Please select your home edition
Edition
Marine Resource 2016

Buyers still in the driver's seat when it comes to buying a boat

by BoatUS on 16 Jan 2014
BoatUS says boat dealers are in the dealing mood this winter boat show season. Tim McAfee Photography
With the winter boat shows kicking off across America, Boat Owners Association of The United States says buyers are still in the driver's seat when it comes to buying a boat. And if your qualifications add up - including having good credit - getting a boat loan should not be difficult.

'If you have been holding back for the past few years, now may be the time to pull the trigger,' said BoatUS Vice President of Finance, Charm Addington. 'Boat loan rates are still low. While there isn't the same level of pre-owned boat inventory as there was at this time last year, there are still plenty of used boats for sale. For those looking at a new boat purchase, manufacturers have increased production and will need to move inventory. We think dealers will be interested in making some deals this winter boat season, and combined with continued low interest rates, the winter boat buying season bodes well for buyers.'

To get a boat loan, Addington said boat lenders usually require two years of federal tax returns, a paycheck stub and can also require proof of liquid assets - funds that can be easily converted into cash - for the down payment. The heady days of 'no documentation' loans are largely a thing of the past.

Here's some other boat loan tips from BoatUS:

- Unlike getting a home loan, getting a boat loan doesn't require a 'preapproval.' However, before you head to the boat show some boat lenders will offer preapprovals that include rate offers - just ensure the rate is verified, in writing, and not a teaser rate.

- Depending on the buyer's credit score and down payment, some banks may be able to offer a rate that's lower than what is initially offered, so be sure to ask your lender.

- Unlike most lenders, BoatUS Boat Loans posts current loan rates available here. 'The rate and terms on our website are what we can offer boat buyers today,' said Addington. 'We hope that gives peace of mind knowing the costs up BoatUS
Helm Events 660x82Bakewell-White Yacht DesignAncasta Ker 33 660x82

Related Articles

Speed Thrills. Pain Kills. Minimise potential damage with Kollition™
We all love seeing the foilers get faster and faster. We all love seeing the foilers get faster and faster. One brand, Zhik®, was the first to develop a range of lightweight, low profile, flexible and waterproof padding in a purpose built wetsuit to help protect the sailors from damage when they or boat stops abruptly.
Posted today at 1:45 am
Figaro Bénéteau 3 – The world’s first production foiling monohull
In 2019, as the Solitaire URGO celebrates 50th anniversary, the Figaro Bénéteau 3 will take over from its predecessor In 2019, as the Solitaire URGO– Le Figaro celebrates its fiftieth anniversary, the Figaro Bénéteau 3 will take over from its illustrious predecessor, the Figaro Bénéteau 2, which has been sailing the length and breadth of the French and Atlantic coasts since 2003.
Posted on 6 Dec
The Bridge – The Queen Mary – Essence of historical transatlantic race
The Bridge has invited the Queen Mary 2 to take part in an ocean challenge in a race against a fleet of giant trimarans On 2nd December, the press conference for the official launch of The Bridge was held in the prestigious setting of the Salle Turenne at the Hôtel des Invalides. The Bridge, a unique, festive, maritime, cultural and popular event, will take place from June 15th until the beginning of July 2017, in Nantes, Saint-Nazaire and New York.
Posted on 3 Dec
Mark Light appointed Race Director of Clipper Round the World Race
Mark replaces former Race Director Justin Taylor who decided to stand down after almost a decade with the company. With four years’ experience assisting the race planning, he is now looking forward to stepping up to the lead role, one of the most challenging that exists in global sailing.
Posted on 28 Nov
Predictwind release improved racing and cruising routing function
PredictWind has released a major upgrade to its Routing function, taking a much more graphic and interactive approach PredictWind has released a major upgrade to its Routing function, taking a much more graphic and interactive approach to what has been a black art of weather routing, used to chose the fastest route for racers or most comfortable route for cruisers.
Posted on 28 Nov
Only room for one at the top
The results of RMIT's (Royal Melbourne Institute of Technology) independent testing are in. The results of RMIT's (Royal Melbourne Institute of Technology) independent testing are in. Zhik® is the market leader in waterproof durability with a new standard that replicates the real world sailing environment and conditions. It is an astounding four times more so than the previous leader.
Posted on 28 Nov
Marine Resources job updates
The latest jobs in the marine industry Marine Resources specialises in filling job vacancies within the Leisure Marine Industry. We have a variety of recruitment services to suit all types of marine employer.
Posted on 18 Nov
Zhik Avlare wins 2016 METS DAME Award
Do you know a child or perhaps a dog or a cat that absolutely hates having a bath? Do you know a child or perhaps a dog or a cat that absolutely hates having a bath? Well here are a range of Men’s and Women’s tops that are so hydrophobic the only adjective that describes them is hate.
Posted on 17 Nov
Southern Spars at METS Trade Show, Amsterdam
Southern Spars is attending the METS Trade Show in Amsterdam, the Netherlands again this year. Southern Spars is attending the METS Trade Show in Amsterdam, the Netherlands again this year. On the stand this year we will have founder and director of sales, Mark Hauser, senior designer Steve Wilson, sales managers Dean Harper and Paul MacDonald, general manager Peter Batcheler and other sales and technical staff.
Posted on 14 Nov
Watersports ARFA Goggle from Barz Optics
When on the water and you're in the waves, then sometimes sunglasses alone just don't cut it. When on the water and you're in the waves, then sometimes sunglasses alone just don't cut it. This is where the Arfa sunglass / goggle comes into play - originally developed for surfing, but applicable for a number of watersports including sailing, windsurfing and jet-skiing.
Posted on 10 Nov