Everything You Need to Know About Financing a Hot Tub

Buying a hot tub is an investment in your health, wellness, and overall quality of life. But many people think a hot tub is out of reach financially. The good news is that your hot tub can fit right in with your budget, home, and lifestyle with financing.

Quality hot tubs like the ones we sell from Hot Spring Spas have a wide range of price points depending on the model and the features. While you can pay for your spa with cash, many of our customers finance their purchases.

If you’re wondering how to pay for your dream spa, check out this article as we look at financing options.

Finance Your Hot Tub

We offer several financing options. You can check them out on our website or discuss them with us in-store.

They are available with approved credit, and we have put together a great portfolio of options for you to choose from.

Learn More

Take Out a Personal Loan

This is an unsecured loan. You don’t have to put up any collateral for a personal loan. However, interest rates on personal loans are typically higher than you would find on home equity loans and HELOCs.

Pay With a Credit Card

This can be a quick, convenient way to finance your new hot tub. Plus, you may have a card that has rewards and perks like cash back or airline mile, so you are earning while spending!

Do make note of your available credit as well as the interest rate on the card you are using, especially if you don’t plan to pay the balance off quickly.

Consider shopping for a low-rate credit card, as that can make a big difference in the overall cost of your purchase.

Home Equity Loan or a Line of Credit (HELOC)

Home equity loans and HELOCs are two additional ways you can use your home as collateral to obtain a hot tub loan. To qualify for either option, you must have at least 15% equity in your home. Both options can have low interest rates, but you risk losing your collateral if you default on the loan.

How Long Will I Pay for My Hot Tub?

Next you want to look at the interest rates and length of the payment terms on your available financing options.

The monthly payment for a hot tub is based on two factors: interest rate and length of the loan term. For example, if you qualify for a 0% APR financing promotion, your monthly payment is simply the principal price (total upfront cost without interest) of the hot tub divided by the number of months in the loan term.

However, most traditional lenders require you to have good credit (a score of 670 or above) to qualify for some financing promotions. Hot tub financing with bad credit is still possible, but you will likely be offered a higher interest rate. To offset this, you might consider putting more money down or stretching payments out over a longer time.

If you don’t find or qualify for a zero-percent promotion, your monthly payment will include interest. Your interest rate varies based on the market and your own personal credit.

Please give us a call, stop by, or use the chat widget to ask us about financing, and we can provide you with more information about monthly payments.

Tips to Get the Best Possible Interest Rate on Your Hot Tub Loan:

Get pre-approved for a loan before you start shopping for a hot tub. This helps you set a budget by giving you an idea of how much you can borrow and what your monthly payments will be.
Explore our spa financing programs.
Shop and compare rates from different lenders. Consider credit unions, banks, and online lenders. Be aware that too many inquiries can impact your credit score.
Consider using a home equity loan or HELOC to finance your hot tub. These loans typically have lower interest rates than personal loans or credit cards.

The Benefits of Financing a Hot Tub

Financing your hot tub at a competitive rate may open the door for you to upgrade to a better spa with more features.

Compare your payment based on variables. These include the cost of your spa, the interest rate, and the term of your loan to settle on a payment that works for your budget. Keep an eye out for our promotions to save over the life of your loan.