The cost of boats can vary from a few hundred dollars for a pre-owned entry level model through to thousands of dollars. This significant an investment needs to be carefully considered, rather than just spending a few minutes using a boat finance calculator. A specialist can assist you in assessing your purchase and if you are still not convinced, here are five additional reasons you should consider.
Lower Deposit:
Most high street lenders have specific criteria to determine the amount of down payment you will need for your finance deal based on your credit history. However, boat finance specialists will base the amount of deposit needed based on the price, age and type of boat you are looking to buy, in addition to your credit profile. This could mean that you will need a lower deposit of ten to fifteen percent rather than a more hefty amount. You may even qualify for an even lower down payment plan.
Faster Decision Time:
Since you are dealing with specialists who understand the boating and marine industry, the lenders understand the intricacies of this type of finance. This knowledge means that there is less debate about whether you can obtain approval, and you will not be left for days or weeks waiting to know the lender decision.
Longer Finance Terms:
Conventional lenders will merely assess the loan amounts to determine the potential loan term. However, specialist lenders understand boats and recognise the value of a properly maintained boat. This knowledge means that a specialist lender is likely to be more flexible and offer more attractive terms for you financing. While you may only be able to borrow funds on a five-year loan from your high street bank, you could spread the cost of your boat across a more manageable longer term with a specialist provider.
Lower Monthly Repayments:
Since you are likely to be offered a longer-term, you are also likely to enjoy lower monthly repayments. Lower monthly payments will allow you to have a little spare cash on hand to buy those boating essentials like a new captains hat or take a little time off work for a long weekend of marine exploration on your new boat. Lower repayments will place you under less financial strain, allowing you to relax and enjoy your new boat fully in the years to come.
More Optional Extras:
Since your lender has specialist expertise, they appreciate the value of optional extras for your new boat and will often allow them to be included in your finance deal. This could allow you finance for extended service plans, additional insurance, electronics or other additional equipment needed for the full boating experience.
