What You Should Know About How Boat Loans Work in Deerfield Beach

by | Mar 13, 2021 | boat financing

What You Should Know About How Boat Loans Work in Deerfield Beach As with any type of loan, your ability to qualify for a boat loan will mostly depend on your credit score and repayment history. If you’re confident in your ability to qualify for a loan, your first step will be to consult a marine lender in Deerfield Beach. Once you get started, understanding the following process will help you.

How Long is a Boat Loan?

The repayment term for your boat loan will depend whether it’s a secured or unsecured loan. A secured loan is usually a 20-year loan, while unsecured loans fall within a range of five to seven years. While a 20-year loan may seem more desirable, it’s important to remember that a longer loan means you’ll pay more in interest.

What About Down Payments?

It’s not uncommon to find a marine lender in Deerfield Beach who will offer a 0%-down loan, but this means you’ll have to borrow more and pay more in interest. Putting down 10% to 20% is the typical requirement and, in addition to lowering your interest payments, it will help you combat depreciation.

How Much is Interest on a Boat Loan?

In general, the interest on boat loans range from 4.5% up to 7% or higher. How much you’ll be charged for interest will depend on a variety of factors, including your credit history, the model and year of the boat, and the amount of the loan request. You should discuss these factors with your lender before you decide on a boat to buy.

You can make your dreams of boat ownership come true when you visit Elite Financial International online at yachtloans.com.

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