There are a number of institutions and associations that can be approached for a loan facility. This article deals with the key ones.
- Banks and other financial institutions. Some banks have special facilities for boat purchase and it is advisable to approach them. When approaching these banks, try to inquire about their interest rates and securities needed as collateral.
- Boat dealers. Some dealers have an arrangement with certain banks to enable the customer to purchase their boats on credit through loans from the said banks. This way, the dealers increase their sales of boats while the banks expand their loan books.
- Credit unions. If you are a member of such unions, it is important to inquire about their loan terms and conditions. They are able to give their members best rates and it is advisable for a prospective boat purchaser to do inquiries about them.
- Institutions specializing in boat financing. These institutions are able to provide loan facilities to purchase boat-related products across the board.