Good advice for financing your boat purchase
Do you need money to finance your boat purchase? That will be the scenario for most consumers and fortunately there are many loan options in the market. For the same reason, Good Finance will guide you in the jungle of alternatives, so you choose the solution that suits your situation and temperament.
It certainly does not matter how you finance the boat purchase, but by doing your preparation and following our advice, you can give yourself the best starting point for a cheap solution.
Tips to consider
We have put together different tips to consider. Some you should always follow, while others should primarily make you consider and make the right decisions.
Get a price cap right away
The first thing you should do is get a price cap right away. If you need financing, you probably already know which boat you prefer. Or at least how much money you want to spend on the purchase. It is absolutely crucial to know your loan needs.
Create an overview of the market
The next thing you should do is get an overview of the market and your opportunities. The bank, boat dealers and online companies are your three primary sources of funding. If necessary, make a list of 5-7 candidates that may be current, so you have something to work on.
Exclude those who can’t help
In the same vein, you should exclude those who cannot help you. This is typically information you do not know in advance. You need to talk to the bank first to know if they will lend you money. You must first apply online to know if you are approved. At the latter, however, you can exclude those who are unable to lend you enough money early or where you feel the interest rates are too high.
Compare interest rates, terms and conditions
This leads us to the 4th advice, namely that you have to compare interest rates, terms and conditions. Too many Danes make the mistake of focusing on interest rates and using it as the only parameter. There may just be significant differences in terms of settling the loan ahead of time or the ongoing fees being imposed.
It is important to know that the cheapest loan is the offer with the lowest interest rate – even if the interest rate may be higher. At the same time, be sure to compare all opops before or after tax so you don’t compare pears and bananas. The two numbers will be different.
Search and get more offers
The fifth advice is that you should seek and obtain more offers so that you have more cards on hand. It gives you a better foundation for finding a cheap and attractive solution. You might even think if you would prefer to have 1 or 4 offers on hand? The answer is obvious, so spend some extra time on this part of the process.
Don’t be afraid to “play on several horses”
You should not be afraid to “play on more horses” as it is called. All loan offers are free & no obligation, just as if you contacted a plumber or carpenter. It just gives you an insight into the price level of the various, as well as an impression of customer service, which can help you make the right choice.
Buying can provide more value for money
Lastly, it is worth mentioning second-hand purchases can be a really good solution where you get more value for money . It demands your knowledge of boats in general, but if you can spot a good deal, it should be worth considering. You are not covered by the same guarantees and security, but conversely you can get a smart model at far below the new price.
Buying purchases can also reduce your need for money, which will ultimately be better for your home economy. There are many considerations and advice to follow, but take one step at a time, and then you should probably reach the finish line.