Financing a boat: how it's possible to get your dream in the water
Sunday, January 20, 2013
By Erik Nelson
Depending on the size, price and age of your boat, you can frequently finance a boat and finish up with reasonable standard payments. At this time loan rates are very good, and if you have got a decent down payment (20%) you'll find that owning a ship is not as expensive as you may think. So where do you begin?
First check with your boat dealer. Even if they don't have in-house financing they are Very likely to work frequently with a loan consultant. These folks are given training to provide guidance on everything from what sort of deposit you must consider to filling out your loan paperwork and ultimately closing the deal. There is a lot to be said for financing with your dealer. For one thing you can probably get a better guaranty. The dealer could also have access to incentive programs straight from the boat's manufacturer that may further decrease payments. Most dealers also have service departments - so effectively it is a single-stop shop.
An alternative choice to going thru the dealer is looking to the National Marine Financiers Organisation. This National lender concentrates on supplying cost-effective financing for boat loans. They are experts in this particular field, having made it a concrete component of their business. Actually they can regularly help with qualifying you for a loan with less of a preliminary outlay. You may get help with used boat loans and longer financing periods. Most commonly the method with NMBA is faster than a traditional bank as well.
Only a few people have the wherewithal to buy a ship with money. With a suitable ship loan it's possible to get more of what you need in terms of equipment and service plans because any additional cost gets spread evenly over the loan period. Do not forget that you've got to pay both sales and property tax on your boat and this amount must be paid before the closing of your exchange.
If you'd like to learn lots more about the method of financing a boat or where to make contact with a local member of the NMBA, you can go to their website. There you'll find regional lists along with ship sizes so you get the right lending establishment for your new purchase.
Like everything else it doesn't hurt to research for the best loan specifications.
First check with your boat dealer. Even if they don't have in-house financing they are Very likely to work frequently with a loan consultant. These folks are given training to provide guidance on everything from what sort of deposit you must consider to filling out your loan paperwork and ultimately closing the deal. There is a lot to be said for financing with your dealer. For one thing you can probably get a better guaranty. The dealer could also have access to incentive programs straight from the boat's manufacturer that may further decrease payments. Most dealers also have service departments - so effectively it is a single-stop shop.
An alternative choice to going thru the dealer is looking to the National Marine Financiers Organisation. This National lender concentrates on supplying cost-effective financing for boat loans. They are experts in this particular field, having made it a concrete component of their business. Actually they can regularly help with qualifying you for a loan with less of a preliminary outlay. You may get help with used boat loans and longer financing periods. Most commonly the method with NMBA is faster than a traditional bank as well.
Only a few people have the wherewithal to buy a ship with money. With a suitable ship loan it's possible to get more of what you need in terms of equipment and service plans because any additional cost gets spread evenly over the loan period. Do not forget that you've got to pay both sales and property tax on your boat and this amount must be paid before the closing of your exchange.
If you'd like to learn lots more about the method of financing a boat or where to make contact with a local member of the NMBA, you can go to their website. There you'll find regional lists along with ship sizes so you get the right lending establishment for your new purchase.
Like everything else it doesn't hurt to research for the best loan specifications.
About the Author:
Erik Nelson is an owner of Scorpion Marine which is a Port Canaveral marina with slip prices and information on its web site.
Posted byBertie at 7:26 AM
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