Boat Loan FAQ ~ Answers To Ensure The Best Boat Financing~

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Boat Loan FAQ
Frequently Asked Questions About Boat Loans
~ Answers To Ensure The Best Boat Financing~

1. How does my credit score and the interest rate correlate when securing a boat loan from a recreational financing company?

A boat lender uses a credit score to determine loan approval and, then, your boat loan interest rate. Higher credit scores yield lower interest rates and higher lending power, and vice versa.

2. Which comes first-the boat or the boat loan?

It isn’t required that you have a boat picked out for purchase when inquiring about a boat loan. However, it is recommended that you review some boats that you are interested in buying in order to get an idea of boat price values. Pre-qualifying for a boat loan will inform you on what you can be approved for, and, thus, the range of boats reasonably available to you.

3. How do I go about acquiring a boat loan from a marine financer?

Most marine financing companies allow for you to either complete a secure online submission or a downloadable/printable application able to be sent via fax or standard mail delivery.

4. Is boater’s insurance required at the time of purchase?

At the loan’s closing, the boat MUST be insured for property and liability where your marine financer is defined as the lien holder. For information regarding pricing and options such as Hull Coverage, Protection & Indemnity, Watercraft Liability, All Risk, Specified Perils, Navigation Limits, Insured’s Deductible and coverage including Medical Payments, Personal Effects, Uninsured Boater, and Towing, contact your insurance agent.

5. Can I be guaranteed that the application information provided for my boat loan is both secure and private?

All application and provided information will remain secure and confidential. All collected information regarding your boat loan is under restricted access and used solely for the purpose of providing you your best boat loan.

6. Upon approval, what types of information will be necessary for collection?

Generally, two years of federal income tax returns and W-2’s are required. If you are self-employed, your most recent financial statement along with two years proof of business ownership, a copy of your purchase agreement, a duplicate of an insurance binder, and anything unique to your personal circumstances are requested.

7. What is the boat financing term allotted for purchasing?

Depending on factors such as the age and mileage of the boat, the size of the loan and your credit history, a term can be extended up to 20 years. Yet, boat loan rates and terms aren’t established until after reviewing the vital information provided by both you and the boat salesman.

8. Is a down payment required?

Most marine financing companies will lend up to 90% of the boat’s sale price, including sales tax and additions. Although, a larger down payment will assist in lowering your interest rate on the boat loan’s balance.

9. Why refinance an existing boat loan?

The benefits of refinancing on a boat loan include reduced monthly payments and a decreased interest rate.

This Information is Sponsored By:
Boat Loans from Excel Credit,
Always the Lowest Boat Financing Rates,
Call 800-337-7774: