| You do not need a signed contract on a boat in | | | | In the course of the loan process, you should |
| order to qualify for a loan. However as a boat | | | | completely understand the terms and conditions |
| purchaser, you have to get financial pre-approval. | | | | stated in the contract. Your failure to do so may |
| You can even consider getting a loan before you | | | | cost you the boat. There are some contracts |
| start shopping for a new or used boat. | | | | that are referred to as secure lending. This is a |
| A pre-approved loan will give you the capacity to | | | | longstanding practice in marine financing. The boat |
| bargain for the price that can fit to your budget. | | | | that is purchased is secured as a collateral, and |
| You can have an advantage with the interest rate | | | | the lender will has the capacity to protect the |
| regardless of the dealer or market mark-up. | | | | interest rate in the collateral. |
| Another benefit is that you will know your credit | | | | The boat lending industry is growing fast, and |
| status or loan limits. You will also have enough | | | | financing companies are taking every liberty to |
| time to resolve any unfinished business that will | | | | add more provisions to their contracts. They |
| influence the closing of your future loan. Because | | | | know the demand, and some of the provisions |
| when you already enter into a contract, you want | | | | they add are unfair -- even capricious. So read |
| to be confident that the loan will be approved. In | | | | the stipulations and ask questions about provisions |
| addition, a pre-approval will give the boat dealers | | | | that you don?t understand. If you are still not that |
| an assurance that you are serious about buying a | | | | confident or satisfied, you can always seek for |
| boat. | | | | legal advice. |