Start your journey to your dream boat
OK one thing is for sure, boat slip financing can be very difficult to come by. Owning a boat slip is is much like owning a house. Financing is often through a mortgage as you are buying property. Property tax is therefore payable in the same way as real estate.
You might find that leasing a boat slip is an easier option depending on your cicumstances.
If you are looking to buy a used boat and need financing this website will help you through the process. You will find a boat loan calculator and many lenders to choose from. Buying a used boat whether it be a large dinghy or a super yacht is a big deal and the finance is always a hurdle that needs to be overcome. When buying a used yacht make sure you get a marine survey so that you can be sure that your investment is safe. A boat survey can give you an idea of value as well as the condition of the craft.
You must take into account when purchasing and financing a used boat that mooring the boat incurs a monthly or yearly cost. Credit checks will have to be done when you apply for your boat loan so the lender will need proof of income. Paycheck stubs, W-2 forms, or proof of retirement income will often suffice.
If you have bad credit it doesn’t mean you won’t be able to buy your dream boat. If your credit rating is poor, there are plenty of lenders who will look at your application on an individual basis and assess your circumstances. Often the interest rates will be higher for bad credit boat finance, but sometimes this is not the case.
You are advised to check the terms and conditions of a bad credit loan as it can have some terms which may not be beneficial to you in your situation such as high processing or administration fees. Applying for finance with more than one lender may be useful so you can get the best interest rate and terms.