Used Boat Loans

Have you always dreamed of owning your own boat but don’t think you can afford it? There are ways you can hit the water in the boat of your choice, and one way is to buy used. Even if you find the perfect used boat, it may be too much for you to pay for out of pocket. This is where used boat loans come in handy. They are quite similar to loans granted for automobiles as watercraft may be classified as a recreational vehicle, unless you are buying a houseboat to serve as your primary residence.

The first step should be to shop around for used boats and see what appeals to you. There are many places to find pre-owned watercraft for sale. You may want to start simple and check your newspaper classified ads. If you don’t find anything there, the Internet is a fantastic place to look. There are all kinds of sites where people list things they want to sell. For example, you might check Craigslist, the biggest online classified ads site on the Web today. You might even find the perfect boat on Ebay, the biggest online auction site. In either case, you should look for a boat you can pick up yourself as most sellers aren’t going to haul it to your location.

Because a boat is a big ticket item, it is wise to do plenty of comparison shopping before making a decision. There are many different types of boats, and you should do plenty of reading up on the different types so you know exactly which type you want. You might even want to ‘window shop’ online for new boats to see what appeals to you the most, then look for the same boat for sale by owner. Prices on used boats will vary depending on the boat, the condition, how old it is and how desperate the seller is to get rid of it.

Once you’ve found the boat of your dreams, it’s time to look for used boat loans. You can acquire these loans from any bank, credit union or other lending institution. There are various requirements you will need to meet in order to get a loan. Credit worthiness is very important, and while less than perfect credit may not prevent you from getting the loan it may cause interest rates to be higher. Keep in mind that if your credit improves in the future you can refinance the loan in an attempt to get lower rates.

Your income and your ability to repay the loan will also be considered. A debt to income ratio will be considered by the lender so they will know if you can make your payments. There will most likely be collateral required, which may be the title to your boat, or even a title for a vehicle you already own. The best thing you can do is shop around for a good lender then sit down with them and ask questions. They can explain all the details on the application and approval process to you in depth.

Used boat loans can be your ticket to getting the boat you want. And, you’ll find that even though a boat is pre-owned, it may be like new depending on the care it received from its owner. It may also be helpful to check out some boating message boards and chat with other boat owners, even if you don’t learn much about used boat loans through these boards you can learn about boating and make friends with similar interests. There may also be boats listed for sale on these boards that you might be interested in.