It is sleek, smooth, versatile, and powerful with capacity to hold big motorsup to300-horse power. It comes with a host of top of the range add-ons like coordinated graphics, topnotch paint, and high-grade marine carpet and vinyl seats. There is ample tackle storage on board, live wells for your catch, as well as board, ski and rod holders. The open floor deck top is excellent for partying. These deck boats are suitable for water sports especially wakeboarding as their planning hulls generate smooth wakes. They are also excellent for pleasure cruising, camping and entertaining, a perfect pleasure boat. The downside of all these wonderful attributes is that the boats cost dearly. So how do you get to own one on a meagre income? You need a loan – a Deck Boat loan.
How Do You Get A Deck Boat Loan?
Just like purchasing a home or new car, it is prudent that one shops around for variety in type, quality, and price to secure a good bargain.
First, you will need to decide what size of the deck boat and what other extras you need fitted. This will inform the calculation of the final cost, and therefore the amount of loan you will go for. Size and extras are determined by the intended use and the dealers will appropriately advise the client based on this.
Now you have to visit various pleasure boat dealers and exhibition shows to learn about what is in the market, the prices, after sale service, and financing options. Unless you are a former marine, these visits will give you insights into boat ownership that could be helpful when you eventually buy your deck boat. The internet is another excellent source of information especially in listing manufacturers, dealers, and potential lenders in this sector. There is a large trove of write-ups with pictorial illustrations by manufacturers online that can help in choosing what boat to buy.
At this point you should start itemizing the various costs that will make up the final figure, upon which you will decide how much to borrow. You must factor in this calculation, insurance especially since it is a prerequisite before the loan is approved. Then there will be running costs like fuel, slip and mooring besides the yearly maintenance check fees. This is important because these latter charges will come from your take home pay after loan recoveries. If you are buying a used boat, you may have to pay for a value assessment report from an authorized Assessor to assist the lender work out loan value
Lenders For Deck Boat Loans
There are a good number of finance institutions and lenders that can advance one a loan for the purchase of a deck boat, especially those that target small craft luxury segment. Naturally, the first stop is one’s banker or mainstream financial institutions. The boat dealers at times can also offer a staggered payment program for the boat as one uses it, or alternatively one may approach specialized marine lenders and financiers for a better and customized package. Automobile and consumer lenders can also assist in this regard if they are amenable to your particular needs.
It is also advisable to go for a brand new boat from the dealer, as this is very attractive to lenders. For one, its structural and mechanical integrity is obvious and its value easily verifiable against its showroom price tag, model, and year of manufacture. Since its new and most probably carrying the manufacturer’s warranty, it gives you a leeway to negotiate for a very favorable loan program especially about period allowed for repayment. You will get a longer term that gives you comfortable instalments. The used boat however, presents the problem of value assessment, and the tendency will be for the lender to lower significantly its value given the risk attached its age. That does not mean it is impossible to get a good deal for a used deck boat. You however, must be extremely cautious and in fact invest in an expert for advice and assessment.
Sometimes it is advisable to join your local yacht club from where you may benefit greatly as a member, granting you invaluable advice on boats, dealers, and manufacturers. You may also get recommended for discounts by the club. The long and short of it is that you want your deck boat at the best of terms. So get your data right and go get the right lender for your precious purchase.
Various Deck Boat Loans
- Banks and General Financiers
Any time someone thinks of financing, the first port of call is his or her bank. Banks offer all manner of loans and in most cases are governed by financial industry guidelines on lending. This means banks may not be flexible with their terms, but if you can squeeze out a good package from your banker based on your record, then, go for it.
- Specialized Marine Lenders
These lenders enjoy closer working relationship with marine industry players as well as a deep understanding of the needs of all concerned in the sector. They can guide a first time boat buyer in both identifying the best boat suitable for their needs which dealer to source from and within the client’s budget. Since this their area of focus, they at times tailor affordable packages in partnership with dealers for the benefit of their mutual customers. Another advantage with marine lenders is in house insurance agency which most have. This makes it a one-stop shop quite convenient fortime saving and easier to negotiate discounts. One such lender is J.J. Best Banc & Co. who has a long and impeccable record in the industry.
- Dealer Financing
Sometimes the dealer may put in place a phased purchase program for his clients. If satisfied with the integrity and honor of the buyer, he may accept partial payment upon delivery and the balance to be paid in a number of instalments as may be agreed.
More on Deck Boat Loan
Whenconsidering a loan for the purchase of your dream deck boat make sure you cover all cost related aspects before, during, and after deal is done. You may finance such costs as value assessment, closing charges and first insurance instalment from your savings, as it may be necessary before loan approval. It calls for wise prior preparation so that these emerging costs do not weaken your ability to service the boat loan.
Go get your wisely considered loan from J.J. Best Bank & Co. and hit the waters in your new Deck boat.