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BOAT LOANS

Types of Boat Loans

Fixed rate loans: These comprise fixed monthly payments not affected by market changes in loan rates and other factors. But the rate is generally higher for such loans are called commercial boat loan.

Variable rate loans: Unlike fixed rate loans, these have varying interest rates. They usually begin with a fixed rate for a period of 1 year after which the interest rate changes periodically in relation to an index. Payments may increase or decrease accordingly. Some lenders also set payment caps to the loan to protect against steep rises or falls in the interest rate and set upper and lower limit for payments.

Balloon payment loans: A "balloon payment" loan has a payment schedule where one large payment is payable at the end of the maturity term. It usually has a low monthly rates and low interest rates are also called low rate boat loan and easy boat loan . If you can't repay the large payment when it's due, you could lose the boat to the lender.

Seasonal payment plans: This kind of plan is suitable for people with seasonal incomes. You are allowed to miss up to three payments a year in a row and continue to skip the same months each year for the loan term.

Annual payment plans: A plan that allows you to make only one large payment annually, these are best suited for people with seasonal incomes and people who get considerable bonuses once a year.

Biweekly payment: As the name suggests this plan facilitates payment, twice a week. The loan term is shorter and the payments are frequent in this type of loan.

Application Process

If you want a boat loan, here's your checklist!

»The price of the boat

» New or used boat

» How much money are you going to put on the line

» How much financing will you require

» From whom will you borrow

» What finance type will you choose

» The interest rate on the loan

» Term of the loan

While applying for finance be sure to include a couple of hundred dollars for accessories, service contracts, insurance etc. along with the purchase price.

If you’re applying for the online boat loan , you just need to provide them with the required

information and wait for them to verify the details and process the loan. Applying offline will require some paperwork. The important thing to remember is to provide the required information clearly and you will find the process move along much more quickly. Include details such as your complete name, address, phone numbers, employment details, income, tax returns, assets, liabilities, and all monthly debt service. You may also be required to provide information about the boat loan values including its make, model, age of the boat, type (power or sailing), power, optional equipment, and upgrades.

A pre-purchase survey by a professional marine surveyor is essential for all used boat sales. Some lenders even insist on one. The surveyors are experts who can expose any shortcomings in the boat's condition that you may not have known. Getting a professional survey before you buy could save you thousands of dollars down the road

The lender will check your credit rating to verify your repayment capacity, outstanding debts, and credit history. He will also check the other documents and the application for authenticity and base his decisions on the findings.

After this is done, you will have to negotiate with him on the type of plan you would like, the interest rate, payback term and arrive at a rate that you both agree to.

Be aware of and understand all penalties and fees included in the price of the loan.

Before signing the dotted line...

Read all the loan terms, especially the part with small print. Some things you must confirm before signing the agreement:

» Are their any early pay-off penalties

» Will your lender allow the boat out of US waters

» Does the lender charge loan origination fee

» Do they charge under-writing fees

» How much is the closing cost

This has some advantages -

» It increases your bargaining power

» It gives you more flexibility

» You will also know your credit limit and will not overspend

» The seller will take you more seriously

» Sellers would prefer your bids than bids of those who are waiting for loan approval

» It is like shopping with the cash in hand.

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