New Boat Loans is a free,
on-line boat financing service that offers a simple, easy to
understand credit application form that can be completed in a few
minutes.
SECURE and CONFIDENTIAL TRANSMITIONS through Secure
Server.
These are Internet Features that protect you. With a
128bit encription Secure Server(SSL) that stores information in to
the server database, never sending it out over e-mail like
other boat loan services do. We take extreme measures to ensure
the security of your information.
New Boat Loans works with a network of major marine
lenders.
Because of this we are able to offer many different
financing plans to suit your particular needs and requirements.
Easy to use online credit application.
You can complete the application quickly
on-line, because our application does not ask for a lot of redundant data. We only ask
for the necessary information your criteria presents.
Information about the boat you are purchasing
Some important information about the boat is needed for the
actual boat loan. The information needed for the boat would be as
follows: boat year, boat make, boat model, length, number of
engines, engine make and engine horsepower.
Other information
about the seller might be required for the new title transfer of
your boat: Seller Name, Address and phone number. Note that this
information is not necessary to get approved but knowing the
information can significantly expedite the actual boat loan process.
Being prepared can get your boat in the water faster!
Your credit and assets
You should know what your credit status is. High credit scores
are not always required to get the best rates. Most lenders have a
minimum credit score required to meet their lending guidelines. You
may recieve the same rate as a person with a higher score as long as
your score meets the minimum requirements. Some lenders however use
a tier rating system which would reward a higher credit score with a
lower rate. Most of the lending institutions we use do not use the
tier system.
In all cases we can help and advise you depending
on the results of the credit bureau we pull upon receiving your
application.
Depending on the amount of the loan, you may also have to
provide proof of income via tax returns or paystubs.
Using a co-applicant (co-signer)
Using a co-applicant can sometimes help you get the lowest rate
possible on the loan. If you are married and your spouse works or
has good credit this will help you secure a loan because it can
reduce your DTI (Debt To Income) ratio.
At the time of the application,
a spouse's income can be added to the application
as "Other Income".
Buying a boat
If you are purchasing a new boat and are shopping dealers and
would like to have the pre-approval process done you may apply
on-line for free. Knowing what you qualify for
and being prepared for the purchase can save you thousands. This
also gives you a great negotiating tool when making an offer on a
desired vessel.
Contact us if
you have any further questions.
