Wondering how to finance your next yacht? Like just about everything else these days, Google it?
When purchasing your yacht, there are many things to consider. And one of the most important decisions you will face early on is, “how do I finance my yacht?”
With new 50’ yachts costing in excess of $1 Million dollars for example, the vast majority of boat owners will need some sort of financing.
Some traditional methods are:
- Financing through a lending institution
- Having your company purchase or finance the vessel
- Selling one yacht to pay for another
- Selling other assets to pay for the yacht
- Purchasing the vessel outright
Most likely, you are going to finance at least some portion of your yacht purchase. And most likely, you are very familiar with your lending options. But it is always beneficial to look around for other – and possibly better – financing alternatives.
What to do? Just Google the phrase “yacht finance” or “marine loans”. There are many financial institutions that can offer competitive offers. And it certainly pays to shop around.
Great information can also be found on websites who focus solely on providing information about yacht financing. Some of those are:
Factors that could impact the terms of a yacht loan include:
- Your credit score & history
- Fixed or variable rates
- Terms or length of loan
- Amount to be financed
- Down payment amount
Purchasing a yacht is really no different than the purchase of a car or home. Each variable can have a definite impact on what the eventual loan amount will be when viewed on a monthly basis. Please contact your lender for a full analysis.
And apparently with the sophisticated algorithms that make Google so powerful, all you have to do if you’re a Gmail customer is to send enough emails with the word “yacht” in the email.
When you click the ad, you’re taken to a Marine Loans page on the SunTrust website. Amazing. You’re email “realizes” that you might be a good prospect for potential boat loan.
At Boksa Marine Design, we’re not a lending institution, but we do want you to have all the information you need when you’re ready to design, build and purchase your next yacht.