Guaranteed Boat Loans
Guaranteed boat loans are a great way to get the boat of your dreams if you have bad credit. In this case you are pledging an asset as a guarantee that you with repay the loan. In many cases the interest rate that you will pay on the loan will be less compared to a unsecured loan. Typically, the assets’ value will have to be larger than the loan value to be considered and it has to be something that will be approved by the lender.
When it comes to the asset that is guaranteed against the loan, the idea here is that the lender has something to fall back on in case the loan is not paid back in full. In these cases, the asset would then be transferred to the lender so that they could sell it and recoup their investment. In many cases by pledging an asset against the loan, you can ensure that you are getting the lowest interest rate possible which in turn, saves you the most money on the interest over the term of the loan.
If you are looking at buying a very expensive boat and require a large boat loan, guaranteed loans are typically the only option. By having this guarantee, the lender minimizes their risk, and is able to provide you with a loan despite any blemishes in your credit history. Typically, the loan value cannot exceed the value of the boat that you are purchasing, and by pursuing this type of financing vehicle, you have a tremendous opportunity to get the boat of your dreams.
Make sure to take your time to weigh your options when it comes to the loans available to you. You can either do the research on your own or employ the services of a boat loan broker to get you a sampling of the products on the market. Bear in mind that depending on the term of your loan, you will find that there are different options for interest rates, key bank boat loans and special online offers. It pays to take your time during your research – just might be able to save yourself a boat load of money.