What You Should Know About Boat Loan Financing in Deerfield Beach
- February 15, 2021
- Doris Gray
Although boats can be quite expensive, they’re actually not any more difficult to finance than a car. While both require that you meet certain financial minimums, you might find it a bit easier to get a boat. If you are interested in boat loan financing in Deerfield Beach, here are some things you should know.
You Can Get a Decision Quickly
When you are dealing with a boat specialist, it is generally much faster to get a decision on your loan. If your loan is approved, you’ll typically have this answer in as little as 48 hours.
The Pre-Approval Process
Along with a completed application, you’ll have to submit proof of income such as a pay stub, tax return, et cetera. Just as with any other financing, your credit will come into question. Therefore, you should prepare to have a minimum credit score of 550.
You Can Get Down Payment Assistance
While most lenders will want you to put down around 20%, your down payment will be determined by the type of boat, your credit file, and more. However, when you deal directly with a boat specialist, they can help lower your down payment requirements. Loan specialists are aware of various programs and manufacturers that will allow you to qualify with less money down.
When looking for boat loan financing in Deerfield Beach, make sure you deal with boat specialists who have lots of experience and knowledge. This will come in handy during your qualifying process, and help you get the best deal.
For more information, contact Elite Financial International at yachtloans.com.