Planning on creating your dream staycation space this summer? Look no farther than Lyon Financial for your financing needs. We chatted with Sarah Bess of Lyon to get some questions answered about backyard financing.
What is Lyon financial?
Lyon financial is a company that specializes in swimming pool and home improvement financing solutions. They aren’t a lender, but they pair with a network of 7 lenders. By doing this, Lyon is able to get you the best rates and match you with the lender suited for your needs. This method allows Lyon to offer aggressive financing options.
What other benefits does Lyon have to offer?
- Offers piece of mind by paying the contractor directly with a payment plan
- Protects consumer from bad apples in the pool industry
- Makes it easy, the homeowner doesn’t need to be home “leave check out” when it’s time to pay the contractor
- Helps the contractor be paid one time and in full, Lyons is a true partner and middle man one can go to with questions and concerns
- Even if you do not need financing, using Lyon’s financing and project management services can put your mind at ease during the construction process
- Lyon has been in business for 41 years, many employees were previously in the banking or mortgage industry and have been in lending for a long time
- Customer service is number one priority for customer and contractor
What products do you finance?
- Swimming pools are our specialty
- Pool houses
- Outdoor kitchens
- Paver patios
- Hot tubs
- …and more!
What sets it apart from other financial institutions?
Lyon focuses on what the actual financing piece is. They have the best rates and longest terms of any financing program, as low as 6.99% for 20 years** (They are currently running a special of 2.99%** for three years!). This means, you can finance more with lower monthly payment. As well, Lyon has no prepayment penalties, so the customer can pay off their loan as fast as they’d like.
Most banks will want a secure loan, they’ll want you to refinance your house or something similar. All Lyon loans are signature loans based on credit and income. This mean they don’t need anything to secure it! Their loans are usually approved within 24 to 48 hours, which is never the case with a secured loan.
How do I get my loan started?
- Go online to Lyon’s website
- Click qualify now button
- Fill out a brief application
- When it comes in it is personally reviewed and you’ll be called with any questions
- You’ll have an answer within 24 to 48 hours
- Once approved, you’ll need to send in some basic documents like a W2, your swimming pool contract, and who your pool partner is
- Then you are ready to go! Since Lyon Financial is not a bank or lender, their loan products provide the ability for you to get approved faster. This means you can get swimming faster than a traditional secured lending option, such as refinancing your home.
How has Covid 19 effected Lyon?
“Even though we were down in March,” says Sarah, “people are still searching for pools & financing. They know in a couple months they can use the financing and this will be over.” Sarah believes that this virus will not be affecting the industry too much. They have had a small dip in apps, but in January and February this year they were up 20%. “We are anticipating another big year. People still want to build the summer dream oasis with their family,” she says.
When asked about layoffs, Sarah said, “We haven’t had any layoffs in several years and I don’t foresee laying people off due to the need of our financing products. We have 52 employees 48 working remotely.” She adds, “We aren’t going anywhere and either are the lending partners. We will get life back to normal as fast as we can, summer is still on!”
**The APR listed is for an unsecured loan between $25,000 and $75,000 with a term of 180 months or 240 months, for applicants with excellent and substantial credit (including – but not limited to – a minimum credit score of 800 and a debt-to-income ratio/”DTI” of 50% or less). Your APR may differ based on loan purpose, amount, term and your credit profile. Subject to credit approval. Not all will qualify. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Exact interest rate determined by credit profile. Longer loan terms will result in higher rates. Payment example: Monthly Payments for a $40,000 loan at 6.99% APR with a term of 20 years would result in 240 monthly payments of $309.88.