Many financial institutions and banks require you to make a ten percent down payment on the boat’s price whenever you apply for boat loans. However, the down payment you make does not significantly reduce the monthly amount you are required to pay. On the other hand, if you have an excellent credit profile you can hope to strike a zero down payment deal with the bank or lending institutions.
Applying for your Boat Loan
Most lenders will check your credit history, employment condition, income and capacity to repay. You can hope to get hundred percent financing if you can provide other tangible assets such as equity in real estate or other investments as collaterals. Your lender will also want to know if you have ever filed for bankruptcy and your net credit worth.
Finding your Dream Boat
Once the lender has proclaimed you as eligible for a boat loan, you can go out and select the boat of your choice. While selecting boats, always note down the model number, accessories and other details carefully as all these can make a big difference to the final price and also to the amount of loan that you can receive from the bank. Next, negotiate the price with the seller and settle for an amount that can be covered through bank loans.
Finalizing the Deal
Once a mutually agreeable price has been settled, visit your banker for the final procedures. They too will evaluate the boat and if they feel it’s a good investment, you can be sure of getting your loan approved without much hassle.
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