Have you always dreamed of buying a boat but thought the process was just too complicated to get one? Owning a boat can be both fun and rewarding! It can also provide many benefits for both you and your family! At Ezilend, we want to help you make your dream a reality. So today, we are going to share with you four tips on getting a boat loan that is both affordable and simple.
Have Your Information Ready
One of the first steps in pursuing a boat loan is to have all your information upfront and ready to go. Doing so can help make the loan process go faster and shows that you are serious about purchasing a boat. The following is a general list of the information that may be needed when buying a boat: Your
- Name, Address; Phone Number
- Employment Details
- Income Information
- Property Ownership
- Monthly Expenses.
Details about the boat you are looking to purchase are also helpful to know ahead of time and can increase your chances of being approved for a loan.
Check Your Credit Score
Knowing your credit score can give you a good idea of how much a lender may be willing to approve. If your credit score is a little lower than excellent, do not fear. You can still get approved for a loan; it may just have a higher interest rate. It depends on the loan company and their policies. Ezilend’s experienced team can help figure out the best options for your personal situation.
Plan For Additional Expenses
When preparing to buy a boat, there are a few things you may want to consider ahead of the purchase to avoid unexpected expenses. When maintaining a boat, there are a few things to help the operation run smoothly. The following is a list of things you may want to add to your monthly budget:
- Boating Insurance
- Maintenance and Repairs
- Operating Expenses (such as fuel and motor oil)
- Storage and/or Dry Docking.
Know Your Budget
Having a budget in mind is another key step in preparing for a boat loan. Once you have your personal information, credit score, and other expense details ready, you can use this information to form your budget. This will help you see how much you can pay per month, as well as what type of down payment you can pay upfront. And sticking to your budget can help eliminate confusion and/or frustration in the long run!
You can start to work out the estimated weekly, fortnightly, or monthly repayments on your loan by using our handy online boat loan calculator. Simply choose the borrowing amount, the duration of the loan period, and the interest rate. Then, if you think the loan is affordable for you, click the start pre-approval button and fast-track your application today!
Work With A Finance Company You Can Trust!
Getting the right loan for your boating needs may seem complicated. You want an experienced loan company that will help you find the best loan at the best price. At Ezilend, we work to make sure you get the right loan that is right for you! With over twenty-five years of experience, our team specialises in getting marine financing loans that work for you! We walk with you in each step of the process. To learn more about how we can help you, contact us! We’re here to help make your dreams become a reality!