A collateral loan in the context of a boat is where your boat acts as your collateral. If you've taken a loan for a car, you probably understand this loan type. Boat loans are primarily of three types, each one with advantages and disadvantages. Step #3 - Learn about types of boat loansīefore you actually go out and apply for a boat loan, invest some time to learn about the various options available. And by details, I mean every little bit, such as identifying numbers, model number, the trailer length (if it has one), whether it's galvanized or painted, spare parts such as fenders, anchors and steps, and even all the accessories included in the deal. Whatever way you wish to go, always remember to take down each model's details that you'll finally shortlist. Hitting a boat show might be a good idea. Boat shows not only give you a peek at many options available, but they can also land you good deals.Īlternatively, you can take down the prices at the boat show and, later on, visit the dealers to negotiate a lower price. This requires a little bit of legwork and time. Once you have a fair idea about the loan amount you're qualified to receive, you need to find the boat that’s perfect for you. Step #2 - Select your boat (and boat accessories) You need to factor these in so the bank can accurately determine the boat’s value. For example, accessories - both original accessories and add-on's such as tow bars and live wells - add to the boat's base value. Several factors contribute to a boat’s true worth. Remember, a boat’s "value" and "asking price" are often two different numbers. Tell them you're looking to buy a boat and need a loan for the same.Īsk them how much they're willing to lend and how much of the boat’s value that will cover. Visit a bank and check how much you can expect as a loan. Steps to Take Before Applying for a Boat LoanĪssuming you have a fair idea of the boat market and your affordability limit, here are a few steps to take before applying for a boat loan. Read on to learn about all the essential aspects of getting a boat loan and buying a boat. But don’t worry, because I've got you covered. If you're a first-time buyer, however, you might wonder how exactly to secure a boat loan to land that gorgeous boat that stole your heart. In fact, the end of a boating season is one of the most exciting times for anyone in search of a new boat. Not when you're looking to buy your new dream boat. The calculation includes a monthly account management fee of 12.50 euros in the case of automatic debiting.įlexiCredit is provided under the normal credit terms and conditions by Nordea Finance Finland Ltd, Aleksis Kiven katu 9, Helsinki, FI-00020 NORDEA.It’s that time of the year when you move to the shores, pack your boat and wait for the next summer to arrive. The total sum of the credit and credit costs is 11 228,50 euros and the number of loan payments is 94. With a nominal interest of 5.95% and a 94-month loan period, the annual percentage rate of charge on a FlexiCredit of 8,000 euros is 9.6% (April 2023). Nordea's FlexiCredit is a one-off loan and its interest is the 3-month Euribor quoted on the first banking day of the month in which the credit application is signed + a margin of 2.9%. The calculation includes a monthly account management fee of 12.50 euros in the case of automatic debiting. The total sum of the credit and credit costs is 13 196,54 euros and the number of loan payments is 110. With a nominal interest of 8.95% and a 110-month loan period, the annual percentage rate of charge on a FlexiCredit of 8,000 euros is 12,6% (April 2023). Nordea's FlexiCredit is a one-off loan and its interest is the 3-month Euribor quoted on the first banking day of the month in which the credit application is signed + a margin of 5.9%. The total sum of the credit and credit costs is 16 671,54 euros and the number of loan payments is 139. With a nominal interest of 11,95% and a 139-month loan period, the annual percentage rate of charge on a FlexiCredit of 8,000 euros is 15,7% (April 2023). Nordea's FlexiCredit is a one-off loan and its interest is the 3-month Euribor quoted on the first banking day of the month in which the credit application is signed + a margin of 8.9%. Calculation for consumer credits issued after.
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