Know and understand your financial abilities and your credit rating. Check your credit with the major credit reporting bureaus and correct any inaccuracies.
Call around to local resources and look online to find out what different boat lenders can do for you. Boat financing is not like financing a car where you can walk into a dealership and leave in a few hours with a new or used car. Boat financing can take longer if the lender requires a report from a marine surveyor.
When you apply, be ready with tax returns and bank statements that show your financial ability to repay. Be prepared to submit those materials to speed up the review process.
Be aware of special use limitations. If you want to live aboard your boat, use it for commercial purposes such as charters or as a fishing guide or to cruise internationally, tell the lender. Not all lenders will loan money on a boat used for those purposes.
Forewarned is forearmed, right? You bet it is, so if you’re looking at used boats, it’s also a good idea to understand what they’re worth. Boat lenders pay attention to boat values when lending, and you can access the same information they have.
Like credit reporting agencies, there are a few sources for researching boat values and prices. Continue reading “Getting An Accurate Boat Value for Loan Purposes”