Financing your next boat? Here are some tips to help you stay ahead of the game.
There are many reasons why it’s a good idea to secure a pre-approval prior to starting your boat search. You will be saving much time, money and effort by taking this initial step towards boat ownership. The process is surprisingly quick and easy. It’s as simple as completing an application and supplying the lender with some basic income verification. Once an application is submitted to a lender – the turnaround time typically runs from 24-48 hours. Listed below are a few key reasons why this is the way to go….
Affordability - Borrowers sometimes mistake good credit for an automatic approval. Obtaining a pre-approval prior to boat shopping allows you the benefit of streamlining your boat search so you know exactly how much you can afford to spend.
Secure Rate - We are starting to see a slight up-tick in rates. Getting your pre-approval completed early, enables you to obtain a rate lock for 30-60 days while you complete your search.
Motivation – Seller’s will be eager to entertain an offer knowing that a potential buyer is qualified. Being pre-approved lets sellers know that you are serious about buying and demonstrates you have the ability to perform quickly.
Savings – Determine your borrowing power before you spend countless hours and money. Your search can include expensive travel expenses, airfare, hotel accommodations and even time off work – securing an approval guarantees you have the buying power in place before you have incurred these costs.
Additional Costs – Too often boat buyers will move ahead of the process. Some will go as far as having a survey performed on a boat of their choosing before getting pre-approved only to find out they are unable to obtain the loan they need.
Jane M. Tayman
Mid-Atlantic Region Manager
Office: 888-386-3121 * Cell: 443-336-8499
Celebrating 21 Years of Excellence in Marine Finance!