| The first step in buying a boat is finding one that you | | | | It is a general guideline that up to 90% of the boat |
| are interested in. Calculate the possible monthly | | | | selling price can be financed. This will include any extra |
| payment and make sure it is affordable to you. The | | | | at the time of the purchase. |
| next step is to find a financing company or a bank to | | | | How long is the process? |
| finance the boat. Fill out the necessary paperwork | | | | As long as all the application requirements are on |
| and review your loan offer. Finally, wait for approval | | | | hand, it only takes 1 to 2 days to know whether |
| and hopefully, the boat will be yours. | | | | your loan application has been approved. |
| Why should I finance instead of paying outright? | | | | What is the advantage of a short-term loan as |
| There is a possibility that your boat can qualify for | | | | opposed to a long-term loan? |
| the same tax advantages as your house. This will | | | | A short-term loan has its advantages, particularly in |
| increase your financial flexibility, and will allow you to | | | | building the boat?s equity. This means more money |
| take advantage of future investments. There is a | | | | for you until you decide to sell the boat. However, |
| chance that you can profit from these investments | | | | there are points to consider like down payment |
| and exceed the cost of your loan. At the end of the | | | | percentage and financial capability. |
| day, your boat may coat less than you expected. | | | | What about refinancing? |
| What kind of information is needed? | | | | There are many refinancing options available. All you |
| Make sure that personal information as well as loan, | | | | have to do is check the prevailing interest rate. As a |
| boat and financial statements are readily available. | | | | matter of fact, refinancing can save you some |
| How much is the down payment? | | | | money over your the life of your loan. |