We have all fantasized at one time or another about owning a boat. Heading out on the river, lake, or ocean for the weekend, or even the day, and enjoying the freedom and serenity of the open water sounds like paradise. You could throw fantastic parties for all your friends out in the sunshine, and always have the best seats for holiday firework displays or special events. Yet, like in so many other parts of life, that boating paradise seems available only to the extremely wealthy or affluent. Boats are very expensive, and not only to buy but to maintain. Your boat seems like a far off pipe dream.
However, that is not always the case! These days it has never been easier to find affordable boat finance assistance. Companies like Aussie Loans are able to provide cheap boat finance loans as rates that are incredibly lower than bank rates. These loan companies use boat finance calculators to find you the best possible payment plans and interest rates so you can be out on the water on no time at all. Do you have bad credit? Don't worry, Aussie Loans and other loan companies are able to work with you to set up boat financing that is beneficial for all involved parties. Boating has never been more affordable. In some cases, you can buy a brand new boat for around $250 a month, or get a brand new PWC for $125 a month.
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Boat Finance Calculator
Getting the process started for your own boat financing is very simple. To begin, you fist call up your loan company of choice, such as Aussie Loans, and they will take down all the necessary information for your loan application such as your credit score, employment details, and personal information. Once your initial application is complete, you will be sent a Privacy Act form and the NCCP 2009 Credit Guide form to study and sign.
After your paperwork is processed, the loan company will use a handy tool called a boat finance calculatorto source the best possible interest rate and loan term to suit your budget.
There are two ways to go about using a boat finance calculator. If you know your monthly budget goal, begin by entering that amount in the total loan amount window of the calculator. Then you may work backward to determine what loan amount you can afford. Or, if you know the price of the boat you want, begin by entering that number in the monthly payment window to establish your monthly payment. You can adjust the interest rate and loan term on the calculator to reflect the terms of the loan company you are working with.
If you are using an online boat finance calculator, it is important to be aware that any numbers produced are just projections and not set terms of a loan. There may be many other factors such as fees or special charges that an online boat finance calculator cannot take into consideration when coming up with your projected loan terms and rates.
Once you have found the best interest rate and loan term for you and your budget, you simply submit the loan for approval, sign all the necessary documents, and go out and enjoy your new boat.
Determining the possible interest rateof a boat loan before entering into negotiations with a loan company like Aussie Loans is difficult because interest ratesare frequently shifting according to factors such as the economy, government regulations, and the cultures adjoining the loan. However, it is safe to say that, in general, boat loan interest ratesare lower than auto loan rates since boats last longer than cars and lenders do not necessitate the identical high return. An average 2011 annual percentage interest ratewas 7.5 percent, but that is just an example as boat interest rates are determined by many factors.
Boat loan interest rates can be fixed or variable. That variance makes it complicated to determine the long-term rate of any boat loan. A fixed interest rate stays the same throughout the length of that loan. A variable rate, however, is determined on an index and can be changed by the lender to account for market changes, meaning the interest rate has the potential to get higher over the life of the loan. Because boat loan interest rates can vary so much because of the potential to be fixed or variable, it is hard to project what your interest rate will be.
Your boat loan terms and interest rates are decided mostly by your credit. If you have good credit, you may be able to get the average interest rateof 7 percent, or perhaps even an enhanced rate of 6 percent. But, if you have bad credit with a history of numerous debts, or debts that were paid late, you may only be offered interest rates potentially as high as 10 percent as loan companies will raise your rate to account for risk.
Even though your bad credit might give you higher rates, it does not mean you wont be able to get help for your boat finance. Loan companies like Aussie Loans are able to work with you despite your bad creditand come up with affordable loan terms that are beneficial to both you and the loan company
In today's turbulent and unsteady market, many potential boat owners are taking a "wait and see" attitude when it comes to making a financial commitment to buying a boat. However, with excellent and reliable loan companies like Aussie loans, you should be buying your boat right now! Aussie Loans provides affordable and reliable boat financing to all future boat owners. Why wait to start enjoying your own boat paradise?