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Monday, September 27th
Excel Credit is a terrific option for financing on boats from $25,000 to $10 million. In service for nearly 30 years, the company has an impressive track record for helping clients purchase the boats of their dreams in 7 business days or less. Even more impressive are the testimonials from repeat customers who describe the entire process as lightning-fast, professional and responsive. Excel Credit is a solid choice for your higher-end boat loan.
Upstart knows there's more to you than your credit score: when considering your loan application, they employ a sophisticated artificial intelligence system that looks at your complete financial picture. You can get a loan for any purpose, including boats, and their interest rates are competitive with other lenders. Thousands of people have used Upstart to get their funds very quickly, and they have a happy and loyal customer base.
No matter what kind of watercraft you have in mind - from a simple fishing boat to a luxury yacht - you want financing that allows you to make it happen. While you could turn to your local bank for a loan, you might find a better offer elsewhere. There are a number of lenders who specialize in marine loans, and they might give you more competitive interest rates and terms.
What are the requirements for qualifying for a boat loan? That varies widely. Of course, it helps to have good-to-excellent credit. For high-end boats of $200,000 or more, expect lenders to have minimum credit score requirements of at least 700 along with the income and assets to support such a purchase. Also, for bigger boats, your loan approval process is likely to require a marine survey: just like buying a home, an inspection shows both you and the lender that it's a sound vessel.
On the other hand, for smaller watercraft, you may not need a boat-specific loan. These loans are usually structured as a traditional personal loan and are based solely on your creditworthiness, not on what you're buying. That's good news if you have less-than-perfect credit too: you'll pay more in interest on your marine loan, but at least you can still qualify as a borrower.
There are quite a few options out there for boat loans, and it can be challenging to determine which financial institution or lending service is the right one for your unique situation. To simplify your search for a marine loan, here are several factors to consider:
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