Boat Loan Credit Criteria
Does anyone know the criteria for an equity "loan money" out of a Boat Loan?
We will have our own yacht free and clear next year. We heard about the loans you can get from your boat to make improvements? Does anyone know how they work? What is this criteria. credit score, income? Our boat is a 1961 Chris Craft. How do these loans? You have to provide them with proof improvements or estimates? I tried contacting some companies I found online, but of course they will not respond to your emails.
You is best to start with the lender that you already have a relationship with – you're paying now. If your repayment record is good, then they can well be happy to extend his current loan, or negotiating a refinancing agreement. The current market is very difficult for borrowers, but you should be careful enter into a loan that is outstanding. Finance brokers can be useful, but some suspect are not out there. Anyway, does not apply only to finance the whole place, as each request may appear as a credit check, and make you look desperate. You should discuss with a counselor confidence, as your accountant or bank manager in the long run what are your options, and the ramifications of any loan you choose to go with it. The capital improvement in a significant asset is legitimate, but his story (good) financial contribution will be the main way to get a loan, regardless the merits of the project. Be cautious. Good luck.
