There are many different reasons why you may need to get boat financing. Maybe you’re buying a new or used boat for business purposes and want to keep your finances separate. Or, maybe you want to finance a yacht that you plan on living on. Whatever your reason is, there are several things you should look for in boat financing:
1) Get Pre-Approved for A Loan
When looking for a boat loan, after considering different types of boat options, like boats Palm Beach-located, the first thing that you should do is to get pre-approved with an approved lender; this will cut out wasted time at dealerships or marinas. Take proof of income, down payment, and the type of boat you are looking for.
2) Determine How Much You Can Afford to Pay
So now you’ve found a marina or dealership with the perfect boat; what do you do? Well, once again, this is where getting pre-approved beforehand will come in handy. With your pre-approval letter in hand, present it to the salesperson, who will then use it to show their manager just how serious you are about buying.
3) When To Finance with Only One Lender
There is nothing wrong with shopping around when obtaining financing on your boat loan; quite the contrary. Many dealerships may offer special incentives if you contract your boat loan through them. If you are looking for the lowest rate possible, it’s good to compare rates from approved lenders even before any dealership agreements.
4) Know When to Walk Away/Pay Cash
If you cannot afford the monthly payments (or lack thereof), walk away. There is nothing wrong with being honest with yourself and asking the dealership or marina to hold it until you can afford to pay for it.
Boat financing is a great way to make your dreams a reality. Research often and compare many different companies to find the best deal for you. Look for a loan with low-interest rates, flexible terms, and no prepayment penalties.