When you want to buy a boat, you’ll need to obtain boat financing in Deerfield Beach, FL. This is true whether you plan to buy a new boat or a previously owned vessel, so it’s important to know how lenders handle boat financing. While a boat purchase is a little different from buying a house, the lending process is similar in some crucial ways.
Your Credit Score Still Matters
If you have good credit, you’ll find it’s easier to obtain financing for your yacht purchase. Some marine lenders in Deerfield Beach, FL will still approve borrowers with lower credit scores. If you do have low credit, make sure you have a low debt-to-income ratio and be prepared to pay a 20% down payment.
Calculate the Total Cost of Boat Ownership
Before applying for boat financing in Deerfield Beach, FL, you should have organized your budget to include the principal loan payment and interest for each month. You’ll also have to research the cost of slip fees, towing, fuel, maintenance, registration, insurance, and taxes. Forgetting to calculate these costs can leave you in a bad financial position down the road.
Never Omit the Marine Survey
When you buy a house, your lender will require a home inspection. Marine lenders in Deerfield Beach, FL stipulate a similar requirement when buying a used boat. They will expect you to obtain a marine survey, which evaluates the condition and value of the boat. Even if you’re not financing your boat purchase, you should still get the marine survey to help ensure you know what you’re buying.
Elite Financial International can help you explore your boat financing options when you start their application process online at yachtloans.com.
