotional period. For newly opened accounts, the APR for Purchases is 27.99%. This APR may vary with the market based on the U.S. Prime Rate and is given as of 01/01/2015. If you are charged interest in any billing cycle, the minimum interest charge will be $1.00. If you use the card for cash advances, the cash advance fee is 5.00% of the amount of the cash advance, but not less than $10.00. Offer expires [03/31/2015].