As boat season slowly approaches, boaters considering buying a new vessel should take into consideration the best way to finance their new purchase. To aid prospective buyers, BoatU.S. has recently come out with a list of 10 tips to get the right boat loan. These include:
1- Check your credit.
2- Find the right loan type: Although a fixed-rate, fixed-term, simple-interest loan is the most common, BoatU.S. encourages boaters to research all options.
3- Compare loan rates. Loan rates could vary depending on model year, loan amount and down payment.
4- Don’t be fooled by ads. Or, don’t forget to read the small print!
5- Get pre-approved. This could save you time.
6- Consider a HELOC: also known as a home-equity line of credit.
7- Explore tax benefits
8- Get it surveyed: Having your boat surveyed before purchase can save you from running into unexpected repair bills.
9- Ask about closing costs.
10- Calculate your monthly payment. BoatU.S. can help with their online calculator found at BoatUS.com/calculator.
For more information on each of these tips, visit BoatUS.com/boatloans.
