Boat Loan Brokers
Boat Loan Brokers Can Help You Get the Most From Your New or Used Boat Loan or Yacht Loan
By Jason Armbruster
A specialty boat lender can help you navigate the process better than a traditional lender who is NOT familiar with marine loans.
You want to choose a lender who gets to know you (and your needs) first, and then helps you move in the direction that is best for your needs, budget and lifestyle.
Many boat loan companies or institutions claiming to be marine lenders do NOT help you understand the process or the industry at all - they just sit you down in the seat, have you sign on the dotted line, and lock you into some marine financing you may or may not understand.
A true boat loan broker knows the Boating Industry inside and out. He helps you find the best boat or yacht loan for your special situation by being marine lifestyle educated, fast, reliable and experienced. And by knowing how to get boat documentation and boat surveys, if necessary, boat value checks and boat history reports, he lets you know all of your boat loan options - not just the ones that are in the banks or lending institutions best interest.
There are tons of financing and purchasing tips a boat loan broker can give you that the suit sitting behind a desk at your local bank can NOT (you know - the guy with the milky white complexion whose never stepped foot on the deck of a marine vessel before).
Think of it this way. If you have a sharp pain shooting through your foot, are you going to go to an ear, nose, and throat doctor - or a podiatrist?
Make sure you get your boat loan through a credible boat loan broker, not someone posing as a marine lender who may not have your best boating or yachting interests at heart.
The Tip of the Season.
Do NOT fall victim to a lending practice call Shotgunning or Shot Gun Lending.
Shot Gun Lending is when you are applying for a boat loan, or any loan for that matter, and your credit information is given out to all lenders at once.
This practice is used by sub-standard loan brokers, regardless of what type of financial institution they are, and can adversely affect your FICO Score on all 3 of your Major Credit Bureaus files.
To get more in depth, here is an example: You are applying for a boat loan and you are using a service to get the best rate and term possible for your situation. The service takes your credit application and faxes it out to the 10 or 12 different lenders that they use. When each lender checks your credit file, your credit score lowers by 3 to 7 points for what's called a "CREDIT INQUIRY". If your credit score goes down for each inquiry by 3 to 7 points, this could cause a FICO movement of 30 to 84 points!
Needless to say, for every point your Credit Score goes down, the percentage rate for your loan could go up! And, this could even cause a lender to decline you for your boat loan!
AT RAPIDBOATLOAN.COM, WE DO NOT PRACTICE SHOT GUN LENDING! We make every attempt to pull your credit information only once. Then we allow our lenders to view your credit file through our, state of the art, lending application, therefore, reducing the amount of "inquiries" to your credit and allowing us to secure you a competitive interest rate.
Jason Armbruster
RapidBoatLoan.com
Jason Armbruster is the author of many insightful articles and "Tips & Tricks" when it comes to Boat & Yacht buying, selling and financing. Visit his website at:
Get FREE info on boating @ RapidBoatLoan.com
Article Source: http://EzineArticles.com/?expert=Jason_Armbruster
By Jason Armbruster
A specialty boat lender can help you navigate the process better than a traditional lender who is NOT familiar with marine loans.
You want to choose a lender who gets to know you (and your needs) first, and then helps you move in the direction that is best for your needs, budget and lifestyle.
Many boat loan companies or institutions claiming to be marine lenders do NOT help you understand the process or the industry at all - they just sit you down in the seat, have you sign on the dotted line, and lock you into some marine financing you may or may not understand.
A true boat loan broker knows the Boating Industry inside and out. He helps you find the best boat or yacht loan for your special situation by being marine lifestyle educated, fast, reliable and experienced. And by knowing how to get boat documentation and boat surveys, if necessary, boat value checks and boat history reports, he lets you know all of your boat loan options - not just the ones that are in the banks or lending institutions best interest.
There are tons of financing and purchasing tips a boat loan broker can give you that the suit sitting behind a desk at your local bank can NOT (you know - the guy with the milky white complexion whose never stepped foot on the deck of a marine vessel before).
Think of it this way. If you have a sharp pain shooting through your foot, are you going to go to an ear, nose, and throat doctor - or a podiatrist?
Make sure you get your boat loan through a credible boat loan broker, not someone posing as a marine lender who may not have your best boating or yachting interests at heart.
The Tip of the Season.
Do NOT fall victim to a lending practice call Shotgunning or Shot Gun Lending.
Shot Gun Lending is when you are applying for a boat loan, or any loan for that matter, and your credit information is given out to all lenders at once.
This practice is used by sub-standard loan brokers, regardless of what type of financial institution they are, and can adversely affect your FICO Score on all 3 of your Major Credit Bureaus files.
To get more in depth, here is an example: You are applying for a boat loan and you are using a service to get the best rate and term possible for your situation. The service takes your credit application and faxes it out to the 10 or 12 different lenders that they use. When each lender checks your credit file, your credit score lowers by 3 to 7 points for what's called a "CREDIT INQUIRY". If your credit score goes down for each inquiry by 3 to 7 points, this could cause a FICO movement of 30 to 84 points!
Needless to say, for every point your Credit Score goes down, the percentage rate for your loan could go up! And, this could even cause a lender to decline you for your boat loan!
AT RAPIDBOATLOAN.COM, WE DO NOT PRACTICE SHOT GUN LENDING! We make every attempt to pull your credit information only once. Then we allow our lenders to view your credit file through our, state of the art, lending application, therefore, reducing the amount of "inquiries" to your credit and allowing us to secure you a competitive interest rate.
Jason Armbruster
RapidBoatLoan.com
Jason Armbruster is the author of many insightful articles and "Tips & Tricks" when it comes to Boat & Yacht buying, selling and financing. Visit his website at:
Get FREE info on boating @ RapidBoatLoan.com
Article Source: http://EzineArticles.com/?expert=Jason_Armbruster
posted by sunshine | 08:20
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