The first step in buying a boat is finding one that you are interested in. Calculate the possible monthly payment and make sure it is affordable to you. The next step is to find a financing company or a bank to finance the boat. Fill out the necessary paperwork and review your loan offer. Finally, wait for approval and hopefully, the boat will be yours.
Why should I finance instead of paying outright?
There is a possibility that your boat can qualify for the same tax advantages as your house. This will increase your financial flexibility, and will allow you to take advantage of future investments. There is a chance that you can profit from these investments and exceed the cost of your loan. At the end of the day, your boat may coat less than you expected.
What kind of information is needed?
Make sure that personal information as well as loan, boat and financial statements are readily available.
How much is the down payment?
It is a general guideline that up to 90% of the boat selling price can be financed. This will include any extra at the time of the purchase.
How long is the process?
As long as all the application requirements are on hand, it only takes 1 to 2 days to know whether your loan application has been approved.
What is the advantage of a short-term loan as opposed to a long-term loan?
A short-term loan has its advantages, particularly in building the boat?s equity. This means more money for you until you decide to sell the boat. However, there are points to consider like down payment percentage and financial capability.
What about refinancing?
There are many refinancing options available. All you have to do is check the prevailing interest rate. As a matter of fact, refinancing can save you some money over your the life of your loan.
Can I get a loan to upgrade my boat?
Yes. As long as your boat does not have an existing loan. Or, if it has a current loan balance, it should be $25,000 or greater. This amount should compose the remaining loan plus 80% cost of the upgrade. But, the new loan should not go beyond 80% of the boat's current market value.
Boat Loans provides detailed information on Boat Loans, Bad Credit Boat Loans, Online Boat Loans, New Boat Loans and more. Boat Loans is affiliated with Car Title Loan Company.
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1 comment:
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