How to Find a Boat Loan Specialist
Not too long ago, finding a lender that made boat loans was a difficult task. Today the more difficult task may be to decide which lender to use from many to choose. When lenders discovered that most boat buyers were excellent clients for loans, many added boat loans to their more traditional auto and real estate offerings. Some of these lenders decided to specialize in the boat loan business, devoting funding and staff for the purpose.
Steps
- Start with your own bank and call them or check their Website to see if they finance boat purchases.
- Inquire about rates and how long a loan term is available for the boat you are considering. Some banks advertise in boating magazines and publications. They seek your business and will have boat-savvy people available to address your needs.
- Call Financial Service Companies - Financial service companies maintain relationships with local, regional, and national lenders, giving them broad access to finance programs. They are experts in the marine lending field, and many are members of the National Marine Bankers Association. You will see their advertisements in boating publications, so call for rates and terms and get an idea of anticipated application turn around and funding time.
- If you are a member of a credit union that makes boat loans, be sure to contact them. They usually have attractive rates for their members, and many are interested in making boat loans. If they have marine lending specialists on staff, they should be able to offer a competitive loan.
- Compare and contrast the loans. Check out the APR offered by the many different lenders on the market. In theory if one lender offers a lower APR than another company, the first should be the better option as it will save you more money than option B. However loan companies will display the average APR of all the personal loan amounts that they have available, which means that the APR you see advertised will not necessarily be the same as what you get when you actually come to sign your agreement.
Tips
- Many of these lender specialists are members of the National Marine Bankers Association.
- In any active boating market, there will be several sources for boat loans. It's a good idea to compare rates and terms offered by several loan sources to determine the financing best suited for the intended purchase.
Sources and Citations
