Boat Financing Tip: Why Choose a Marine Lender?
January 19, 2015
When it comes to financing a boat, using a company that specializes in personal boat loans and has intimate knowledge of marine lending can save you time and money. Here are several, as explained by Tom Smith, President of Sterling Associates, one of the nation’s leading boat-financing companies:
The down-payment is based on the age, type and price of the boat you are buying, as well as your credit profile. In today’s market, marine lenders typically offer financing with down-payments in the 10% to 20% range, but there are programs available through boat manufacturers that could allow you to qualify for less, or even zero-down, on a new-boat purchase. A lender who is familiar with all of the players in the marine-lending world and the different programs available can help secure a better rate.
Faster Credit Decisions:
Lenders who specialize in boat loans naturally have a better understanding of boats and their buyers. Therefore, they can often speed up the approval process. In some cases, the buyer can apply for a loan in the morning and be on the water the same day!
Longer Financing Terms:
Being boaters themselves, marine lenders recognize that the value of a well-maintained boat holds up over time, so the loan terms generally are more attractive than those offered by local banks and credit unions.
Lower Monthly Payments:
Because marine lenders usually extend longer terms on boat loans than local banks and credit unions, the monthly payments are likely to be lower than expected.
More Electronics & Other Extras:
Unlike many non-marine lending institutions, boat-loan specialists will often allow you to finance optional equipment, electronics, extended service plans and life/disability insurance coverage with your boat purchase. It’s one-stop shopping.
For more information on financing your boat or to get the latest rates, contact Sterling Associates by CLICKING HERE or calling (508) 234-1550.