Everything You Need to Know About Hot Tub Financing: Your Ultimate FAQ Guide

Posted by Alex Clamp in Buying on 6th March 2023

Photo © Villeroy & Boch

Most new hot tub and spa owners decide to buy their first hot tubs with finance to spread the cost out over several months.

But which finance option is right for you? And how do you get the best deal when you’re buying a hot tub on finance?

Here’s everything you need to know about your dream hot tub finance options.

Can I get a hot tub on finance?

finance on hot tubs
Photo © iStock

If you are looking to invest in a hot tub and don’t have the cash available upfront, many retailers offer financing solutions to help you pay for it over time and spread the cost.

There are a variety of financing options available depending on where you buy, so it is a good idea to ask the retailer what their financing policies are.

You can often find promotions or incentives such as 0% interest or promotional terms that can save you quite a bit of money.

When you factor in not having to pay for the hot tub all at once, buying a spa on finance could be a great way to get the relaxation and luxury of your private spa without breaking the bank!

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

A hot tub can be a major investment, so it’s important to understand where your credit score stands before making a purchase.

Depending on the type of finance agreement you enter into, the hot tub dealer may request to check your consumer credit score using a credit reference search via financial services companies to assess the credit risk of new applicants.

The higher your credit score, the more likely you are to secure financing with lower interest rates and better terms. If your credit score is low, you may need a co-signer or consider alternative financing options.

Therefore, having an up-to-date understanding of how credit scoring works and your credit history is essential when applying for financing from hot tub dealers.

How long do you finance a hot tub?

Hot tub financing typically ranges from 24 to 72 months, and the amount you ultimately decide to finance is based on your budget and long-term financial goals.

Financing allows you to enjoy a hot tub without the high cost associated with purchasing it outright. You can also take advantage of excellent introductory interest rates and flexible payment options.

When choosing a financing period, it is important to understand your needs and what payments are comfortable for you. You should also be aware that longer terms may have higher fees or cost more over time since the interest rate accrues over the entire term of the loan.

How big of a deposit do you usually have to put down when you’re buying a hot tub on finance?

hot tub finance
Photo © iStock

Most retailers require a deposit on a hot tub you’re buying on finance. 

This tends to either be a percentage of the total price – typically 10% – or a minimum order value, such as £500.

As an extra incentive, many of the UK’s leading showrooms will accept deposits starting from as little as £100 and offer up to 48 interest-free monthly payments.

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What hot tub financing options are there?

Most spa and swim spa retailers offer three financing options:

1. Interest-free finance

Dealerships tend to offer interest-free payment terms over a 36-month payment period.

You’ll generally have to put down a deposit or a minimum spend requirement to access interest-free finance. For example, if you had to pay 25% upfront to unlock interest-free finance on a £10,000 hot tub on a three-year term, you’d have to pay £2,500 on the day and then £208.33 for the following 36 months. 

2. Low-interest finance over a longer payment period

Showrooms also tend to offer low-interest finance packages for periods of up to ten years.

You generally don’t need to put down a deposit to access this option, which will allow you to spread the cost of your home spa across multiple years.

You’ll pay more in total for your hot tub if you go for this option due to the interest you’ll pay. However, you’ll also be covered for faults during the entire length of the payment period.

3. Buy now and pay nothing for 12 months

You can also pay nothing for your hot tub for the first year. Buy now pay later schemes have become increasingly popular in recent years, and dealers are now offering ‘buy now pay later’ options for many hot tub purchases.

This is a great option if your money is currently tied up elsewhere but will be available to you again in a year.

However, it’s worth noting that you’ll be charged interest from day one, making this one of the less cost-effective hot tub finance options. 

The right finance option for you

Of course, the right option for you depends on your financial situation. Generally speaking, you’d be well advised to opt for as short a term as you can afford without putting yourself at risk of not being able to afford the pay monthly repayments.

One thing worth bearing in mind is that it’s a good idea to opt for a shorter term if you’re planning on moving home in a few years without taking your hot tub with you, or else you’ll be paying for a hot tub for its new owners to enjoy.

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How do I get the best deal on a hot tub I’m buying on finance?

hot tub pay monthly
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Being able to pay the full cost of a spa upfront gives you great leverage when it comes to negotiating a deal on your dream home spa.

However, there’s still plenty you can do to drive down the asking price if you’re paying on finance as well. 

Get multiple quotes

The best way to get the best price on the model you’ve got your eyes on is to get quotes from multiple hot tub showrooms and see which retailer is willing to give you the best deal.

They might undercut the price being offered by their competitor or sweeten the deal by throwing in hot tub accessories, extra chemicals, an extended warranty, or even better repayment terms.

Spend a few hours getting quotes from a handful of retailers and using those to negotiate the best price and finance solutions you could save yourself hundreds of pounds.

Stick with respected manufacturers and reputable retailers

reputable hot tub retailers
Look out for our WhatSpa? & WhatSwimSpa? Approved & Professional Logos when purchasing!

A word of warning when it comes to striking the best deal: stick to comparing prices of hot tubs from one of the respected hot tub brands.

This will ensure you end up with a quality home spa with reliable aftercare rather than a cheap model from a retailer you might not be able to trust to safely and reliably install and look after your home spa.

Plus, online hot tub retailers come and go all the time. While getting a model at a cut price from one of these sites might seem like a great deal at the time, it could very well end up being a case of being penny-wise and pound-foolish if they aren’t still around to honour the warranty or provide essential aftercare.

If your budget is tight, we strongly recommend you avoid buying a hot tub from an unknown brand and an online-only retailer. These hot tubs are generally cheaper because they’re made to a much lower standard from inferior materials.

Instead, we recommend you look out for deals on ex-display models or home spas in the sale, as well as visiting retailers that specialise in second-hand or trade-in hot tubs. More often than not, these retailers will offer finance without the need for a large deposit.  

Always pay on a credit card

If the deposit for your hot tub is £100 or over, be sure to pay for it on a credit card. That way you’ll be protected under Section 75 of the Consumer Credit Act, which means you won’t lose your money if anything goes wrong with your purchase.

Always read your credit agreement carefully!

Purchasing a hot tub is an exciting experience, but it’s important to remember that any item of significant expense should be taken seriously and treated with caution.

When financing a hot tub, consumers must make sure they read both their credit agreement and any other information relating to their finance application details carefully so that they understand all the terms and conditions associated with the finance agreement.

Allowing debt to accrue without understanding the obligations associated with it can have serious repercussions for the consumer, which is why reading the credit agreement thoroughly and being aware of all its contents is so vital.

Acting responsibly and being fully informed of all the details when using a finance agreement for large purchases is key to ensuring financial security.

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Hot Tub Financing FAQ

Is it possible to finance a used hot tub?

Yes, it is possible to finance a used hot tub, but the interest rates and terms may be less favourable than financing a new spa.

Do dealers offer online finance options?

When shopping for a hot tub, many sellers now offer online finance as a purchasing option. To be eligible to apply for this type of finance, potential buyers need to meet basic credit criteria and should have good credit.

The application process is typically done through an online application form on the seller’s website, and applicants will need to provide details of financial information and personal details such as their annual income, monthly expenses, borrowing history, employment details, and home address.

Other lenders may also file information about accounts you hold with them, thus dealers may also further request details of your payment history and outstanding balance on these accounts as a few additional checks.

How long can I expect to finance a hot tub?

The length of a hot tub financing term can vary but typically ranges from 2-7 years.

Can I finance a hot tub with bad credit?

It may be possible to finance a spa with bad credit, but the interest rates and terms may be less favourable. Consider alternative financing options, such as a personal loan or financing through a hot tub financing company. For those with a good credit history

What happens if I can’t make my hot tub loan payments?

If you can’t make your hot tub loan payments, you risk defaulting on the loan. This can result in late fees, damage to your credit score, and even repossession of the spa or other assets used as collateral.

It’s essential to make monthly payments on time and communicate any further information regarding your financial circumstances with your lender or finance company if you’re having trouble making payments or your circumstances change.

Final thoughts

Buying a spa on finance is the route most hot tub owners take given the upfront cost of a home spa. Follow the tips we’ve laid out here to make sure you’re going for the best option for you – and getting the best possible deal – on a home spa, you buy on finance.

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About the author

Alex Clamp

I am the Content Writer and Marketing Officer at WhatSpa? Magazine. I have worked at WhatSpa? for over 8 years, and I recently graduated with Distinction from Northumbria University with a Master's degree in Occupational and Organizational Psychology. My role at WhatSpa? is to ensure that all hot tub lovers can easily access the highest quality and most up-to-date content, news and information from within the UK wet leisure industry.

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