how to finance a boat
DESCRIPTION
So you are all set to buy your new boat but are wondering how to finance it? Read on as we tell you where and what to look for, when trying to finance your dream boat…TRANSCRIPT
Yacht Sales & Marketing. Simplified
Financing a Yacht/Boat
Presented by:www.SeeTheYachts.com, the #1 Listing & Marketing Portal for Yachts & Boats for Sale.
When Financing Your Yacht/Boat, Consider…
• Various sources– Credit Unions– Banks– Financial Companies
• Collaterals– Home equity– Stocks & bonds– Life insurance
• Interest type– Fixed– Floating– Balloon
Sources—Credit Unions
• Credit Unions– Certain credit unions finance boat/yacht loans– Check with your credit union before you approach other
sources for yacht/boat loans– Credit unions generally offer a lower rate of interest to their
members
Yacht Financing Sources—Banks
• Banks– Check with your bank if they offer boat/yacht loans– Check if the bank is a member of National Marine Bankers
Association (NMBA)– NMBA banks process boat/yacht loans faster
Sources—Financial Companies
• Non-banking Financial Companies– May be a member of National Mariner Bankers Association
(NMSA)• If opting for a non-banking financial company to finance your
boat or yacht purchase, it is recommended that you approach one that is a member of NMSA
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