National Loans Explains The Financing Options For Buying A Boat | Your money
MELBOURNE, Australia, Sept. 20, 2021 (GLOBE NEWSWIRE) – According to leading finance broker National Loans, boat loans are very similar to car loans, with a typically quick application and approval process based largely on a customer’s creditworthiness and ability to repay.
There are two main categories of boat finance: secured and unsecured. National Loans offers boat loans in the form of specialized ship finance where the boat is used as collateral for the loan or unsecured personal loans where the boat is not used as collateral.
Depending on a person’s budget and lifestyle, one type of loan may be more suitable than the other. The loans and interest rates available to a person depend on their financial history and the financial institution offering the loan.
National Loans states that secured boat finance is considered less risky than an unsecured personal loan because the lender has an asset that they can sell if the loan is no longer needed. However, buyers looking to buy a used boat have a catch. According to National Loans, if the lender thinks the boat is too old, getting a secured boat loan can be difficult as it would be more difficult to resell.
An unsecured boat loan does not require collateral, but it usually has higher interest rates and more restrictions than a secured loan. In addition, the application process is often stricter. National Loans says it is often better for people to finance a boat with a secured boat loan than an unsecured boat loan, as secured boat loans tend to have more competitive interest rates and flexible repayment terms.
National Loans makes buying a boat easy. With access to a wide range of lenders, National Loans financial experts can ensure the best interest rate and terms to suit the buyer’s needs. The National Loans network includes both bank and non-bank lenders. Working for the customer, not the lender, National Loans goes a step further to find a financing option that is tailored to the circumstances of the individual.
National Loans also provides help with access to caravan loans and other forms of caravan financing. Contact National Loans directly for more information.
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Figure 1: National LoansNational Loans
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