Want to get a boat loan to buy your desire boat? Learn more at this page.
Owning a beautiful boat is a dream of many peoples, there is a special loan known as ship loan is specially made for those wish to buying a boat. There are many lenders in the market, in order to get the best offer, you will need to spend some times to do some homework.
After all the boat is not the necessity of most peoples, thus the interest charges will be higher than other common loans. The interest rate and term of this loan is vary from lender to lender, basically the minimum amount lending is $25,000. Loan term will up to 15 years for lending amount from $25,000 till $99,000. While for amount more than $100,000. The term will be from 15 - 20 years.
Usually the loan lenders will required borrower to contribute at least 10% of the boat price as down payment. That's mean they just lending 90% of the boat price for you. It is quite similar with car loan, if you are able to place larger amount for deposit say around 20% of the boat value, the interest rate offer will be lower. Seldom people buy a boat by using cash, most of them will get a loan to complete the deal. At this loan, credit score & track lending record of borrower will be take into consideration prior to approval.
Nevertheless, you should shop for multiple lenders and get them to quote for you at the same amount and term. Tabulate their rates, terms and conditions into comparison, compare the rates, terms and conditions as well as closing costs. Negotiate with potential lenders, asking for lower rates or special discount. This will enable you to choose the best offer.
For more loans information, please check out
Various Loans Guide instead of Boat Loan
Loan Tips For Boat
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