Buying a Boat or Yacht?
Looking for Loans?
Need Yacht Financing or Refinancing?
Choosing a boat or a yacht that is right for you requires careful research, common sense, balancing of your requirements and of course, money. If you can arrange finance before you start shopping for your boat, you will be in a far stronger position to to select boat that fits your budget.
There are many ways to finance a boat, from the traditional to the creative. Some traditional sources for both new and used boat financing are direct loans from banks, finance companies, credit unions and savings institutions. SGBoating will refer our in-house marine finance company to you (remarks: our boat loans are only for boats sold through our channel, we do not finance outside boats). As in any loan, key items to you need to be aware of are the money you need to contribute, interest rates, terms, and the small print.
After you have decided on the source of the loan you will need to be "approved" which means that the lender will evaluate your ability to pay it back. Related paperwork can be called a "loan application", "finance application" or "credit application"- take your time to complete this form completely. This is also a good time for your credit report checkup. Most lenders will require proof of income, credit information and other personal information.
The interest rate you will pay are fixed so there are no worries over the course of your repayment and you will know the amount you need to pay each month. Like cars, there are always early payoff penalties or fees.
Determine how long you want to be pay for the purchased boat or yacht. The "term" of the loan usually ranges between 2 to 5 years for most boat or yacht finance. The amount of down payment can depend upon the lender - the maximum amount being financed by a lot of lenders at this time is 50 - 80%. While estimating this percentage, the lender will take into consideration such factors as the age of the boat, what you plan to do with it and where you are going to be taking it.
So if you are ready, let a marine finance specialist guide you for a seamless boat financing transaction. It's easier than you think!
In-house & 3rd Party Boat Finance is currently unavailable until further notice.
It was easy to get financing and
& I'm on to my 2nd boat! - Johnny
I'm into a 2nd boat financing
through SGBoating - Steven
I was surprised as an Expat here
to get my loan approved! - Peter
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