Home loans and auto loans are quite common with people. One gives them shelter and the other gives them the liberty to move around conveniently. Boat loan is another common purchase with people who love water.
Why Boat Loans?
Before you decide to purchase a boat, you need to ask yourself some questions. There are several financial institutions who lend boat loans, but doing your homework well in advance is always advisable.
- Do you want to finance your boat through personal loans?
- Do you want to use your home equity or line of credit for buying a boat?
- Do you want to use your credit card for purchasing a boat?
- Do you want to contact a boat dealer for a boat loan?
Applying for a personal loan for buying a boat might sound good, but there are its own pros and cons. A personal loan gives you the required amount that can be spent the way you want. You will also be liable to make monthly payments on time. However, personal loan interest rates are always high as compared to other loans.
Using your home equity will give you lower interest rates but is a risky process, as you will be putting your house at stake. Purchasing a boat on your credit card might sound simple, but is not a good idea as you will have to pay higher interest rates.
Contacting boat dealers for buying a boat seems to be the best choice. Boat dealers offer best boat loan rates that expedite the purchasing process. Let us look at some of the best boat loans offered in 2017.
Popular Boat Loans
Borrowers have a whole range of boat loan options from big banks as well as localized credit unions and other financial institutions. Some of the most famous are being mentioned here.
US Bank Boat Loans
Get ready to hit the water and float in your own boat through US Bank boat loans. It offers loans from $5,000 to $150,000 for all types of boats. With competitive interest rates, flexible repayment terms and same day credit decisions, you are sure to get on water faster.
Bank of America Boat Loan
Being one of the largest financial institutions in the country, Bank of America boat loans are available at competitive interest rates. It has a friendly and a helpful customer service team who happily answer all your queries on boat loans. You need to complete an online application and wait for a quote from the bank.
Sea Dream Finance and Insurance
They offer marine financing with lowest interest rates possible that meet all your individual needs. Whether it is for a new boat or a used boat, they have a variety of financing programs that include zero down payment program, no pre-payment penalty program, extended term programs and many more.
Boat Owners Association of the United States work with leading marine lenders to help you purchase a boat at lowest interest rates. It finances anywhere between $10,000 and $4,000,000. You can purchase custom boats, sailboats, electric boats, houseboats and many other boats as per your requirements.
They are national marine lenders who help customers in purchasing boats. The interest rates offered is as low as 3.49% APR. They also have zero down payment loans that help you sail away with your dream boat as early as possible.
PNC Boat Loans
PNC offers secured as well as unsecured personal installment loans and personal line of credit, which can be used to buy a boat or RV among many other things. The loan comes with regular, fixed monthly payments and no prepayment penalty. Besides, the bank offers various repayment terms to suit different borrowers.
Regions Bank Boat Loans
Regions Bank lends money to buy or refinance a new or used recreational vehicle for personal use. Among the types of boats permitted include powerboats, catamarans and sailboats, which must be within 5 tons in weight and 30 feet in size. The loan amount ranges between $5,000 and $75,000 and the rate of interest is fixed.
TD Bank Boat Financing
TD Bank used to offer boat loans with a term ranging from 12 months to 120 months. The bank now offers a couple of other options, including TD Express Loan and TD Personal Unsecured Loan. While the former offers a maximum cap of $15,000, the latter offers much more than this limit. However, the former is quicker to approve and requires less documentation.
Fifth Third Bank
The personal loans and lines of credit at Fifth Third Bank allows you to meet any borrowing need, including the purchase of a boat or recreational vehicle. Borrowers have the options for both – secured and unsecured loans. The loans come with fixed interest rates and fixed monthly payments.
So, which should you choose?
Boat financing can be confusing. Especially because there are several lenders in the market who offer loans at more or less the same rates. There might be a slight difference in down-payment and other charges. It is best to do a thorough research on the Internet and find out the various lenders who would assist you in your boat purchase.
Applying for a loan is easy, but you should ensure that you make all monthly payments on time. Remember that boats are expensive and so the loan amount will also be large. This may give you a longer repayment term too.