Many people find that a yacht is such an expensive purchase that they need to obtain a loan in order to buy one for themselves. If you dream of owning a yacht but can’t afford it you have some options available to you.
NMBA Lender
The National Marine Bankers Association is a great place to start if you need to obtain a loan to finance your yacht. This association specializes in extending loans to boat owners. It is made up of certain credit unions, local and national banks and financial service firms. Each of these institutions tends to offer financing that is competitive because they want your business.
An NMBA lender will extend realistic down payment options to you. Your down payments will be based on how old the yacht is that you are buying as well as the type of yacht it is, how much it costs and how good your credit is. These days down payments made through an NMBA lender are usually somewhere between 10 and 20% of the total cost of the yacht. There are members of the NMBA who have created programs that make it easier to acquire financing for your yacht.
When you go through an NMBA lender you can easily get a loan for a pre-owned yacht as opposed to a brand new one. They will also make credit decisions quicker than other lenders would. Often it only takes a few hours to qualify for an NMBA loan based on your good credit. They also generally offer lower financing terms than other lenders would. Since you get so much longer to pay off a loan for a yacht than any other type of loan you will likely only be required to make relatively small payments each month. In addition to you will likely be able to acquire financing in order to obtain optional features on your yacht.
Boat Dealers
Boat dealers are also an option when attempting to get a loan to finance your yacht. These dealers often give very good advice on the process of buying the yacht for you. They will be able to show you the latest technology options you may want your yacht equipped with. Many of them even work with financial specialists at https://myfinancesg.com/. These specialists can help you fill out the application for your loan to make it more likely you will qualify for it.
Other advantages to going through a dealer to finance your yacht purchase include programs offering you an extended warranty, incentive programs from manufacturers and dealers and access to various sources of financing your loan.
Some of the special finance options often offered includes no interest or low interest introductory rates and 90 days same as cash deals.
To find out more about the options open to you consult maritime resources by Onboard Online. You will find that you have several options at your fingertips when it comes to achieving your dream of owning a yacht.
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