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    Key steps

    There are a few important steps involved with a successful boat loan process and most of them involve gathering information. Here are some suggestions that will help you get organized and speed things up a bit.

    • Numbers
    Get a small notebook and take some time to find serial numbers, model number etc. for the boat. This will also be important if your engine is an outboard. The engine numbers should be listed separately. Gather as much printed information as you can from the dealers you visit.

    • Model numbers
    Make sure you get this correct. All of the options and special items that are part of the particular model can increase the value.

    • Trailer
    Every boat purchase should include a quality trailer that is suitable for that particular boat. Get all the serial numbers and model number, and a brief description of the boat and trailer. A photo may help.

    • Research
    As part of the information-gathering process, you should get your own figure for what the boat, trailer and all options are worth. The American Boating Association may be able to provide some assistance. National Automobile Dealers Association (NADA) has book prices for all sorts of vehicles, including boats and motorcycles

    **Boaters in the United States have a large number of dealers, banks, credit unions and financial service companies available to arrange financing for their boat purchase. The National Marine Bankers Association (NMBA) is an organization that provides education and support to the marine lending community. Because these lenders specialise in boat loans, they understand the product and are likely to best serve your needs. When you begin your search for a marine lender, ask if they are an NMBA member.


    Some lenders advise visiting boat shows in addition to talking with boat dealers in your area. In addition to deciding on the exact style and model of the boat you want, many lenders will be happy to hear that you have taken safety classes. This may seem like a small thing, but lenders like to know that the collateral (the boat and trailer) are going to be in good condition for the term of the loan.


    BOAT LOANS ARE DIFFERENT

    Lenders may look at boat loans as falling somewhere between the huge commitment of a house mortgage and the common car loan that many people are familiar with (and comfortable with). These banks and other lenders see boat loans as a loan that can be made quite easily if the individual or family finances are in good shape. Like a car loan, you can be approved quickly and easily for a boat loan if you qualify.

    One of the great things about a boat loan is that the payment schedule can be stretched over a longer period of time than a car loan. Boats generally do not depreciate in value as quickly as cars, so you may be able to get a 10 year or 15 year loan on a newer boat. Typically, the standard down payment on a boat is about 20 percent. There are situations where a lender may require more. Several things will determine the amount of down payment, such as credit history and amount of the loan.

    If interest rates are low enough, you may be able to afford a larger boat or one with a few more options, simply because you can pay off the loan over this longer term. Some banks and other lenders have minimums that you must borrow for a boat purchase. This should be one of the many questions you ask as you shop for a loan.

    Tip - A boat loan may offer advantages over paying cash for your boat but be sure you check with a tax professional. Your boat, and your use of the boat, must meet certain criteria prior to deducting your boat loan interest.

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    Also In This Category:

    Boat Loan
    - Do You Qualify For Boat Loan Finance?
    - Where’s the money?
    - Introduction
    - CONCLUSION
    - Why Does Boat Loan Value Matter?
    - Boat Loan Title: Bank Lending Requirements
    - Should You Refinance Boat Loan?
    - Boat Loan Refinancing: Compare Your Options
    - What Is A Loan?
    - Looking For A Boat Canada Loan?
    - Introduction - Getting a Boat Loan
    - Finding A Boat Loan Small Boats Or Large
    - CONCLUSION - Getting a Boat Loan
    - Key steps
    - Getting The Best Boat Loan

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