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Hot Tub Financing

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Many of us dream of owning a hot tub, spending cold nights in warm bubbly water, laughing with friends and family, or relaxing alone after a hard day. The only barrier between you and your dreamy hot tub? Funding. Hot tubs are expensive, especially when you add installation and maintenance costs. With hot tub financing, you can make your dream a reality, allowing you to receive the funding you need to purchase a high-quality hot tub.

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Can you get financing for a hot tub?

Yes, it is possible to get financing for a hot tub. Many lenders and financial institutions offer specific loans or financing options for hot tub purchases. These options can help you spread out the cost of the hot tub over time and make it more affordable.

How much does a hot tub cost?

According to a HomeAdvisor, the price of a brand new hot tub can vary depending on factors such as the size, features, brand, and quality. On average, a basic hot tub can range from $2,000 to $5,000, while high-end models with advanced features can cost anywhere from $6,000 to $15,000 or more. It's important to note that these prices are approximate and can vary based on the specific hot tub model and the retailer.

How can I finance a hot tub purchase?

There are several options available for financing a hot tub:

  • In-House Financing: You may find that you can receive financing from the dealer, or even the manufacturer, you choose to purchase your hot tub from. They will work with a partner lender to allow you to pay for your hot tub in monthly installments, with added interest. The rate and terms you will be offered will depend on your credit score. Just ensure that you cannot get a better deal elsewhere before opting for in-house financing.
  • Personal Loan: A personal loan is one of the most popular ways to finance a hot tub. This loan type will provide you with a lump sum that you are then required to pay back in weekly or monthly payments, with added interest, over a set term. The amount you will be able to borrow and the interest rate will depend on your creditworthiness as well as the individual lender.
  • Credit Card: If you can qualify for an introductory 0% APR offer, or even find an interest rate below 6%, you could think about using a credit card for your purchase. However, this can be risky for large purchases unless you can pay back the full amount before the high interest rate kicks in as it could be extremely costly.
  • Home Equity Loan: There is also the option to use a home equity loan, also known as a second mortgage. Since your home is put up as collateral, you can often qualify for high loan amounts with low interest rates, but you will risk losing your home if you are unable to make repayments.
  • HELOC: A home equity line of credit will provide you with financing that you can draw from as and when you need to, only paying interest on what you use. With affordable rates, this could be a desirable option, but, like a home equity loan, your home is put at risk as it is used as collateral.

Is it worth financing a hot tub?

The decision to finance a hot tub ultimately depends on your personal circumstances and priorities. Here are some factors to consider when determining if financing a hot tub is worth it for you:

  1. Budget and Affordability: Assess your budget and determine if you can comfortably afford the monthly loan payments. Consider your current financial obligations, income stability, and any potential changes in the future. Ensure that adding a loan payment for the hot tub won't strain your finances.
  2. Value and Enjoyment: Evaluate the value and enjoyment you expect to derive from owning a hot tub. Consider how frequently you'll use it, the therapeutic benefits it offers, and the overall enhancement it brings to your lifestyle. If you anticipate significant value and enjoyment from the hot tub, it may be worth financing to make it more affordable upfront.
  3. Interest Rates and Terms: Compare the interest rates and terms offered by different lenders. Look for favorable rates, reasonable repayment periods, and flexible terms that align with your financial goals. Ensure that the cost of financing, including interest charges and fees, doesn't outweigh the benefits of owning the hot tub.
  4. Resale Value: While hot tubs can add value to a home, it's important to consider the potential impact on resale value. If you plan to sell your home in the near future, evaluate whether the financing costs and potential depreciation of the hot tub may outweigh the value it adds to the property.
  5. Alternative Funding Sources: Explore other funding options, such as saving up for the hot tub or utilizing existing savings. If you can afford to pay for the hot tub outright without financing, it may be a more cost-effective option in the long run.

What credit score do you need to finance a hot tub?

The credit score required to finance a hot tub can vary depending on the lender and their specific requirements. In general, lenders offering hot tub financing typically look for borrowers with good to excellent credit scores. A credit score of 670 or higher is often considered a good starting point to qualify for competitive financing options.

However, it's important to note that credit score alone is not the sole determining factor for loan approval. Lenders also consider other aspects of your financial profile, such as your income, debt-to-income ratio, employment history, and overall creditworthiness.

If you have a lower credit score, it doesn't necessarily mean you won't be able to secure financing for a hot tub. Some lenders specialize in providing financing options for individuals with lower credit scores or offer alternative financing programs.

To increase your chances of qualifying for hot tub financing, you can take steps to improve your credit score, such as making timely payments on existing debts, reducing credit card balances, and addressing any negative items on your credit report.

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Can you get a hot tub loan with bad credit?

If you have bad credit, there will still be options available to you for hot tub financing, but you may find that it is not worth the expense.

When you have bad credit, you will be offered loans with much higher interest rates which will make your loan particularly expensive. Be sure that you know exactly what you can afford before taking on any type of financing. It is best to work on building your credit score or saving money before making a purchase of this size.

If you have bad credit, make sure you understand what your hot tub will cost you. If your financial situation has turned around and you’ll find the repayments easy, then you likely don’t have anything to worry about, but if your finances aren’t always stable it is likely best to hold off on your hot tub purchase for now.

How much does a hot tub loan cost per month?

The amount hot tub financing will cost per month will depend on the borrowing amount, the interest rate, loan terms, and the lender.

Here are some potential cost components to consider:

  1. Loan Payments: If you financed the hot tub, your monthly payment will depend on the loan amount, interest rate, and repayment term. Use a loan calculator or consult with your lender to determine the exact monthly payment.
  2. Energy Consumption: Hot tubs require electricity to power the jets, heater, and other features. The monthly cost will depend on your location, usage patterns, and the efficiency of the hot tub. On average, hot tub energy costs can range from $10 to $50 per month.
  3. Water and Chemicals: You'll need to regularly test and balance the water chemistry in your hot tub, which includes purchasing chemicals like chlorine, pH adjusters, and sanitizers. The monthly cost for water treatment products can vary, but it typically ranges from $10 to $30 per month.
  4. Maintenance and Repairs: Hot tubs require regular maintenance, such as cleaning, filter replacements, and occasional repairs. The cost of maintenance and repairs can vary depending on the specific hot tub model and any unforeseen issues that may arise.

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How to apply for hot tub financing

Applying for hot tub financing typically involves the following steps:

  1. Determine your budget: Before applying for financing, establish a budget for your hot tub purchase. Consider the total cost of the hot tub, including taxes, delivery, installation, and any additional accessories or features you may want. This will help you determine the loan amount you'll need.
  2. Research lenders: Look for lenders that offer hot tub financing or personal loans. Consider factors such as interest rates, loan terms, repayment options, and any specific requirements they have. Compare multiple lenders to find the best terms and rates that suit your needs.
  3. Check your credit: Obtain a copy of your credit report and check your credit score. Ensure that the information is accurate and dispute any errors if necessary. A good credit score can increase your chances of getting approved for favorable financing terms. If your credit score is lower, consider lenders who specialize in financing options for individuals with less-than-perfect credit.
  4. Gather necessary documentation: Lenders typically require documentation to process your loan application. This may include proof of identity, proof of income (such as pay stubs or tax returns), bank statements, and any other documents the lender requests. Gather these documents in advance to streamline the application process.
  5. Submit the application: Complete the loan application provided by the lender. This can usually be done online, by phone, or in person at a branch location. Provide accurate and truthful information, including details about the hot tub you plan to purchase and any additional financing requirements.
  6. Review and sign the loan agreement: If your application is approved, carefully review the loan agreement and all associated terms and conditions. Ensure that you understand the interest rate, repayment terms, any fees or penalties, and any other important details. If everything looks satisfactory, sign the loan agreement to proceed with the financing.

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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

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