New boat loans as apposed to used boat loans article. Originally posted @ Loanspoke.
New boat loans are much easier to secure than a used boat loan. The banks are more inclined to invest in a new boat due to the depreciation factor. Finance companies have done their homework on this matter and they have added up the beans too. The bean counters have concluded that banks make more money in the long run if they provide financing on brand new marine products. They lower their interest rates for new boat loans and in the same breath encourage borrowers to buy brand new. I don't think it takes alot of convincing to move some towards a new boat instead.
What I have done in my research of new boat loans is three fold. I've used the internet to search for information. I've used the phone to contact different banks and enquire about their practices. I also take every opportunity to pick the brains of bank staff regarding their policies and procedures. Sounds a little "out there" ...I know. It's not fanatical or anything. I just keep my eyes and ears open. When developing an article regarding new boat loans I wanted to make sure I was educated somewhat before I started spilling out my words on the internet.
New boat loans vary as far as interest rates are concerned but there is a rule of thumb you can follow. New boat loan interest rate are approximately 1 point higher than new car financing. That is about as simple as I can put it. At the time of this writing boat loan rates were averaged at 4.5%. Now there are many factors that come in to play here. The amount your down payment is, the length of your financing term, your credit rating and of course your collateral. Many advertisements online and off will claim low interest rates even with bad credit but it all varies depending on the above factors.
Video of My Favorite Boat Leaving Harbor
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