Many people dream of living the boat life and spend their time looking for boats for sale in Gainesville. Unless has cash on hand for a boat purchase, they’ll likely have to take out a boat loan. Keep reading to learn more about what to expect when applying for a boat loan.
Cost of the Boat
First, buyers want to be sure they’re getting the best deal on their new or used boat. Use an industry resource such as the NADAGuides to learn as much about the prices and values for boats in Gainesville. This information comes in handy when negotiating a boat loan.
Credit Score
Lenders typically want to see an applicant’s credit score in the 600-700 range. However, if one’s credit score is lower than 600, that doesn’t mean there aren’t options. These buyers might need to have more cash upfront to put a larger downpayment on the boat to get approved for a loan.
Financial Statements
Buying a boat that’s over $100,000? If so, be prepared to hand over copies of financial statements. High-dollar boat loans often require more documents and from potential buyers because the lender wants to be certain the buyer has the ability to repair the loan.
Where to Find Boat Loans
Online lenders and credit unions often offer competitive boat loans. Boat dealerships often offer in-house financing too, making it easier to sell more boats and streamline the financing process. For questions about how to finance and buy boats for sale in Gainesville, contact Gainesville Marina and Boat Sales at https://www.gainesvillemarina.com.
