Your Secure Quote
It will take you just a few minutes to fill in your loan quote form with some very basic information. Once you are done, you can submit it and get your offer from one of our lenders. It has never been easier to get a loan offer, even with bad credit.
About Hot Tub Loans
Getting your quote is very easy and takes just a matter of minutes. At Loan Monkey, we make it easy to get your loan and even easier to get your hot tub. Here is why.
When you get hot tub financing from one of the lenders in the network, they will send you the money directly. This will allow you to pay for the hot tub directly. The advantage of this is that you can use any manufacturer that you like and can therefore negotiate a better price. It is far easier to haggle when you are not dependent on a manufacturer’s in house financing. So, now that you see the advantage of getting your loan from one of the lenders in the network, let’s look at how the process works.
First, you will fill out the quote form at the top of the page. It asks for some basic information such as name, address and your income information. Your income just needs to be some sort of money that you receive on a regular basis, it does not even need to be a job to qualify. The form will also ask you for your routing number and account number of your checking account. Your lender would potentially use this to send you your money.
After you are done, take a second and double check your information. This will prevent there from being any slow downs in the process later. Once you have done that, you can hit the submit button. When you do this, it goes to the loan network.
This is where the power of a loan network comes into play. With a manufacturers lender, if you get denied, the game is over. With a network, if one lender passes, your info simply goes on to the next one. This happens repeatedly and quickly until one is found that wants to make you an offer on your hot tub loan.
If you get an approval, you will be given a chance to review all of the offer details. You should thoroughly review this information before you accept your loan. You need to know, among other things, if the total cost of the credit is worth it to you. You also need to fit the future payment into your budget and see if it fits. A hot tub is a luxury item, so you do not want to be broke just to have one.
After reviewing your offer, you can accept the loan if you like all of the details. You should be able to complete everything online but every lender is a bit different. In any case, it will be easy and your lender will try to get you your money just as soon as they can.
More Must Know Information
Before making a major financial commitment, you should try to be as prepared as possible. To that end, we present you with some more information about hot tub financing with bad credit.
Average Hot Tub Costs
Hot tubs come in all sorts of price ranges and can be had for as little s $2000. If course for that kind of price, you are not going to get much of a tub. For most of us, what we will be looking at is a mid tier hot tub which will come in at between 6000 dollars and 9000 dollars. If you want to go high end, you are looking at spending somewhere between 9000 dollars and 15000 dollars. This will give you all the bells and whistles but might be a bit much for some of us.
Your Loan Rate
Your loan rate will be determined by the amount you borrow, your income, your credit to some extent and other factors set by the lender that makes you an offer. Since we are not a direct lender, we can not guarantee you a certain rate or an approval for that matter.
We can however give you some advice on how to improve your approval odds.
Lenders are looking for stability so if you have bad credit, you may still be able to get a loan if you can prove that you are stable and are therefore more likely to pay back the loan. You can do this by sticking with the same job and living at the same residence for a long time, at least two years. That makes you much less of a risk than someone who moves every year and who is constantly changing jobs.
If You Get Denied
So now what should you do if you get denied. It could happen, even with lenders that are used to working with bad credit. If that happens, you mainly need to work on improving your credit rating. This is actually easy to do, it is no mystery.
Credit is all about paying your bills on time and using available credit responsibly. So to improve your credit, pay your bills on time. That is the most important thing. Paying your bills on time for as little as 6 months could improve your credit enough to get that hot tub financing.
Besides on time bill paying, the most important thing is to get your revolving credit balances low. Your goal should be to get them down to below 30 percent. The closer you get to that number, the better your credit will be.
If you have no credit cards, your next course of action should be to get an entry level card or a secured credit card. That will work wonders in getting your credit re-established.