Boat Finance: An Overview
It’s safe to assume that you’re on this page because you’ve already down to the finishing touches of your blueprints for purchasing a watercraft. And rightly so. Because this is something you’ve always wanted. Now, you have the chance to make your sailing dreams come to life.
But there’s a catch. Not of fish. More of a… dilemma. It’s not a piece of seafood pie to come up with an exorbitant amount in exchange for the boat of your wishes. The amount could be as deep as the sea itself.
We admit that description is too much of an exaggeration. Still, you know what we mean. Unless you have a fortune sitting in the corner, waiting to be spent, it’s going to take budget-look-over, and some serious cash. Or possibly, credit.
Boat Financing: What It Really Is
To keep it simple, boat financing is a type of loan scheme that allows you to take out a certain amount of money in order to pay for the boat of your choice. This loan is one that’s aimed towards seafaring vessels. Thus, its terms are directed towards the same.
Instead of taking out a separate, regular loan, we recommend a boat loan. Regular loans have a tighter grip in terms of the election of terms and contracts. There’s very little room you can move around in when it comes to the length of time you’ll be capable of repaying.
Concurrently, regular loans, because they aren’t focused on financing the purchase of a boat (or anything else specific, for that matter), have nothing in the contract that will help you in that regard.
True, they’re still loans nonetheless. Yet for the purpose of financing the buying of a water vessel, there won’t be anything stated in the terms or contract that will benefit a boat owner. Nothing about the type of vessel that’s right for your sailing needs and will fit your actual budget while being of value and quality. Nothing about including maintenance for the duration of the loan itself, and after. The list goes on.
Therefore, here, now, are the benefits of boat financing.
The Benefits Of Boat Finance
Month Payments Are Often Lower
Boat loans frequently provide terms that are much more attractive than ones offered by credit unions and other banks. This is due to the fact that it will be dependent on a few elements: the type of boat you’ll be getting and the kind of maintenance it will warrant. Plus, your personal credit score.
To add to this, the majority of marine lending companies accept low down payments. They themselves understand not only the cost of the vessel itself, but the cost of repairs and services it will require from here onward.
Boat lending professionals are aware of the challenges of keeping a boat and will be much more likely to ask for something below the range of a 10 to 20% scope. They’ll be able to get in-touch with their manufacturing contacts to get you an excellent deal.
Different Repayment Options
Aside from down payments that are lower than most loan types, you’ll get an array of different repayment options to make it even more convenient for you to pay it off according to your spending budget, savings, and lifestyle.
No need to worry about loaning an amount that’s way too extravagant to pay off in the long run. Why? Because you will be advised (and will be presented) to select from a string of alternatives that are a total fit only to your monthly income and credit score.
The loan type will be up to you, along with the underlying term repayment. You can decide on how long you’ll want to recompense the loan and what fixed amount each month you can handle comfortably. Actually, even that will already be laid down on the table.
Quick Approval Rates
Did you know that it will only take about as little as 30 minutes to 24 hours (or for special situations 48 hours) to be approved? In fact, the majority falls under the first— within the hour from the moment you submit your application.
You’ll immediately be assigned a loan officer who’ll discuss what’s what in that conversation. No beating around the bush. Just a no-frills explanation of what you can go ahead and shoot for, and really, it will be up to you to lock it in or not.
Once you’ve decided, you can submit your application and wait for a while to know that it went through successfully. Quick, indeed.
How To Apply
It’s easy and simple. Log in to the website of the lender of your choice and submit your application online. Or if the lender itself is close to where you reside, you can do so in person, too.
Along with a filled-out form (whether a soft or a hard copy), remember to also present personal information such as your tax returns, financial statement, tax returns, and credit report. Provided that your credit history has not major issues of foreclosure, bankruptcy, and the like, your application will be smooth sailing.