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December 19, 2002 NEWS
From BoatUS FOR IMMEDIATE RELEASE Five Boat Loan Tips to Help Steer Boaters Through the Winter Financing SeasonThe upcoming winter boat shows mean winter boat loans. To help the consumer understand the loan process and to get the best deal, marine lending expert Charm Addington, vice president of the BoatUS Financing division, has five boat loan tips for prospective borrowers: Use a specialist. You wouldn’t use a general practitioner for brain surgery, so why would you go to your local bank for a marine loan? Nationwide lenders that specialize in marine finance traditionally offer better deals than a local bank. Know what you want. Boat loans are based on specific collateral. Just because you’re pre-approved, don’t assume that you can spend the money on anything you want. At a minimum, have a good idea of the boat you have in mind when seeking a loan pre-approval, and at best, provide your lender with a purchase agreement. It’s also always good to check a boat’s value – via one of the marine price guides or through BoatUS’ free Value Check service – before filling out an application. What do you look like? On paper, that is. Many borrowers are surprised to learn that they have “glitches” on their credit report. “Glitches” on a loan application are like a bad hair day at the office – both make you look bad and more importantly, you won’t get the best deal on an interest rate. Get a copy of your credit report before you head off to the boat show. Blank spots causes problems. Empty lines on a loan application cause delays. Start a backup paper trail that includes a minimum of two years tax returns and W-2’s, and a copy of your current pay stub. If you’re recently retired, provide proof of retirement income. Give yourself breathing room. Because they usually require a survey, used boat loans take about two weeks – about twice as long as new ones. So don’t sweat it. For more information on BoatUS marine financing, call 800-365-5636 or visit http://www.BoatUS.com. BoatUS – the nation’s leading advocate for recreational boating issues before Congress and the federal agencies – provides its 535,000 members with a wide array of consumer services including a group-rate marine insurance program that provides over $7 billion in hull coverage; discounts on over 40,000 boating related products; a fleet of more than 400 towing assistance vessels; discounts on fuel and slips at over 690 marinas; and a subscription to BoatUS Magazine, the most widely read boating publication in the U.S. For more information visit http://www.BoatUS.com or call 800-395-2628. |
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