Get a New Boat Loan Fast!
You’ve found the boat of your dreams and you can’t wait to get it on the water. You may not even know if you can afford it. Not to worry. Thanks to the internet, you can get a new boat loan fast!
Do a search and find a good lender. A good lender will be able to secure you a new boat loan with excellent rates and an extended warranty (for that part that’s bound to break two days after the manufacturer’s warranty expires). A good lender will have years of experience working with a variety of buyers, with a range of credit situations. Best of all, a good lender can do everything for you online.
Now you want to know if you can afford a new boat loan, so go to your lender’s loan calculator. Punch in all the variables you see there. Change it to your heart’s content. Quickly, you’ll know how the interest rate, down payment, and terms will all affect the monthly payment of your new boat financing.
Be aware that interest rates are low, and the lender you select should be very competitive. Low interest rates can help keep your monthly payment down, as well as save you thousands of dollars in interest. It isn’t worth it to take shortcuts here. Take the time to find the best rate you can.
Once you know what you can afford, fill out a credit application for your new boat loan online. The better lenders will be able to do this. It should be easy to fill out and you should have a new boat loan package put together for you within 24 hours. (You can feel the spray of the water on your face now, can’t you?)
There are several variables to a new boat loan you should be aware of. First, you new boat can be financed for as short as 8 years or as long as 20. Sometimes this is simply determined by how large the loan is. Secondly, while some new boat loans won’t require a down payment, most will need a down payment of 10 to 20% of the purchase price. The value of the boat can be a factor here, as can your credit. Good credit can sometimes decrease the amount of your down payment.
You don’t have to have stellar credit to buy a boat, but the state of your credit will affect what kind of new boat loan you can get. If you haven’t seen your credit report in awhile, and you want to prevent any surprises, you can order one online. Go to the three major credit reporting bureaus, or go to www.annualcreditreport.com for your free annual credit report. Your credit score is not free, but you have the option of paying a small amount to order it if you’d like.
There are a number of new boat loan packages for buyers with all kinds of credit situations. A good lender will be able to find something that meets your needs. Be sure to fill out a credit application online to get the fastest response.
If you haven’t selected a new boat yet, or if you want to look around some more, being pre-approved for new boat financing will be a great advantage to you. It gives you solid knowledge of what you can afford, and sellers will consider you a serious buyer. That translates into a willingness to negotiate on the price, something that can potentially save you thousands of dollars.
Don’t spend more time than you need to getting financed. The internet makes this process faster than ever before. Save your time for finding the perfect boat, and of course, for sailing it.
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