BOAT BUYING TIPS
Boat Financing Tips
Advantages of Financing
- You may qualify for certain IRS tax advantages, such as a second home mortgage interest deduction, if your vessel contains bathroom facilities or eating and sleeping accommodations.
- Your financial flexibility increases by taking advantage of the ability to finance your purchase rather than paying cash, because you have more opportunities to increase your earnings in other investment opportunities.
- In addition, the greater your ability to finance, the more you can spend on a boat - as long as your budget can handle the loan terms with your current and anticipated future income.
- Loan approvals will generally be processed within 24-48 hours and generally last for 30-60 days of the approval date.
- A larger down payment requires more cash out-of-pocket now, but will improve your equity position if you consider selling in the future.
Who do you choose?
- When financing a boat it is best to consult a reputable lender that specializes in marine financing.
- Choose to work with a Finance Specialist that is experienced in marine financing. There are many details that need to be addressed and you need a professional to guide you through the boat buying process.
- Rely on a Finance Specialist that understands the boat market.