How to Get a Boat Loan
Do you like to fish, water ski, or just putter around in a pontoon boat? If you’re looking to buy a new boat, chances are likely that you need a loan for at least part of that purchase. After all, a boat is as big a purchase as a car — if not bigger. But before you go and apply for a loan at the dealer, you need to take time to understand your new & used boat loans options . What Are Your options? You actually have several options for getting a boat loan. First, we’ll look at the types of loans you can get, and then we’ll check out the places to get these loans. The two most common options for getting a boat loan are a typical collateral loan and a home equity boat loan. But another option that may be available, if you have excellent credit, is an unsecured personal loan. Each option has its pros and cons: Collateral loan: This is similar to your traditional auto loan. You use the money to buy a boat, and the boat itself is collateral. So if you default on the loan, the lender has...