Many people ask, "What's your interest rate?' The answer to this question depends on a few very important variables. These variables are as follows:

1. Applicant Credit History-This is determined on your credit report. Good, timely payment history on items such as mortgages, auto loans, credit cards, & other lines of credit reported to the credit bureaus will contribute to good interest rate. 30,60,90 day late payments, outstanding collections, judgements, bankruptcies, and repossessions constitute bad credit, and will drive interest rates up.
2. Debt-to-Income Ratio-This percentage is determined by your debt load or your monthly financial responsibilities to other creditors. Lenders look at this as your ability to repay a potential loan, and will use this information as a factor to also determine interest rate.
3. Collateral-The age of the vessel you are buying also affects the interest rate. Brand new boats constitute less risk to lenders as opposed to older models. Generally, some lenders will look at older models, but the low to middle book value or survey (if required) must be close to the amount requested. Also, older models may not qualify for the same term (length of loan) as newer models.
4. Down Payment/Deposit- Most often, a minimum cash deposit or equivalent trade-in value of between 10%-20% of the purchase price is required by most lenders. There are, however, programs available for 100% financing, but they are very difficult to get approved. Most often, the more cash a person can put down, the stronger the deal will become to a lender, and the more favorable the interest rate may become.

We, at BOATERSLOAN.COM suggest you DO NOT make multiple applications with regard to marine financing. Multiple inquiries on your credit report can facilitate a lowering of your credit rating, thus driving up interest rates to potential lenders. It is our primary company mission to find appropriate financing, at the best interest rates available, for all of our customers. We ask our customers to first, let us prepare a complete, concise application, second, get a complete analysis of their credit situation and income. Then third, pick the appropriate marine lender/bank or finance company to apply for financing which will best suit the customer's needs, without causing undue risk to his or her credit report . If the quote is not satisfactory, we will be happy to apply elsewhere to try for a better rate, term, etc.

We have found this method most satisfactory in our business with a great deal of successful loans written daily in this manner. During this easy process, all we ask is the customer not apply anywhere else while we have the file. At BOATERSLOAN.COM, quality, organized, efficient marine financial planning is our number one priority.

Please feel free to call us at 954.941.1514 to apply today!