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Boat loans
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Buying a boat is major financial decision that a person takes. Buying a boat is not an easy task. There are many financial institutions that give out boat loans to people who want to buy a boat.
The lenders who finance for boat loans would also advise you on the tax implications. While taking a boat people usually book the boat as a house and take advantage of tax deduction. Besides this also helps in getting the documents processed fast. There are some lenders who would take just a few hours to get the documents ready.
When you are choosing a new boat loans then you should not look at the interest rates. The lenders usually would ask you whether you would want a fixed or a flexible interest rate on your boat loan. Boat loan lenders who have much experience in the field would be able to give you the exact amount that you would be charged. You should always keep in mind that with a fixed interest loan you would have fixed monthly payments all throughout the term of the loan. But on the other hand with a flexible interest rate your rates would vary according to the market rates. There are many lenders that would offer you facilities of flexible payments like the lender may allow you seasonal payments in which you would be paying for some months of the year. You can also go in for biweekly or annual payment schedules.
Before you take a boat loan you should understand the other costs involved with the loan. These costs would include the processing fees like appraisal fees, underwriting fees etc. These costs have to be paid before the approval of the loan. Whenever you plan to take a boat loan you should work through the National Marine Bankers Association. This organization is responsible for supporting the boat loan lending companies. Companies that are attached with this organization can help you get finance in a better manner. There are a number of banks that are associated with NMBA. But the first thing that you should do is check whether the bank gives out finance for boat loans or not. Ask the bank about the interest rates and the terms on the boat loan. Besides you should also keep a watch on the boat magazines. There are advertisements that come out regularly on boat finance.
Besides taking from a bank you can also consider taking a boat loan from the credit union. In
case you are a member of a credit union then you should get in touch with them and ask whether they give out boat loans or not. The credit unions usually give good rates to its members. You should also check whether the credit union is a member of the NIMBA. In case you are a member then you can get a good rate for your boat loan.
A company that has financial services would give many lenders many financial programs. There are many who are the members of the NIMBA and know the boating industry well and hence are a good idea for taking finance from. Many of these companies advertise in the boating magazines so it is of importance that you look into the boating magazines.
You can also check with the dealer from whom you are buying the boat. Boat dealers are similar to car dealers and would offer boat loans to people who are willing to buy a boat. Most of the dealerships have a finance manager. This finance manager is responsible for helping out the borrower with the boat loan process. The finance manager at times takes care of the whole process. But before you take the loan from the dealer make sure that the dealer is a NIMBA member.
When you take a loan from a NIMBA member then you can be assured that you are getting the right loan from a reputed company. Getting a boat loan has made been fast and easy these days. There are a number of lenders who give out these loans online. The loan request can be processed in as less as a week. The term of repayment is also flexible with the online loans, which usually varies from 5 years to 25 years depending on the cost of the boat. Even with an online loan you can get the option of either a flexible or an adjustable payment.
Similar to the other lenders the online boat loan lenders charge a loan processing fees. The amount of fee that they charge varies from one lender to another. Some of them would also require a down payment amount that would vary from 10-20% of the cost of the boat. While there are some who may only charge 5% of the cost of the loan, besides these costs you are also required to pay for a boat surveyor. Most of the banks and online lenders before giving out the boat loans would require an appraisal for the boat. These lenders would like you to pay off any liens that have been put up against the boat. These would include charges like docking fees etc.
Before you take a boat loan from any lender make sure that you have surveyed enough financial institutions and then decided on your lender. After doing a market survey you should scrutinize the list of lenders and list out those who are offering flexible terms of repayment. Make sure that you read the terms of the loan well before signing up for these loans. Other Articles |
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