Many consumers will take advantage of the financing offered by the various yacht dealers when they purchase their new or even a used boat.
The dealers know that if they can interest you in a boat, and arrange for financing you are more likely to purchase the boat than if you walk away, find a lender and have time to think about whether you can really afford the boat in the first place. Boat dealers can offer a one-stop shop, the boat of your dreams, financing in terms of a boat loan, sometimes even dry-docking as well as maintenance.
There are many other lenders who have boat loans available for all types of boats and if you are contemplating the purchase of, for example a 36 Doral, that sleeps 8 and costs half a million dollars etc., you might be able to find a better boat loan by surfing the net and filling in a few applications to see what type of boat loan offers are available.
Generally, you can submit an application online, however some lenders will want to have you send the application by fax or speak to you over the phone. Keep your requirements the same for every application and then you can compare the quotations when they arrive that much easier.
There are all types of boats and also depending on whether you are purchasing a new boat or a used boat the lender may want to have an appraisal completed as well as be show the appropriate insurance documentation.
All of this is required to really manage the risk and ensure that the lender loans you what the boat is worth and that it is also insured in case it is damaged in some manner. Every boat is different so you will need to be sure to read the fine print on both your boat loan as well as the insurance for the boat that you purchase.
Some lenders specialize in marine financing, while others will treat the loan like a personal loan with a short term. If you are purchasing an expensive boat this can really increase the monthly payments, so you may want to consider a longer time to make the monthly payments more manageable.
As mentioned earlier there are many different types of boats that consumers will consider purchasing and as a result need a boat loan. Sail boat loans, house boat loans, yacht loans, motor boat loans, fishing boat loans, speed boat loans and many more different types of boats will require specialized financing.
You will probably want a lender who is familiar with all different types of boats as well as the gear they require to run them. The larger boats will have depth sounders and marine radar, as well as marine radios that are required for safety purposes. Dealing with a lender that is familiar with boats will make it that much easier to negotiate a boat loan that will include the various electronic gear that you will need.
Some Nice Boat Work in This Video
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