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Boat personal loans are comparable to an auto personal loan, and are essentially personal loans used to cover the cost of buying a boat or other types of watercraft. Personal loans are one-time, fixed-rate loans that are repaid in monthly installments over a specified time period.
When you apply for a personal loan to pay for the cost of a boat, you are asking a lender, such as a bank or credit union, to lend you money to cover the total or partial cost of a boat. If you are approved, you will repay the personal loan plus interest in installments over time. This can be an appealing option because, depending on your credit history, income, and a number of other factors, you may be able to receive a lower interest rate than you would with a credit card.
Unsecured personal loans do not require collateral, making them an appealing option for people purchasing a boat who do not want to risk their boat as collateral.
Because personal loans are typically unsecured, lenders put a high priority on an applicant’s financial profile, such as credit score and debt-to-income ratio, when deciding eligibility. Borrowers with good credit will have lower APRs than those with average or bad credit. APR, or annual percentage rate, is the cost of borrowing a loan over the period of a year. A lower APR indicates a lower total loan cost.
Most people cannot afford to buy a boat outright, so they must borrow money to purchase a vehicle. One of the main reasons for choosing a personal loan to pay for a boat is that you don’t need a down payment unlike most boat loans. Some boat loans also have higher minimum loan amount restrictions than personal loans, so personal loans may be a better option if you only need a small loan amount. For example, if you want to buy a used boat for $10,000 and have $8,000 in cash, you may utilize a personal loan to cover the remaining $2,000, something you might not be able to finance with a boat loan.
Another common reason people decide to use a personal loan to buy a boat is that boat loan lenders have age limits on how old a boat can be before it can be financed. The boat also needs to be in good working order. If you wish to restore an older vintage boat, a boat loan may not be suitable.
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This website does not constitute an offer or solicitation to lend. Annual Percentage Rates (APR), Introductory Rates (Intro), terms, interest rates, amounts, and fee(s) are provided by Trust Tech LLC/ DBA HelloRates.com lending partners. HelloRates.com (the operator of this website) is a technology company not a lender, does not accept applications for credit, does not make loans, and does not make credit decisions. your information on this website does not guarantee that a lending partner will be able to be located to meet your needs or that you will be approved for a loan. The lending partner may perform a credit check or otherwise verify the information you provide. Not all lending providers offer loans up to the advertised amount and not all lending providers can provide you with the loan amount you requested. Loan amounts are determined by the lending partner based on individual creditworthiness. All financial terms of the loan, including annual percentage rate (APR”), fees, charges, and repayment period will be provided to you by the lending partner and may vary by lending partner, state, and your individual creditworthiness. You are NOT required to accept the terms of the loan that a lending partner offers you. If you don’t agree with or don’t like the terms of the loan offered by the lending partner, do not electronically sign the loan documents. This site is directed at, and made available to, persons in the continental U.S., Alaska and Hawaii only.
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