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What to Look for when Shopping for a Boat Loan

Shopping for a boat loan can seem overwhelming, especially in today’s economy. Like most transportation vehicles, boats can be expensive whether they’re bought used or new. As such, you will likely have to take out a loan before buying one. It’s important to know how to shop for the best loan rate, and what to look for when looking at boat loans.

You have Several Options to Choose From 

There are several different places which offer boat loans: banks, financial service companies, and credit unions. Your first option should be to call your local bank and ask if they are capable of financing boat loans. Ask them about their rates. Know as much as possible about the boat you want before you approach the bank about a loan. If your local bank doesn’t offer boating loans, explore your options. Full service boat brokers often offer boat and yacht financing options.

If a bank isn’t the right option for you, look into a financial service company. These are companies that are affiliated with people of all economic statuses throughout the nation. You can find financial service companies online, in the phone book, or in a boating magazine. You should call them or, if available, send their customer service an email to ask about the availability of boat loans. Ask for information about their rates and their application process.

Credit unions are another option for boat loans. If you’re already a member of a credit union, you should call them to ask if they ever finance boat loans. Credit unions tend to have excellent rates for their customers, and some even have boat specialists on hand to talk about the best rates for a boat.

It is important to investigate all of your options before you make your final decision. However, if you are looking for a one-stop-shop for buying a used boat, look no further than Ballast Point Yachts. In addition to a huge inventory of premier used boats, we also offer boat loans and financing, insurance, transport, repair service and more. Call us at 619-222-3620 and see how we can help you purchase the ideal boat for your individual needs.