Ahoy Matey! Thinking of getting a boat but not so sure if you can afford one? Well, let us tell you that it is way easier nowadays to get a boat for yourself if you can’t afford it with the help of boat finance. But before you jump into the sea of bank investments, you need to understand all the things just like knowing the water before getting into it to avoid unpleasant surprises.
Is boat finance a leverage?
Financially talking, this could be the best chance for you to get your dream boat for yourself. Low fuel prices, low-interest charges and a vast variety of boat designs and boat finance lenders just get add up. You must keep in mind that the boats are grown more advanced and so are the prices, therefore you are likely to get a lot of money for an average boat – about $150,000 to $200,000 because there is a tendency towards larger finance.
Is getting boat finance easy?
Almost half of the boats that we see are acquired by finance and the number is going up with each financed new boat. This does not mean that you are getting a boat loan with a snap of your fingers. There are lots of online resources and information available that a lender can use to check about your background and references and income verification, making the process complex for you. Some of the factors are listed here that makes the process a bit complex.
- Interest rates on your finance from lenders.
- Loan amount and it’s repayment period.
- Your credit scores and loan history.
- Down payment.
What other things you have to take into consideration
As told before, the process of getting loan can be a little bit complex, but here is a financial advice for you to narrow down to the lenders who go for following things:
- Your credit scores – If it is above 700, it will be perfect for the lenders, but not less than 600. Check your credit score now
- Your mortgage history with the lender(s) if you have been in such similar situations.
- Your income and other assets that you hold ownership of to consider as repayment options.
If you are seeking professional help for boat finance we at APW Finance will help you learn the complex process in an easy way and guarantee you to offer the best solution according to your needs.