Maybe you dream of a pleasant trip at sea. You may feel best when the hull splits the waves while the engines roar. Or you love to set sail – everyone has different needs. But regardless of size and boat model, you should not overpay for your boat loan.
Different ways to take a boat loan
If you intend to buy the boat through an approved specialist dealer, you are offered a loan where the boat is used as collateral. You can then borrow up to 80% of the boat’s value, the remaining 20% you have to pay in cash or in the form of exchange. The repayment period for a boat loan with a fixed residual value is often 36-60 months, while a boat loan from the trader without residual value can run up to 240 months. Residual value means that the lender assesses what the boat is expected to be worth after a certain period of time. An amortization plan is then made where the remaining loan amount is identical to the boat’s expected value when the time period is over.
Residual value is good if you think you want to change boat within a few years. Without residual value is good if you intend to keep the same boat for a long period and want a lower amortization rate. The problem with both types is the cash contribution. If you do not have any tucked-away money or an old boat to trade in, you either have to wait to buy the dream boat or take another loan to cover the cash contribution.
Finance the boat through a private loan
You can also take a private loan instead of a boat loan to finance the boat purchase. It has several advantages. You get a more flexible financial situation because the boat is not pledged as collateral for the loan and partly you only need to take a loan instead of two different ones, which is good for your credit rating. If you decide to take out a private loan, it is wise to get the best possible interest rate by comparing loan offers from many banks and lenders with Astro Finance. Through us you can easily borrow $ 400,000 or more, you get the same day your boat loan answers!
If you already have a boat loan on the boat
If you already have a boat loan, it may be wise to use Astro Finance to see if you can lower the interest rate on your boat loan. In addition, you can collect your other loans together with the boat loan to save money and better control your finances. It does not matter if you have a boat loan or car loan from Swedbank or any other major bank. We can probably lower your interest rate anyway!
Compare with Astro Finance
Astro Finance is the new generation of loan brokers. With us you can borrow up to $ 600,000 for one of the best loan terms in the market (effective interest rates vary between 3.01-22.59%) and you decide your own repayment rate. The service is free of charge and only one credit report is made at UC. We let 30 different banks and lenders see your application and everyone gives their best offer to get you as a customer. Within 24 hours we have received all bids. Then you get to choose the boat loan that suits you best. The money is then paid out to your account within a few days.