Wi Boat Loans

Posted onDecember 05, 2011 - 9:26 am by Admin | 0 Comments

It's much more fun to shop for a new or used boat than it is to shop for a boat loan. But if you can't afford to pay cash for your dream boat, taking the time to analyze your finances and credit report before bidding on a new or used boat can pay off — and may make the difference between boat loan approval and denial, even if you have bad credit.

Back in the early- to mid-2000s, boat loans were fairly easy to obtain. However, credit everywhere has gotten much tighter, and the boat loan market is no exception, says Scott Truesdale, a marine finance specialist with Newcoast Financial Services in Point Pleasant, N.J.

"People are accustomed to having approval and financing as a given — it's expected," Truesdale tells Suite101. "What's happened is, the money's tightened up, and banks have created guidelines that they're sticking to."


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