SO YOU'RE THINKING ABOUT FINANCING A BOAT...
Once you've made your decision to buy a boat the first thing that usually crosses your mind is, "How am I going to pay for it." The majority of purchases involve some level of boat financing, whether it's a credit line through the home, an unsecured loan, or a conventional boat loan. Choosing the right financing source can be as important as choosing the right boat.There are several factors to take into consideration when choosing a boat finance source. The first might be to determine how long you intend on keeping the boat. If you are purchasing an entry level first boat, it will make sense to find a boat loan that will be flexible in the event of early payoff through a private party sale or trade-in. Conversely if you are purchasing the boat of you dreams and expect to have it for a long time it will be important to lock in at a fixed rate loan with terms that will allow the comfort of a low monthly payment.
This will allow you to make sure the boat will always be affordable in future months.Another factor to consider is the down payment. Most lenders would like to see ten percent down for a boat loan. However, zero down scenarios do exist for people with optimum credit profiles. Generally, the down payment does not significantly effect the monthly boat loan payment. You may be more comfortable keeping the extra money in your account in exchange for a payment that is not significantly higher.
However, there is one caveat to this approach. If you buy a boat with zero down, make minimum monthly payments and then decide to sell the boat soon thereafter, you may actually owe more than it is worth.The recent combination of high property values and low interest rates has made home equity loans and credit lines a viable option for boat financing. This option can be particularly good for individuals with a challenged credit profile. These loans are based on the equity available in the home and can allow a person with poor credit to get affordable terms that otherwise would not be available. The drawback to these loans is that the home equity is now tied up in a boat purchase.
Conventional boat loan rates are very low. A person who can qualify at agreeable terms is usually better off with a conventional boat loan. This will allow a person to keep the equity in the home for an emergency along with the ability to sell without encumbrances.Choosing the right boat loan is an important step in the buying process. A good place to start is with a boat finance brokerage, for example www.seadreaminc.com, that can show you how each of the options will fit into your profile. This will give you the ability to find the loan that fits you best.
Then you can concentrate on the important stuff ? like your first trip to the water.Previous 1 2About the Author: is the president of SeaDream Inc. Boat Loans and Boat Insurance - www.seadreaminc.com, the West Coast leader in new and used boat loans, boat refinancing, and boat insurance. He as over 15 years of experience in the boat finance industry and is widely regarded as one of the industry experts on boat financing..
Tom Schumacher is the president of SeaDream Inc. Boat Loans and Boat Insurance- www.seadreaminc.com, the West Coast leader in new and used boat loans, boat refinancing, and boat insurance. He as over 15 years of experience in the boat finance industry and is widely regarded as one of the industry experts on boat financing.4 Things You Shouldn't Do When You're Buying A Home
1. Don't Make a Major PurchaseYou've just found out your credit is A+. That's great news, because a new car would look fantastic in the driveway of your new home. But hang on--if you are depending on a mortgage to move in, you'd best wait until after closing to buy the car.An increase in your debt to income ratio reduces the amount of monthly income available for your mortgage payment. If you tack on a higher car payment, the bank might decide you cannot afford the home.
Using cash to purchase the car could also create a problem, since banks consider cash reserves when approving your mortgage. If you make a major purchase before closing, talk to your loan officer before you do it.2. Don't Change Jobs Unless It's NecessaryLenders like to see a consistent job history. They aren't usually as nervous if you change jobs within the same field, but it's better to stay put until the keys to the house are in your hand.3. Don't Give an Earnest Money Deposit Directly to a For Sale By Owner...
4 Things You Shouldn't Do When You're Buying A Home
Financing > 4 Things You Shouldn't Do When You're Buying A Home
Refinance Your Mortgage To Rebuild Credit
Refinancing your mortgage is one way to rebuild your credit, particularly if you have recently declared bankruptcy. With a poor credit history, you can find refinancing through a sub prime lender. To rebuild your credit, make regular payments on your mortgage and other bills. Then after two years, refinance again for lower rates with your now good credit rating.A Note About Sub Prime LendersSub prime lenders offer B, C, and D credit, which means they offer credit to high risk lenders. For taking on these high-risk loans, sub prime lenders charge slightly higher interest rates and fees.
Some sub prime lenders charge excessively high fees, but you can screen these out by comparing mortgage rates. Online mortgage lenders make this easy with their online quotes and posted rates.Applying For RefinancingApplying for refinancing has been made easy with the internet. The first step is to collect several financing offers, and sort through them. Look for low fees and interest rates. Once...
Refinance Your Mortgage To Rebuild Credit
Financing > Refinance Your Mortgage To Rebuild Credit
To Successfully Obtain Business Capital Every Business Needs A Coach
If you are a business owner the task of obtaining business capital can be very daunting. Most businesses fail because they have never been taught how to obtain financing and therefore they have no clue where to begin. The Small Business Administration reports that 97% of business loan applications fail.
The importance of seeking expert assistance when setting up business credit has many business owners turning to a business finance coach to help them establish their business credit. One of the biggest mistakes made by business owners is that they attempt to obtain business financing using their personal credit.
You should never use your social security number to obtain business financing. Personal credit has to be separated from your business credit.
Until your business has three separate business credit scores, any financing that your business receives will be based solely on your personal credit scores and your personal assets...
Financing > To Successfully Obtain Business Capital Every Business Needs A Coach