TIPS FOR FINANCING YOUR BOAT

 

How to Get the Best Loans for Powerboats, Sailboats and Yachts

During the boat shopping process, you might be thinking about spending time on the water with friends and family and copious amounts of fresh air.  You’re probably also considering interest rates, approval processes and monthly payments.

How can you be sure you’re making the best deal? First of all, seek out a lending partner that really understands this business. Marine loans are different than mortgages or car payments, though they’re sometimes cheaper than car payments. Today, people have significant flexibility in financing a boat.

Here are some tips from Shore Premier Finance about financing your boat:

Understand the Life of Your Loan

At Shore Premier Finance, we offer fixed rate loans. In this situation, you will pay off the boat with monthly payments and an unchanging interest rate. At the end of the loan, you’ve paid your loan in full and you own your boat outright.

Owning a boat or a yacht is more than the vessel itself. It’s a way of life. But there is a lot to think about. Browse these resources to stay up-to-date on best practices and get tips for maintenance and performance.

Be Prepared for Your Application

The lending institution will need to check your credit, verify your income, and look at your financial situation. They will also want to know that you’re getting a fair price for your boat. Basically, they want to make sure it’s a good deal for everyone, including you. You might also need to provide a copy of relevant tax returns.

Understand What Else You Need

Marine lending institutions like Shore Premier Finance can also finance specialized equipment or electronics. In addition, their expertise will prove invaluable when evaluating insurance and service plans.

Don’t Forget About Taxes

Each state has different requirements for sales and property tax. A tax advisor will be able to guide you through the process so you know exactly when and how to pay your sales and/or property tax.

Signing on the Dotted Line

At closing, you will meet with the lender to go over the contract in detail and sign, officially entering the loan. You should have the chance to ask questions and thoroughly understand the documents that require your signature. After closing, you will take delivery of your boat.

 

Financing a boat or yacht is like any other investment. It can be a strong investment and increase your quality of life. If you’d like to learn more about loan options for boats or yachts, we’d be thrilled to speak with you.

 

You can reach us at Toll free: 844.277.3794 or Direct: 443.577.0667 or email us at spfinfo@shorepremierfinance.com.