Boat Buying Information Boaters Financing Resources at Fintalk.com Boat Financing and Loans at FinTalk.com
Tell your buddies about FinTalk Classifieds Forums Message Boards

Loan Advice and Refinancing Tips for Used Boats

How great is it to save money on something that you already own? In today's market that is a real possibility. Interest rates have remained at low levels for the last couple of years and the refinance industry has been booming. Many people have taken advantage of these rates to lower monthly housing payments, pay off credit card debt faster, and in general pay less for the privilege of borrowing money. In some cases people have refinanced their homes several times to take advantage of interest rate drops. So you may ask what about refinancing a boat loan? Can I also save money by refinancing my boat?

The answer is yes, although you need to do a little investigating. You may be able to save a substantial amount on your boat loan through refinancing at a lower rate. Sounds great, eh? Usually the decision is as simple as it appears to be; refinance at a lower rate save money and pay your boat off faster. However there are some circumstances that probably rule out the boat refinance option. If you intend to sell the boat soon or your credit is substantially worse than it was when you bought the boat, boat refinancing is probably not for you. However if you do not fall into those categories, boat refinancing can be a great way to save money every month.

The most critical factor in considering boat refinancing is determining what your current situation is. For example, are you trying to pay off the boat as soon as possible or reduce your monthly payments? Once you have determined what you are trying to accomplish finding the right boat refinancing is simple.

The Internet can be a great place to start shopping for a boat refinance loan. There are numerous companies offering boat refinancing programs with very low rates. However a word of warning be cautious of rates that seem too good to be true. Some boat finance companies will offer a very low rate but then charge exorbitant loan fees. In that scenario you may actually end up worse off than if you had not refinanced because now you have to pay off the new boat loan fees in addition to the loan amount. The savings on the interest rate may not cover the additional boat loan fees and you end up paying more in the long run. Professional boat financing companies will charge a small fee for the refinancing service on the new loan but the rate reduction should more than offset the fee and leave you with smaller payments and a faster payoff schedule.

Like most things in life, you get what you pay for. The same holds true when looking for someone to handle the refinancing. Usually the company that offers the lowest boat refinancing rate is also going to give the least amount of service while charging the highest loan fees. It is always a good idea to have a competent professional handling your personal finances. With this in mind consider the company's experience and level of professionalism when making your decision.

Go Back to Boat Loan Tips

About the Author
Tom Schumacher is the president of SeaDream Inc. Boat Loans and Boat Insurance - www.seadreaminc.com

Saltwater fishing charters and fishing guides directory
[an error occurred while processing this directive]
Saltwater fishing charters and fishing guides
 
Angler of the Month!
Saltwater fishing award
saltwater fishing main menu
 
saltwater fishing reports FINTALK HOME
saltwater fishing ANGLER of the MONTH
fishing charters MARINE DIRECTORY
saltwater fishing resource FISHING CHARTERS
saltwater fishing resource ABOUT US
saltwater fishing resource CONTACT US
 
saltwater fishing resources menu
 
saltwater fishing resource MARINE WEATHER
  saltwater fishing image dot Buoy Data
saltwater fishing marine weather Marine Forecast
saltwater fishing resource REGULAR WEATHER
saltwater fishing resource TIDE PREDICTIONS
saltwater fishing resource SST CHARTS
saltwater fishing resource LUNAR TABLES
saltwater fishing resource FISHING ARTICLES
saltwater fishing resource FISHING REPORTS
saltwater fishing resource FISHING TIPS
saltwater fishing resource FISHING NEWS
saltwater fishing resource FISH IDENTIFICATION
saltwater fishing resource FISH and GAME
saltwater fishing resource CONSERVATION
 
saltwater fishing stuff
 
saltwater fishing resource FINTALK FIN FORUM
saltwater fishing resource FISHING CLASSIFIEDS
saltwater fishing resource FIN GALLERY
saltwater fishing resource FISHING KNOTS
saltwater fishing resource SITE MAP

Fishing Website Design, Marine Web Site Designs

All About Our Ads GET LISTED HERE--> List your saltwater fishing charter here.
 
All content Copyright FinTalk.com. All rights reserved. Contact Us