How to improve the process of getting a boat loan,
How to improve the process of getting a boat loan
- Be realistic: before deciding to purchase a boat, determine a realistic monthly payment that fits your budget. Remember, the cost of owning a boat is much higher than the monthly loan payment you make.
- Select a professional: the best way to obtain a boat loan is to get the help of a trusted marine
finance specialist. They help many customers get boat loans through their direct relationships with community and regional banks.
- Be prepared: have your bank and investment account statements available from the previous month and be able to complete a personal financial statement listing all of your assets and liabilities. Make copies of your most recent two years of tax returns as well as proof of current year income (paystubs for W-2 wage earners or internally prepared income statements for self-employed individuals).
- Be knowledgeable about your credit scores: after completing a credit application, set aside some time to review your credit report with your marine finance specialist and explain any item which has a negative impact on your credit report.
Based on the information your finance specialist obtains during this initial period, they will determine the best lender for your boat loan. All lenders are not alike and your finance specialist can assist you in getting the best rate and loan term based on your personal financial condition. Although the lending criteria have increased and most boat lenders are prime lenders only, there are lenders that specialize in boat loans for bad credit and boat loans after bankruptcy.
The finance specialist works for you and is always willing to answer any of your questions throughout this process.