What to Know About Financing a Yacht Purchase in Deerfield Beach, FL

There are many things about borrowing to buy a yacht that are similar to buying a new home, but there are also some important differences. Before you start researching yacht financing companies in Deerfield Beach, FL, making sure your credit is in good condition is still important. Additionally, you should consider the following factors in getting the best deal on your loan.

You Still Need a Down Payment
Any type of loan requires a down payment of some kind, and a yacht loan requires one that’s similar in size to the money you would put down on a home purchase. While most lenders require a 20% down payment, you may be able to find some that will accept an initial payment that’s as low as 10%. It’s important to remember that a lower down payment means borrowing more from the lender.

Compare Multiple Loan Offers
When it comes to taking out a boat loan, the terms can vary greatly from lender to lender. Before you make a decision, you should compare loan offers from two or more different lenders. Be sure to read the fine print on each offer to determine which offer is the most favorable.

Stick to Your Budget
Even though some yacht financing companies in Deerfield Beach, FL, may offer you a larger loan than you expected, you shouldn’t be quick to jump on it. In fact, it may be in your best interests to consider a lower loan that will keep you from extending your monthly budget. You should make sure your loan payments, interest, and insurance all fall within the range you have set for yourself.

If you’re ready to finance your yacht purchase, find out how Elite Financial International can help you get favorable terms by visiting yachtloans.com.