Everything You Need to Know About Financing a Hot Tub.

At Caldera Spas, we want every aspect of your hot tub to be as stress-free as your daily soak. Investing in a spa shouldn’t add to your worries, and with the right spa financing, it doesn’t have to. A hot tub payment plan lets you spread your payments over time to accommodate your budget and bring your dream spa within reach.

Table of Contents.

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  1. Factors That Impact Price.
  2. How Much Does It Cost To Finance a Hot Tub?
  3. Hot Tub Financing Options.
  4. How Hard is it to Get Financing for a Hot Tub?
  5. How Long Can You Finance a Hot Tub?
  6. Financing Interest Rates and Fees.
  7. Hot Tub Financing Comparison and Estimator.
  8. Things to Consider When Buying a Hot Tub.
  9. Ready to Explore Your Options? We’re Here to Help!

Let's look at each factor separately.

1. Factors That Impact Price.

The overall cost of a hot tub depends on factors that include quality, design, performance and features. Prices can range from $3,000-$20,000+. In addition, dealer-specific factors, such as location and the service plan you choose, will influence your final cost. Before purchasing any spa, make sure it comes with a quality warranty that is backed and fully funded by a reputable manufacturer.

Hot Tub Price Ranges

  • Luxury ($16,000 and up). Luxury hot tubs offer the best of everything. Their pumps are the strongest, their construction is the most energy efficient and durable, and their designs are the most elegant. They also have the widest array of features, state-of-the-art control systems and entertainment options, and simple, effective water care options.
  • Premium ($12,000 and up). Premium hot tubs are designed to entice. You'll get strong performance, great features, and intuitive controls. These spas are energy-efficient, comfortable, and have attractive hydrotherapy and water care options.
  • Value Priced ($7,000 and up). Value-priced spas focus on specific areas of excellence. If you want a hard-working, durable hot tub, look for one with an acrylic shell, a powerful pump(s), and a reliable, energy-efficient heat system.
  • Entry Level ($4,000 and up). Entry level hot tubs have fewer features, simple designs, basic controls, and modest jet options. Typically, the cabinet and shell are one piece, constructed of rotationally molded plastic instead of smooth, shiny acrylic. However, the warm water and soothing jets of these spas still provide their owners with the immersion and relaxation benefits they seek.

2. How Much Does It Cost to Finance a Hot Tub?

The upfront cost of your hot tub is just one thing to consider when budgeting for your purchase. If you choose to spread your payments over time, it’s important to understand the terms of your hot tub loan. When you finance a hot tub, your monthly rate is based on your interest rate and the duration of the loan. If you are eligible for a promotional 0% APR financing offer, your monthly payment will be calculated by dividing the principal amount (the total upfront cost without interest) of the hot tub by the number of months in the loan term.

3. Hot Tub Financing Options.

There are many possibilities when it comes to financing a hot tub. To narrow down your choices, consider your needs and financial situation, and review the financing options listed below to set up the right hot tub payment plan for you.

Dealer Financing

Ask your local Caldera Spas dealer about available financing promotions. Special, limited time offers may include discounted or 0% financing. In addition, many dealers have ongoing partnerships with banks or credit unions to make it faster and more convenient to finance a hot tub.

Home Equity Loans

A Home Equity Loan lets you use your home as collateral to finance your new spa. With a requirement of at least 15% equity in your home, these loans provide a lump sum with fixed interest rates, ensuring predictable monthly payments over the loan term. These loans offer competitive rates, based on the marker, terms, and your credit rating.

Home Equity Lines of Credit (HELOCs)

HELOCs are similar to Home Equity Loans, with a minimum of 15% equity in your home generally needed. HELOCs offer a revolving line of credit, allowing you to borrow as needed. HELOC interest rates are often variable and are based on market conditions and your credit rating, and terms.

Personal Loans

Personal loans don't require collateral, which makes them accessible to a wider range of borrowers. However, because they are unsecured, they often come with higher interest rates compared to home equity loans and HELOCs.

4. How Hard is it to Get Financing for a Hot Tub?

Your Credit Will Be Checked

Most lenders will conduct a credit check as part of the application process. Your credit history plays a pivotal role in determining the interest rates and terms you qualify for. To qualify for a low or 0% APR (annual percentage rate) spa financing promotion, most traditional lenders require your credit score to be 670 or above.

Getting Hot Tub Financing with Bad Credit

If you have bad credit, there are still many options when it comes to hot tub financing. A range of personal loans, specialized high-risk credit financing programs, and secured loans are available, which may come with higher interest rates based on your credit history. Be sure to review terms and conditions carefully. To lower your monthly payment, consider making a larger initial payment or spreading your loan out over a longer term.

5. How Long Can You Finance a Hot Tub?

Typically, spa finance repayment terms range from 36 to 60 months. Since quality hot tubs can last a decade or more, even a 60-month plan will allow you to enjoy your hot tub long after your final payment.

Naturally, the repayment term length will affect how much you pay per month. The shorter the repayment term, the more your monthly payment; the longer the term, the less you'll pay per month. Keep in mind that by spreading your payment over a longer period you will incur more interest over the life of your loan. Consider your payment amount, the total interest you will pay, and your budget, to choose the financing plan that is the right fit for you.

6. Financing Interest Rates and Fees.

The interest rate attached to your hot tub financing plan will depend on a few factors, including the U.S. prime rate (the benchmark for determining the interest rates lenders make available to borrowers), the dealer financing the loan, and your credit history. However, many hot tub dealers offer customers a 0% interest rate periodically throughout the year. With a 0% interest rate, you'll pay back only the amount you borrow. If the dealer charges transaction or financing fees, you'll want to budget for that as well.

Annual Percentage Rate (APR)

APR is used to help borrowers easily compare interest rates between different loans. According to the Federal Truth In Lending Act, lenders must inform borrowers of the APR of all consumer loans. The APR of a loan represents how much the loan's principal (total upfront cost without interest) actually costs per year, including any fees or additional costs incurred at the time of transaction. If you have a 0% interest rate, you may still have an APR above zero due to fees and additional costs.

Repayment Terms

The repayment period of a loan is simply the period of time, or the number of months, that you will be spreading your payments over. The shorter the repayment term, the more your monthly payment will be, and the less total interest you will pay over the life of the loan. For example, an $8,000 hot tub with an 8% APR paid over 36 months will cost $250.69 per month.

7. Hot Tub Financing Comparison and Estimator.

0% APR Offer
$5,000 $10,000 $15,000 $20,000
36 mo $139 $278 $417 $556
48 mo $105 $209 $313 $417
60 mo $84 $167 $250 $334
3.99% APR Offer
$5,000 $10,000 $15,000 $20,000
60 mo $93 $186 $279 $371
6.90% APR Offer
$5,000 $10,000 $15,000 $20,000
75 mo $83 $165 $248 $330

8. Things to Consider When Buying a Hot Tub.

What is the Best Time of Year to Buy a Hot Tub?

Caldera Spas are energy-efficient and built to provide years and years of comfort and enjoyment, which makes them a great buy, any day of the year. For the best deal possible, take advantage of our hot tub deals where you can save on the upfront cost of your spa, or get special financing.

What to Avoid When Financing a Hot Tub

When getting a hot tub loan, steer clear of these pitfalls:

  • Being Surprised by Your Credit Score. Before applying for financing, review your credit report and take steps to improve your creditworthiness if necessary.
  • Skipping the Fine Print. Don't ignore the details. Thoroughly understand the terms, fees, and penalties before committing.
  • Ignoring Your Budget. Avoid financial strain by choosing a hot tub payment plan that aligns with your budget.

9. Ready to Explore Your Options? We’re Here to Help!

With the right financing you can enjoy the benefits of owning a hot tub, while still staying within your monthly budget. To find out what financing options are available to you, we recommend contacting your dealer or completing our quick financing form. Your local Caldera Spas dealer will contact you directly when your form has been submitted.

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