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