Getting the opportunity to have your hot water tub can be like a dream come true for many Canadians. Hot tubs are mainly used for stress and pain relief and are a convenient way to kick back and relax after a busy week, and you can enjoy your time in the hot tub alone or with friends and family.

However, setting these benefits aside, this luxurious and comfortable warm water retreat is not at all cheap. Today we will discuss some of the top financing options for buying a hot tub. For a better understanding, you can visit Alpine Credits.

What is the cost of a hot tub?

A hot tub is not cheap; it costs between $2000 to $32000, with the medium size hot tubs ranging from 4000 to $8000. Additionally, this is only the buying price as you will have to spend some more on electrical wiring, installation, and the cost of ground preparation.

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Not all homeowners will have enough savings to finance this project. Thus, you might need to look into some external financing options. This can also factor into the cost depending on the interest rate of your loan and how long it takes to pay off the entire loan.

Repair and maintenance cost

To keep your new hot tub in the best working condition, you must maintain and clean it regularly. Cleaning charges, labour charges, broken pieces, and utility costs must be calculated initially. Although the maintenance cost is not included while financing the hot tub, incorporating the maintenance costs will help you decide which product to purchase.

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Is it possible to finance a hot tub?

Simply put, it is definitely possible to finance a hot tub. There are several ways to buy a hot tub if you do not have enough cash to pay upfront, and we’ll be discussing three different financing options which you may consider.

Before that, however, you need a fair credit score to get most loans. Only a handful of money lending companies will offer you a loan with a low credit score, and in most cases, your credit score has to be around 620 or above.

Depending on the money lender, you might be able to get a loan with a credit score lower than 600. However, the interest rate will be higher with strict terms and conditions.

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Option 1: Financing your Hot Tub with a home equity loan

Installing a hot tub in your house will add to the value of your home, so you can apply for the Home Equity Loan or Home Equity Line Of Credit to buy a hot tub. The funds can also be used to finance other costs like hot tub installation, landscaping or constructing a platform or deck, buying surround sound, the enclosure, and lighting.

However, for applying for a home equity loan, you need to ensure that you have enough property equity to cover the hot tub cost. Equity is defined as the house’s actual value subtracted from the outstanding loan amount.

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So, if your house has an appraisal value of $400,000 and about $300,000 left on your mortgage, you can apply for equity of $100,000.

However, the most significant disadvantage of a home equity loan is that you will be using your home as collateral. So in simple words, if you make major payment defaults, you will not only be losing your new hot tub but will also lose your house. Home equity loans and HELOCs come with higher service charges and are not worth it.

Option 2: Buying A hot Tub using Credit Cards

Most top credit card companies nowadays offer cards with a 0% APR promotion. So depending on the type of credit card, you might be able to get 21 months to pay off a big purchase without paying any interest. Credit cards with shorter promotional periods may provide better rewards when you make a big purchase.

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Since the credit limit on 0% APR credit cards is limited, using a card to buy a hot tub is one of the best solutions. However, before opting for a credit card, you need to compare the top credit card options and take advantage of one of these promotional offers.

Option 3: Financing a hot tub with a personal loan

Most people opt for personal loans since these funds can be used for just about anything, the processing time is less, and the loan, in most cases, is unsecured.

So with an unsecured loan, you do not have to put up any property or your hot tub as collateral. All you have to do is keep a good credit score, and you will qualify for the loan with a lower interest rate which can often be in the single digits.

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Also, you can choose a short or long repayment period while taking a personal loan. Remember that shorter repayment periods usually come with lower interest rates. The loan amount, interest rate, and terms and conditions vary depending on the type of money lender. Moreover, it is always advised that you compare some of the best options before choosing.

The funds obtained from the loan can be used for the hot tub installation, electrical connection, landscaping, and multiple other activities.

However, the main drawback of a personal loan is that you might not be eligible for a low enough interest rate for a hot tub. The moneylender might issue a shorter repayment term, forcing you to pay higher monthly installments.

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When selecting the right hot tub for your home, make sure that you compare different contractors and brands to find the best product. When choosing a hot tub, you don’t necessarily need to pay more for advanced features. Similar hot tubs with the same features might be available at lower costs with the installation cost included.

When you are financing your hot tub, you need to review and recheck each of these financing options carefully. These options come with a set of advantages and disadvantages. So you must be careful while making your choices.


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