While buying a boat is exciting, finding the money for it can be less than thrilling Some banks and credit unions offer special loans for watercraft purchases, others do not, so if you go to your bank for a boat loan, you may have to apply for a personal loan. Since the interest rates on personal loans are often higher than those on mortgage and automobile loans, buying a boat can be an expensive proposition.
As with automobile loans, many creditors who offer watercraft loans will take into consideration the age and condition of the boat and this is an important factor that you too will want to consider.
If you decide to finance a boat, you will have certain advantages. You might be able to get more bells and whistles on your boat, because certain lenders will let you finance electronics and other add-ons when you finance your boat. You?ll also be able to get a bigger or newer boat than if you had to pay for one outright.
While you can get financing from a bank, credit union, or store credit card, perhaps the best way to finance your boat is through a marine banking association. They are more knowledgeable about the condition and value of a boat, so their assessment will be more accurate than a non-specialist.
A marine banking association might also be able to offer you a lower down payment, because the down payment is tied to the age and condition of the boat and, as mentioned above, a specialist institution will have a better idea of what the boat is worth in addition to being able to make a judgment based on your credit profile.
You may also get a longer finance term from a marine specialist, though some banks and credit unions will offer competitive financing in order to get the business.
Applying for a boat loan is similar to applying for any loan. There will be a credit check, an examination of your monthly income, and a decision based on the amount of money you?re asking to borrow and the institution?s confidence that you will be able to pay it back.
For specialized attention, you could seek out a marine banking institution, because they deal specifically and solely in boat and other marine craft financing. They understand the customer. Banks and credit unions understand your desire for a loan with a minimal interest rate and they do want your business.
Either way you decide to go, you?ll want to make sure that your credit score is decent, that you pay your bills on time, and that you have enough additional money every month to make the boat payment. It would be terrible to go to all the trouble of financing a boat, only have the boat taken away because you cannot pay for it. It is best to wait and make sure that you have the extra money, and the extra time to enjoy your new boat!
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