Boat Financing - Financing A Boat Before Buying A Boat
Boat Financing is an especially important issue to consider
. Because of the higher costs of owning a new boat, you will probably be financing a boat with a boat loan. Even buying a used boat can be a big expenditure. Weve already told you that you really need to stay within a budget that fits your lifestyle so that you arent saddled with high boat payments.There are some distinct advantages to financing a boat purchase. With a boat loan, youll be able to get a bigger boat and possibly one with more features than you thought you could have. Ideally, you will want to work with a lender who is a member of the National Marine Bankers Association (NMBA).
Regarding Boat Financing when you work with a professional in the marine lending industry, you will get quicker response times when it comes to a credit decision. They know boats and they know boat buyers. It is often very possible to apply for a boat loan in the morning and buying a boat owner that afternoon.
Financing terms will be longer with a marine lender than with credit institutions. They know the value of a well-maintained boat, so their terms will look more attractive to you than a bank or credit union.
Your down payment will be less as well. The down payment for financing a boat a boat is based on its age, type and price. Because marine lenders know Boat Financing so well, they are better able to determine what type of down payment will be fair for your new boat. Many lenders require down payments as low as ten percent, and some can even offer programs with zero down payments.
Because marine lenders are willing to extend their loans for a longer period of time, your payments will be less. Plus, you can even finance extras for your boat if needed. That can include things like electronics or equipment such as skis and inner tubes.
Many banks and credit institutions are members of NMBA, so be sure and ask if they are affiliated with the organization. If your usual bank isnt a member, youre best off if you look around for a marine lender specifically for your Boat Financing. In the long run, it will pay off immensely for you.
One huge advantage in financing your boat is that the loan interest may be tax-deductible. You are able to deduct interest from car loans, and a boat loan is no different. Youll have to check with a tax professional as to the specifications. It could depend on what type of boat you buy as to whether or not the loan interest will be tax deductible.
Once youve found the boat of your dreams and have become a happy boat owner, there are some other things that need to be taken care of after financing a boat and buying a boat.
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This unique, compact guide covers everything there is to know about boating. From Buying a Boat, Buying a used boat, boat engine checklists, boat checklists, best places to buy a boat, Boat Financing, Boat Insurance and registration, Boat maintenance, emergency boat repair, boat equipment, Boat Safety. Boating etiquette, Boating with children, and MORE!
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