Getting the Best Boat Loan

Asking questions and evaluating/comparing answers will help you choose the most experienced and cost-effective boat loan provider. When shopping for a boat loan, there are certain things one should consider. Use the following questions as a guideline to make sure you’re getting the best deal. Remember, they are there to help you, so don't be shy.

Ask each loan provider the following questions and record the answers so you can easily compare your options:

• What is the interest rate?
• Is the interest rate fixed?
• Is this a simple interest installment loan?
• Is there a balloon?
• Is there a prepayment penalty? If so, what is the prepayment penalty?
• Will my rate possibly be different based on my credit score?
• What fees do you charge? Ask the loan provider to explain any charges.
• Does my boat have to be documented for this loan?
• Who will process the titling or documentation of my boat?
• What is the charge for titling or documentation?
• Do you require a survey (if the boat is used)?
• What is the maximum term?