Carolina Classic has a high helm deck keeping the driver dry while allowing for unparalleled all round view. The cabin was built with leisure in mind for those on weekend excursions. It allows for six-foot headroom, meaning you can walk around bumping your head into something. You also get galley, fridge, and a microwave for your lunch out at sea besides a shower. There are ample storage lockers on board and very good rod holders. The engine compartment, designed to allow for customization to whatever power requirements may be desired is a plus.
Now, for a long time you have been hitching a ride on your friend’s Carolina classic on those summer weekend excursions that you have come to love so much, especially the fishing. You have started thinking of yourself as a serious angler, but whereas you always look forward to this trips, you cannot help feeling you are stretching your welcome. Your friend is lately finding excuses to leave you. This is killing you. It is time you acquired your own boat. Not just any boat, it has to be a Carolina Classic. Problem is no spare cash!Therefore, what do you do – the only available solution is obviously to go for a boat loan.
Fishing for a Carolina Classic Boat Loan
Now, as you set out on your quest for a loan, you are going to realize that boat loans are not so common among the many products offered by financial institutions. This is because boat loans are classified as non-essential investments and treated as luxury goods. With the global economic decline, banks prefer lending to essential investments. Donot worry; there are still a few specialized lenders who target niche sectors even if these are in the luxury category. Among these are special marine financiers and, to some extend your local Credit Unions.
However, first things first. You have to prepare yourself adequately before approaching any lender. You have to get your credit rating report, and it is advisable that you check this at all the three major ones; that is Experian, TransUnion and Equifax.This is very important because a good rating will assure you of low interest rates. Now visit as many lenders as you can and compare their terms and rates before committing to any. While you are at this, do not leave your applications with several brokers, because every time a broker checks out your credit record at the agencies it costs you points and will diminish your overall score.
You can also shop around on the internet, and in fact eventually apply through the same platform. Most people do not trust this faceless monster, but the internet has come a long way and to a great extend is quite safe and user friendly. Even then, you must be cautious on the net and check out the privacy guidelines, security protocols and, reputation of the particular site you want to place your personal data. If you intend to transact online, ensure the security of your PINs, passwords and any security codes generated to guard against online fraud.
In case you are buying a used boat, make sure to get a sea worthiness report from a competent marine surveyor. This will help in the evaluation of the loan sum against the considered value of the boat.The key is to getting as much information as possible both on the boat you intend to buy and the potential lenders so that you make a wise choice. Take your time to evaluate everything because this is a major capital investment.
Reeling in your Carolina Classic Boat Loan
Lenders, Credit Unions, Banks and finance institutions are a dime a dozen. How to get one that can advance you a loan to buy your heart’s desire, the Carolina classic boat, is the tough question. If they are not offering high rates, they decline your application on the grounds luxury goods and especially boats are not safe investments. Whatever the case you still have to get your boat loan, so shop extensively around and you definitely will get a lender. Another area to look is the specialized marine lenders, whose businesses are anchored mainly on boat purchase financing. The dealer can also help with a favorable payment program.
To benefit from a dealer’s program means you are buying new, unless of course if the dealer also sales used boats. In fact, it is an advantage to get one who does both, as this gives you more options, all in one shop. You can also trust the dealer’s word on the integrity of a used boat, as selling one of poor quality will dent his record.
If however, you are sourcing your funds from a lender, it is still a good idea to go for a new boat especially if dealing with mainstream banks. A new Carolina Classic boat has the security of a determinable price tag that can form the basis for valuation of your loan. The fact that it is new and sound mechanically with a long expected lifespan will favorably affect the loan term. Insurance companies will also find it easier to cover such boats. So ideally go for new boat if you can afford the cost, it offers many advantages. If however, your ability can only get you a used boat, do not be discouraged. Make sure you get expert survey of its condition to avoid breakdowns and huge repair bills on an old watercraft. You do not want a nightmare in your Carolina classic dream!
When you use specialized marine lenders for your boat loan like J.J. Best Banc & Co., you are assured of excellent service, good terms, a seaworthy Carolina classic boat, and a good insurance cover.
Options to Finance your Carolina Classic
Mainstream Institutions and Banks
As observed above this sector is cautious about putting money on luxury investments especially with the apparent global economic downturn. Besides their terms are normally stringent and rates mostly fixed without much room for negotiation. Banks also reserve the right to review rates anytime during the period of repayment to the disadvantage of the borrower. However, if you have had a long association with your bank, and kept a good record, you stand a chance of getting a good deal for your loan. The bank will be investing in your trustworthiness over the period you have banked with them. It is all about track record and credit rating scores. So yes, approach your bank to assist you purchase that Carolina classic.
We have lenders and credit unions who have specialized in provision of loans to niche markets, in this case marine sector. They operate based onhaving intimate knowledge of the target industry, and are therefore, able to tailor packages that meet the needs of their clients. Working together with dealers, they also understand better how to advise prospective buyers on the intricacies of a financed purchase. In fact, the finance personnel at the dealers use such options to maximize their sales, and can gladly recommend a good lender for the buyer. Another advantage is the consolidation of accompanying services under one lender, such as Insurance agency. An insurance cover is mandatory prior to approval of loan application and having an agency at the lender’s office saves time.Therefore, once you identify a dealer you will buy from, ask if they have a lender they work with, and if that lender’s terms are attractive it will help in concluding transaction quickly.
Special offers by Dealers
Where dealers do not enter in bipartisan arrangement with lenders, they at times develop instalment payment packages to spur sales. A buyer with less money but with a good source of income is encouraged to make a down payment and collect his boat. The balance to be paid by instalments over a period, as long as the buyer demonstrates ability to pay. Usually such dealers advertise these programs, so shop around for one with just the right Carolina classic and terms.
Overview of a Carolina Classic Boat Loan
As an aspiring Carolina classic owner, you need to prepare properly before embarking on the quest to own one. Are you a qualified sailor? Do you have any knowledge about boats i.e. mechanical, general sailing and navigation expertise? Do you plan to hire a navigator? Have you figured out how much it will cost you owning a sea boat? In other words depending on how you answered the questions above, there will be costs.In addition, as you go for a boat purchase loan, you have to factor in these costs against your net income after the loan instalment every month
A new boat owner must calculate how much it will cost monthly on the boat and add this to the loan instalments to arrive at the total monthly expenditure for the boat. This figure must then be weighed against his monthly income to gauge his ability to service the loan. It does not make good sense to buy the boat and have problems running it. So do not let the glamour of owning a boat cloud your judgment. You still can own a lovely Carolina classic boat, just do it within your means. Go for an affordable option, even if that option is a used one. Be wise, be a smart sailor!
Carolina Classic Boat Loan
Do not just enjoy your friends’ lovely Carolina Classic boats, on which you cannot bring your family. Stop dreaming about when you will own one. Step out and go talk to good people like J.J. Best Banc & Co. who will turn you into a Carolina Classic boat owner overnight with a tailor made Carolina Classic boat loan just for you. You do not want to missall the sport fishing fun and the open sea air this summer like a beached whale!