To begin with, ask yourself the following questions:
- I am I credit worthy? Your lender will look at your credit history in order to decide if you are credit worthy, this will be done by checking if you have any running loans, if you have paid any of your past loans on time or if you are a defaulter. Your credit history will be compared to your current request in order to determine the amount you qualify for.
- What is my net worth? Your net worth is determined by yourdebt income ratio, obtained by comparing your monthly income which you fill in you loan applicationto your monthly expenditure. Centre console loan amount will be added to your monthly expenditure in order to check what you owe every month. A high net worth will be an added advantage for you.
The second determining factor in the process of acquiring a Centre Console Loan is the boat. What the lender will be looking at in terms of the boat will include the market value of the boat, which will be determined by comparing the market prices of the boat with various boat dealers and brokers.The lender will also look at price guides and compare them to other boats. All this is done so as to come up with a market value for the boat that is realistic.
Now that you are familiar with the process of getting a Centre Console Loan, your next step is to figure out where your Centre Console Loan will come from. There are a number of sources for your loan which include: Credit Unions, Companies that provide financial services and Banks. Before taking a Centre Console Loan, it is wise to compare terms and conditions offered by different sources, so that you can choose the one that best suits your financial needs. The National Marine Lenders Association (NMLA) mainly deals with Centre Console Loans, by determining the rates and period of loans. Most banks are members of the National Marine Lenders Association. If your bank is a member, you will easily get a loan to finance your boat purchase. Find out from your bank, and if the response is negative you can always get information about other banks form magazines and publications that mainly focus on boating. These will also help you get inside information that will help you make informed decisions. If banking is not for you, Credit Unions involved with Centre Console Loans are also available. If you belong to one such credit union, check out their website and reach out, as a member, you are entitled to attractive rates, and they will have a professional marine specialist ready to guide you through the process. And just in case you do not belong to a credit union, there are companies that offer financial services that you can also consider for your Centre Console Loan. These companies have solid links with lenders locally, regionally and even nationally. They maintain relationships with lenders and over time have become experts when dealing with Centre Console Loans. In addition, most of these companies are also members of the National Marine Lenders Association. Your boating magazines and publications will come in handy because most of these companies post adverts ion these publications and magazines. Look out for their rates and terms, compare different companies in order to make an informed decision, and to end up with terms and conditions that fit your financial needs.
Knowing where to get your Centre Console Loan is not all, there are also different types of loans available for you. What most people go for is the simple interest loan. This is usually regarded as the most favourable because the terms and rates for this loan are fixed. This means that your monthly payments remain the same from the start to the end of the loan. Centre Console Loans can also have rates and terms that change through the duration of the loan. The variations are determined by the indexes which include the prime or LIBOR rate. These rates can fluctuate daily, monthly or even yearly. You should keenly look at your loan term and be able to anticipate the changes and the financial implications before going for this loan. The Centre Console Loans also allow for balloon loan payments. This is where loan is paid off at the end of the loan period. Here there are no installments required. Your broker/lender/service provider should be able to provide you with all the necessary details for which ever loan type as a client you feel is suitable for you.