Ever since I have lived here in Florida I have been regularly surprised when people chat about heading out on their boats. I am originally from Kansas and the closest we would get to a boat would be the ones at the theme parks! I decided last year then that I would join these cool jet-setters and invest in a boat of my own. There are many boat loans in Florida that you can take advantage of and so I set about finding which was the best deal for me. I wanted to talk about this today and give you some idea of what you should be thinking about before you apply for a loan, be it for a boat, a car or any other vehicle.

Understanding Your Credit Score

Prior to even looking for a loan for your vehicle you must understand what kind of credit score you have as this will dictate how much you are allowed to borrow. You can easily find this information online and companies like Experian will offer you a free trial so that you can see and understand what your credit score is. There is no point looking for either boats or a loan until you know how much you can borrow.

Pre-Approval

Your credit score is not the only factor that will be taken into consideration when you apply for a loan so it is always a smart idea to get pre-approved before you even consider shopping. It is always going to be better for you to walk into a boat dealership knowing that you have a pre-approved loan, that way it doesn’t matter which boat you decide upon, you will know that you already have the loan in the bag. Doing things the other way around may end in disappointment and a touch of embarrassment if you are told that you can’t get a loan, or the boat that you have your heart set on.

Working Out Costs

Try not to get sucked in to buying a boat that you cannot afford and make sure that you have detailed workings out of whether or not you can afford the finance. If you currently have $150 available each month after paying all of your expenses, there is no point taking on finance for $140 per month as this is simply too risky. Instead you would look for a finance deal that perhaps cost $90 per month, giving you a little bit of extra budget in case something goes wrong one month. Once again this is something you should do before you even look at a boat because we can very often get swept away by our emotions and wind up buying something we can’t afford, and that is how people get into debt trouble.

Shop around for the best deal, make sure that you know what you are getting into and then go get that boat!

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