When considering boat finance, Perth consumers often find themselves a little overwhelmed. With the range of finance options available, it is not a matter of simply checking a boat finance calculator to be confident that you have secured the best deal. Boat finance can be complex, so here is a brief guide of what you should be looking for in your deal.
A Specialist Lender:
The first step to obtaining a great deal on your boat finance is to find a specialist lender. While many high street lenders will offer loans for any purpose, a specialist lender is familiar with the pitfalls and problems associated with buying a boat. The lender will be able to assist you in ensuring that the ownership of the boat is clear and legal to avoid any potential problems in the future. While a sale may appear simple, if there are problems with the ownership, it could result in a dispute or even legal battle down the line.
Tailored Solutions:
Many lenders will have a particular formula to determine approval for their finance deals. Unfortunately, this formula may not fit your particular circumstances. You may wish to put down a smaller or larger deposit, wish to borrow for a longer term or have a less than perfect credit history, which can affect the chances of approval. Fortunately, there are many lenders available who offer more tailored solutions to fit your particular needs. While it is important that you can afford the monthly repayments, it may be more attractive to choose a deal which offers fixed interest rates, a more agreeable term and suitable deposit.
Minimal Fees and Charges:
While many finance deals look attractive, it is important to look deeper into the fees and charges. Many deals can actually be quite prohibitive when you discover that you will be heavily penalised if you are late with a payment or wish to repay the loan early. All lenders must provide a full copy of the loan terms before you agree to the loan, so it is important that you read through fully to determine which offers the best choice for fees and charges. You may regret opting for a deal with a slightly lower interest rate if you are hit with a massive fee later. While you may have every intention of ensuring every payment is made on time, circumstances sometimes happen, so you need to have confidence that you will not be paying the earth if you make a mistake.
Deals for a Less Than Perfect Credit History:
It is also important to look for a lender willing to offer great deals to those with a less than perfect credit history. These days very few people have a perfect credit history, so you may find that many high street lenders will penalise you heavily for any financial mistakes you have made. However, there are many lenders who have packages specifically designed for people with a less than perfect credit history. If you are unsure about the state of your credit history, it is worth spending a couple of dollars and getting a copy of your record to see for yourself.
