Boat Finance: Getting a loan with an NMBA lender | Credit Solutions

Other than the option to get a loan through a boat dealer with which you want to buy a boat, there is a possibility to get a loan with an NMBA lender. The NMBA stands for National Marine Bankers Association. This is an organization which deals with boat financing options, and has specialists who have substantial understanding of financing and boating at the same time. The members of the NMBA are various banks, local and national, other financial institutions which offer money lending and various credit unions. They all offer good deals, better than you can find outside the association, since they have made making boat loans as their primary source of income. This way they keep the boat financing market competitive, as they set the trends on best deals.

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They offer different options and possibilities for the deals they make, and here we will list them:

Realistic down payments ? The down payment, also called a deposit, is the amount of money that is given to lessen the monthly installments, and to provide security that the customer will go through with the deal. It is based on the age of the boat in question, its price and your credit file ranking. The members of the association offer the best deals when it comes down to down payments, as they require only between 10 and 20 percent of the amount to be laid down as deposit. Many members also offer some specials which are related with very low down payments for new boats. You should check with the lender about that.

Faster decisions whether or not you have been approved the loan ? Since the members of the NMBA are financial institutions which are specialists for boat loans, and have a great understanding of boats and maritime industry, it does not often take much time to get loan approval, as it is all done within the same institution and all the checks and procedures are done within the same database. It usually takes only a few hours to get the approval on the loan, whereas regularly it would take a few days of running around to get a good loan deal.

Longer financing terms ? Because the members of the NMBA know much about boats, and have enthusiasm for them, they know how important for the value of the boat is that you maintain it well. They also know what price a well-maintained boat will have for the re-marketing, so they can offer you longer financing terms, if it is promised to keep the boat well maintained over the course of the loan.

Lower monthly payments ? The members of the NMBA also know that the boats generally last longer than cars, so it is possible that they can offer you deals which last longer than the deals for cars. Along with that, they offer lower interest rates for boat loans. This means that the offers will have much lower monthly payments than you may have intended for when starting to look for a loan. This way you can acquire an even better boat than intended in the first place.

More extra equipment and extra options for your boat ? With the specialists who work within the National Marine Banking Association, who are well informed and educated in boats and maritime industry, you can be sure that loan options will not include only the boat you are buying, but also many other extra options which can make your boat and your boating experience much more safer and enjoyable. These options include various insurances for your boat (including life insurance, disability insurance and boat insurance) that are included in the monthly payment, different optional equipment that will make your boat better and safer, various electronic gadgets for the boat, and different extended service plans.

Members of the National Marine Banking Association can be found on many boat shows, you can look for them in various boating magazines, or you can try finding them on the internet. The last option also includes the possibility to go to the website of the NMBA and look for the list of associated members. You could also ask your loan broker or the boat dealer to find you a NMBA member through which you will make a deal.

No matter how you reach them, the NMBA is the best place possible to inform yourself about anything that is important about taking boat loans and anything that is important for the boats in general.

Author Bio: Everything you need to know about the option to get a loan through a boat dealer with which you want to buy a boat, there is a possibility to get a loan with an NMBA lender.

Source: http://www.creditvisionary.com/boat-finance-getting-a-loan-with-an-nmba-lender

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