Having a boat is a dream that many men secretly nurture. It’s one of the major purchases anyone can make, probably as important as buying a home! A car is something that everyone needs to buy, but a boat is already considered a luxury.
The major decision to purchase a boat brings about the question of how you are going to pay for it. It’s good if you can pay in cash, but oftentimes, this is not the case. It is a relief to find out that you can now avail of boat loans to pay for your boat purchase. If you look around, you may be able to scout for the best competitive interest rate in town.
The local bank is the primary institution to obtain boat loans. It offers competitive interest rates and if you are a valued client, you may even be granted preferential rates that may either be fixed or variable for a term of six months. The loans officer of the bank will require you to submit documentary requirements before processing boat loans.
Aside from the bank, a credit union is also an ideal source for boat loans. If you happen to get rejected by the bank, or if the bank rate does not suit your budget, the credit union may just have something for you....
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