| Starting the boat financing process can be a challenge. | | | | rate. Each lender has a unique program and will lend |
| Calling brokers for rate quotes over the telephone can | | | | based on a different set of criteria. Thus by employing |
| sometimes be confusing; so before you make that | | | | a reputable boat loan broker, such as SeaDream |
| step it's best to understand how the process works. | | | | Marine Financing - with multiple lending sources, the |
| With any large purchase that is financed, customers | | | | broker can match the customer with the appropriate |
| want to get the best rate available to them and boat | | | | lender and obtain the best market rate. |
| and yacht loans are no different. Understanding what | | | | However, by shopping with multiple brokers you risk |
| you are getting into beforehand is important for | | | | damaging your credit score. Brokers that don't |
| ensuring you get the best deal. Calling around to | | | | underwrite your deal in house may initiate a process of |
| different brokers to feel out the market is a smart | | | | shopping or "shotgunning" your boat loan application to |
| idea. This will give you an indication of what boat loan | | | | numerous lending sources in "hopes" of finding a good |
| rates the market is currently bearing. However, there | | | | deal. This may come at a serious cost to you. Every |
| are many unforeseen elements that this process does | | | | time a lender receives an application, they will run a |
| not reveal. | | | | check on your credit history. Every inquiry will reduce |
| So why is it difficult to get a firm quote over the | | | | your credit score. Submitting your application |
| phone? In order to provide an accurate boat or yacht | | | | haphazardly to multiple brokers that do not offer |
| loan quote it is imperative that the broker understands | | | | in-house underwriting may seriously damage your |
| the nature of the purchase including your credit history | | | | credit. |
| and current financial standing via an "underwriting | | | | Therefore it is wise to ask the broker about their |
| process." Without submitting a boat loan application | | | | process, including if they underwrite their applications, |
| though the underwriting process, the broker won't fully | | | | how many lending sources they utilize, and if they are |
| know if or how you qualify for a loan. A reputable | | | | adept at matching your application to the "appropriate" |
| broker can only give you an indication based on a | | | | lender in their portfolio via the underwriting process vs. |
| range of A+ interest rates that "may" be available to | | | | randomly shopping your application to many or all of |
| you if you qualify. | | | | their lenders. |
| So why call different brokers if you can't get a solid | | | | A quality professional boat loan broker will underwrite |
| answer? Other than gaining a general idea of what A+ | | | | the loan and then submit it to the "appropriate" lender |
| credit customer's rate is - not much reason at all. So | | | | for consideration. The lender will then approve the deal |
| what should one do if they are trying to get a solid | | | | and the broker will then call you back with a firm deal |
| quote for a boat loan interest rate? Customers should | | | | that includes a locked interest rate and structure of the |
| "pre-qualify" for a boat loan. | | | | financing available to you. You are now officially |
| Pre-Qualifying for a Boat Loan | | | | pre-qualified to shop for the best deal and will have the |
| Pre-qualifying for a boat loan is a smart choice. Why | | | | financing in place to make a strong offer. Once you've |
| shop for a boat or yacht without having the financing in | | | | decided on a boat the broker will then work with you |
| place to support your purchase? Pre-qualifying for a | | | | and the selling party to facilitate the deal within the |
| loan will create financial structure that will guide you | | | | framework of the approval. When you reach this |
| through the purchasing process. | | | | stage it's just a matter of signing on the bottom line |
| Boat loan brokers that have multiple lending sources | | | | and the boat is yours. |
| will match you with the lender with the best interest | | | | |