Here is a few tips when buying a boat and boat loan financing. Determine what type of boat is right for you. Secure your financing before you begin to shop. Take control of your financing and purchasing choices. When it comes to buying a pre-owned boat, nothing is more important than finding the boat that is just right for you – one that’s in good condition, at a good asking price and and one that you love and has everything you need. Boats come in many different types, sizes, and price ranges. Some are very basic, starting around $10,000, which are good to get out and have fun on the water. On the other end of the spectrum, there are $1,000,000+ luxury yachts. The first step toward buying an boat is finding out how much you can afford. Most underwriting require a maximum debt to income ratio of 40% to 45%. To calculate your DTI simply divide the total of your: monthly mortgage/rent payment + the total of your monthly credit card payments + the total of your other monthly loan payments + the maximum monthly estimated boat payment by your total monthly gross income.The internet has become a wonderful tool for boat shoppers. Buying, selling and financing all can be done from the comfort of your own home. You can find values at NADA,.
It’s important to understand how to finance your boat purchase and when you should begin the process of obtaining your boat loan financing through Southeast Financial.
When To Finance
Have your boat financing in place before you shop for your boat. This way you can focus on getting the best price for your boat. You’ll know your financing terms up front, and that’s one less thing to negotiate when you are shopping.
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