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Boat Loans
Boat loans and boaters financing, now that you have picked out your dreamboat where do you go for the best finance rates, the best long term deal because a boat can be financed for many years? A new boat can be financed for 120 months or more which means after 10 years of wear and tear on your boat you could still be making payments. 15 year or 20 year loans are available for more expensive purchases. When you finance a boat for this long it is almost like a home mortgage.
A second mortgage, home equity loan, or even a complete home mortgage re-finance is sometimes the way to go when the purchase involves a much more expensive boat, like a large yacht or commercial vessel. This can usually result in the best terms of all with a lower payment and if you wish to use the equity in your home to make your boat purchase then this would certainly be an option to consider.
Used Boat Loans
- The options for a used boat can differ slightly in term length of loan and even interest rate. Your options for the length of the loan will be shorter. Used boats usually won't get as many months finance terms as new boats.
- For a used vessel you will be required to get what is called a 'Marine Survey'. Price depends on length and type of vessel but you can expect to pay survey fees of anywhere from $12 on the low end to $20 per foot on the high end. You will want to use a reputable surveyor so check their expertise and references before hiring your surveyor.
Boat Loan Tips
First thing a borrower must do is to check what the current loan rates are and compare them at three or four different financing companies.
Where do I get my financing?
Options would include the dealership where you are making the purchase. The internet, your own bank, a home equity line, or you could go directly to the finance companies that specialize in loans of this nature.
What about getting pre-approved?
When preparing to buy a house you get pre-approved so why not for a boat? For used boats you should try to get pre-approved because you will know exactly what your limits are and you will put yourself in a better position for negotiating with the used boat seller. Again you know exactly what you can offer the seller.
Read More:
» Loan Advice and Refinancing Tips for Used Boats
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