Securing a boat loan with a lower credit score may still be possible however you may be required to pay a higher interest rate, or place a larger initial down-payment. Your credit score and credit history is also taken into account, with most lenders asking for a credit score of 700 or higher. However, there is the flexibility to let you pay it off faster, if you wish! To secure your boat loan, youll also usually be required to place a down-payment of an up-front deposit of 0% 20% of the boat purchase value. Here at Nu-Age Loans, most of our boat loan terms are for up to 7 years. However, this is generally the maximum boat loan term available, and is also dependent on whether you qualify and are approved for it. A higher loan amount can often mean an extended loan term sometimes up to 7 years. Recommended Reading: Aaa Boat Towing How Long Is A Typical Boat LoanĪ typical boat loan term length can be up to 5 years, depending on the financed amount. Otherwise, youll need to pay rent for a slip each month. To a lender, that provides a little more assurance that is buying a home, Raney said. In Seattles Lake Washington, expect to pay between $50,000 and $150,000 to own a slip, plus additional homeowners association fees. Buy a slip with the houseboat: Including some real estate in your loan will sweeten the deal for lenders.For houseboat loans, its more about your overall financial picture. Im looking for income, and a secondary asset as a source of repayment. I dont think there will ever be a first-time homebuyer option for a houseboat loan, said Raney. Lenders are going to pay more attention to liquidity and your history with other assets.
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