Boat title loans
If you are a seafarer, then owning a boat is very important to you. However, buying a boat is very expensive compared to buying a car. In fact, a decent and sea-worthy boat will cost you $50,000 at the minimum which is twice the price of a decent and brand new car.
Now if you feel downcast the fact that you have to amass tons of money or go broke in the attempt of buying a boat, then do not worry. You can always apply for a boat loan. There are a lot of different types of boat loan that you can apply for. However, most of these boat loans require that you give a partial down payment to acquire the boat. There is another way of acquiring the boat and this can be done by getting a boat title loan.
Boat title loans are similar to auto title loans thus you need not need to even pay for a down payment to be able to buy the boat as the lender’s name will be put into the title alongside yours thereby giving him the authority to seize the boat if you are found out to be incapacitated to pay.
When getting a boat title loan, it is important that you consider the rate of the loan. The rate is usually affected by different factors and among these factors includes your credit score and the payment terms that you have chosen. With regards your credit score, you need to have a good credit score in order for you to be able to get a lower rate. A bad credit score ruins your rating thus you get a higher rate or you end up getting your application denied. On the other hand, if you decrease your payment terms to only a few years, then you end up having to pay for a very high rate thus if you do not have enough budget, you can extend the payment terms to several years and this will lower down your rate.
Aside from the rate, another thing that you need to look into is to consider getting yourself a repayment plan that is flexible. If it is difficult for you to pay in a monthly term, then you can always get a quarterly payment schedule which allows you to devote some of your resources to pay for your other obligations.
Deciding to buy a boat is a serious matter thus it is important that you have thought about funding your purchase with loans such as this.