- Sports and Recreation
Lake Conroe Boat Financing
Lake Conroe Boat Financing
Purchasing a boat can be a rite of passage. Your boat is a symbol of how hard you’ve worked to earn your money and toys. Has anything stopped you from buying the boat of your dreams? Writing a check for a boat might not be possible or enjoyable. If that sounds about right, you should consider boat financing. Would you believe there are terms for 15-20 years? Rates are very reasonable with worthy credit.
Boat financing makes it possible to own a boat for a couple of bucks per month and without making the tens of thousands of dollar investment usually required. If you need a fishing boat for work or a luxurious bow rider to show off in, boat financing available.
Have you already considered boat financing? The best way to start is research online. Once you’ve selected the proper style of boat that works for your lifestyle, it’s time to consider your budget. Budget has a two main components, first being down payment. Boats are considered a luxury item, meaning a down payment is required almost a hundred percent of the time. A ten to twenty percent down payment is the common theme among most major recreational lending banks. Credit unions are a little more flexible for down payment guidelines. The other component of boat financing is monthly payment budget. Once you’ve considered those key elements, the rest of the boat financing falls into place. There’s an easy way to get close on payment. For a 180 month loan, it works out to be about ten dollars per thousand financed. So if you finance $30,000 you’re looking at a payment of $300 per month. That’s a little high for good credit and a little low for below average, but easy math.
Your personal credit is the major indicator of your rate and terms. If you have a 780 beacon, fico or imperica score, boat financing will be a breeze with few hurdles. Once your score is below 720, a few obstacles arise. Some banks require proof of income or proof of residence before making a lending decision. Your credit score is a reflection of your credit worthiness in a numeric form. There are three different credit scoring institutions: Experian, Equifax and Trans Union. All three are used by different banks and all three will give you a free report to make sure your credit is clean and ready for boat financing. There are a couple of websites that will give you the scores as well. Creditkarma.com, freecreditscore.com and myfico.com were a few that showed up on page one of google. Check to see what your worthiness is to know what type of rate to expect.
Now you’ve selected the boat of your dreams now it’s time to confirm that you made the right choice. Visit your local dealer and get in the boat. Sit in it and adjust the seats. Feel what it would be like to own your boat. Lift the motor hatch or take off the outboard cowling and get in depth with your boat. Ask a lot of questions. Once you truly believe this boat and you are destined for, it’s time to get it on the water. Some dealers don’t offer test drives, but most will as long as you’re a serious buyer. Usually a good faith (refundable if you don’t buy) $500 deposit is placed on the boat to lock in the deal and get your boat rigged with prop, batteries, oil and gas. Once you get on the water, drive test the boat, put it on plane, give it some hard turns, make sure to stop the boat and walk around. Do what it takes to make sure you buy the right boat. This is something you want, not something you need. Make sure you get what you expect or understand why it was not necessary.
The day has come to take delivery of your new boat. Boat financing turned out perfect and the test drive was great. What do we do from there? First and foremost is insurance, all boat financing companies will require a full coverage policy. Boat policies are different than your car insurance. When you buy a car your current insurance will bind your new cars for thirty days while you get your agent the new info. Boats require a binder before you take delivery. So call your agent with your new boats Hull, motor and trailer identification and have the boat financing company’s loss payee address to get insurance. In Texas, a copy of your driver’s license is needed to register your trailer and for the patriot act. The next step is to handle all the paperwork involved. There’s a little more than a car finance. With boats you need to register the boat and the trailer separate. If there is an outboard motor, another separate registration will be required. Once all that is set, it’s time to sign and consider additional protection packages. There are all types of protectives and service plans available from dealer to dealer. When it comes to boats, I consider additional coverage on expensive items like motors and accessories (if there are thousands of dollars worth of add on accessories.) The rest I consider fluff. I’m sure the polymer wax is great for your gel coat finish and the tire and wheel protection is probably fantastic if needed, but I take my chances on that fluff.
Once you have signed and hooked your boat up to your vehicle, take some time with your sales professional to ask a few more questions. Pick their knowledge of the area and where you will be boating to get a couple of tips (fishing, dining or ski coves, etc.) Check your connection and lights. Make sure you leave the dealership with books and manuals, drain plug, keys and anything else the boat might need. Now it’s time to take your boat out and enjoy time away from land.
As you can tell, boat financing doesn’t have to be a chore. It can actually be very easy.
Feel free to visit me at http://www.ronhooverconroe.com/