Saturday, March 28, 2009

Used boat loans can be really good

When you can not afford to buy a new boat, the next best option can be buying a used boat. I have been buying used boats and they serve well for most purposes. It does not beat the feeling and reliability you have on a brand new boat but if you want to save money and depreciation costs this can be a good option.

It is like buying a second hand car, you pay less and a major value of the car has already been depreciated. So sometimes it is a better choice, you just have to take care on buying a machine that is in good shape. When you don’t have money to buy a used boat or are short of funds to buy one, there are used boat loans given by a lot of banks and other financial institutions. In fact most of the banks which deal in boat loans also deal in used boat loans.

If you buy it from a broker he will refurbish the boat and then add all the costs incurred by him along with the profit margin before getting it financed for you. I personally prefer not to buy from brokers and use my network of friends to find a used boat and then go for used boat loans to finance the deal. That works for me in most cases. You find some real good deals that way and save on the costs of the broker. Of course experience counts here, if you are new you can always consult a broker but even while dealing with a broker you should be careful and not trust him completely.

Used boat loans are a good way to get your boat financed. A broker or a agent can do all the paper work for you as well. I do it myself, as I have been doing this for years now. Just use some common sense and be careful while finalizing the deal for both the boat and the loan. Check out a few deals before settling in and you will be fine.

1 comment:

elisha19 said...

Boat loans can also be given to people who have a bad history of credit. There are companies which accept such loans so that you can get all the benefits of boat finance and spread out the costs over many years.

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