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Prequalification
Should you talk to a boat loan professional before boat hunting?
Absolutely! Even if you haven't so much as picked out boats to look at yet, it's important to talk to your boat loan professional first. Why? What can we do for you if you haven't negotiated a price, and don't know how much you want to borrow?
When we pre-qualify you, we help you determine how much of a monthly payment you can afford, and how much we can loan you. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It's short and to the point, and we keep the paperwork to a minimum!
Once you qualify, we give you what's called a Pre-Qualification Letter which says that we are working with you to find the best boat loan to meet your needs and that we're confident you'll qualify for a loan for a certain amount.
When you find a boat that catches your eye, and you decide to make an offer, being pre-qualified will do a couple of things. First, it lets you know how much you can offer.
More importantly, to a boat seller or dealer, your being pre-qualified is like you walked in with a suitcase full of cash to make the deal! They won't have to wonder if they're wasting their time because you'll never qualify for a boatloan to finance the amount you're offering for the boat. You have the clout of a buyer ready to make the deal right now!
You can always use the calculators available on our site to get an idea of how much you can afford -- but it's important to talk to us. For one thing, you'll need a Pre-Qualification Letter! For another thing, we may be able to find a different boat loan program that fits your needs better than the one offered by the dealer or your local bank.
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