Making Money By Saving On Marine Finance
If you are considering seeking finance for a boat purchase, you can save money by finding a better deal on your marine finance loan.
How? First step is by using the best source that can select you a product from a wide range, secure you the cheapest interest rates and prepare you the best deal.
There are three main sources that people approach for marine finance and boat loans:
• Specialist Marine Finance Broker
• Direct Application to a Finance Company
• Applying for a Bank Loan
Who will save you money?
A specialist marine finance broker is better positioned to offer you the best marine finance deal, whether for an individual boat loan or for a commercial marine finance deal.
Why will a broker save you money on boat finance?
Brokers have access to speciality marine loan products, which are specifically designed for boat finance.
Most banks and finance companies do not have a specialty marine finance product and may offer a general loan product at a higher interest rate
Brokers are not restricted to any one portfolio of loan products as banks and finance companies are limited.
Banks and finance companies can only offer the loans under their brand.
Brokers have a huge portfolio of loan products, comprising products from many banks and finance companies. So with more to choose from, there’s a far greater probability of getting you a cheaper deal.
Brokers will do all the work for you, saving you time and the costs involved in phoning or visiting numerous banks and lenders to get comparative quotes and at the settlement stage
Brokers will advise you on structuring your loan to save money.
Varying Loans to Save Money
There is more to a boat loan than the interest rate.
Consider the loan term, any residual that may apply and any fees and charges that may be applicable.
Most people want the lowest monthly repayment so they can save their cash flow. So they may opt for a longer loan period or a higher residual, which gives a lower monthly repayment.
But if you pay a higher monthly repayment you will not only pay the loan off faster you will pay less in interest charges. Your broker can advise you on the options in regard to the loan term and any residual to save you money on your marine loan.
Saving Money on Commercial Marine Finance Deals
If you are purchasing a boat or vessel for business purposes, there are a number of commercial marine finance products available.
Primarily: leasing, Chattel Mortgage and CHP
You can save money on your finance by knowing which is the most tax effective product for your business; structuring the loan to suit your cash flow and utilising a specialist marine finance broker who has access to the best value marine finance deals
Here are links to specialist marine finance brokers to assist you on making money by saving on your boat loans:
Contact us for more information on making Money By Saving On Marine Finance.