Monday, 7 October 2019
Clear waters, the shining sun and a cool breeze enveloping the relaxation at hand - it's a scenario made in luxury heaven.
It would be even more of a luxury with a private boat. Navigating the uncharted waters of financing your own vessel comes with some work - but there's some assistance in that journey.
Plenty of factors play into where to start, but below is a rundown of information you might need in order to complete that journey and anchor yourself into the depths of comfort.
The most important thing to remember - you have resources to get you there.
According to NerdWallet: “Boat loans are installment loans with fixed monthly payments typically over two to 15 years. Interest rates and loan terms vary based on the lender, the size of the loan, your credit score and income, and whether the loan is secured by the boat or unsecured." You can also use the NerdWallet boat loan calculator available at the bottom of this article.
DiscoverBoating.com breaks down boat financing into three key points - arrange financing through your boat dealer, get a loan from your bank, take out a loan with a lender specializing in marine financing.
In terms of down payment, Credit Karma suggests the following: “Boat loan lenders often want to see a down payment, generally between 10% and 20%, depending on factors including the lender and the cost of the boat. But some lenders offer 0%-down loans."
Don't know what to expect in terms of traditional boat loans? Check out this article from LendingTree.com, which gives information on amount of loan:
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