Do you enjoy being out on the water, fishing or water skiing? Chances are, if you are looking for a boat, you are looking for a loan to fund part or all of your purchase. A personal loan is a great option to consider when weighing your options. Personal loans are unsecured loans that can offer better rates than traditional funding sources.
All across America, millions of people take to the water each year. Boats are used for fun, sport, travel and leisure time with family and friends.
There are many great benefits of using a personal loan when looking for an unsecured boat loan.
- A personal loan is a great option when looking to finance a boat. They typically have very competitive interest rates and flexible repayment terms. You can also make extra payments that go 100% toward the principal – or pay off the entire loan early.
- Unlike a secured loan, a personal loan is unsecured, meaning your boat or another asset will not be used as collateral. An unsecured loan is entirely based on your creditworthiness and verifiable income.
- Once your loan request is approved and funded you receive the entire amount into your bank account. You then can negotiate with the boat dealer or private party like a cash buyer.
Typically, banks require 10% to 15% down for a purchase of a boat. You can finance this down payment with a personal loan or even finance 100% of the boat with a personal loan. Personal loan interest rates are competitive, and if you have a good credit score and sufficient income, a personal loan may a great fit for you.