Deal with a broker, or broker with a dealer
When it comes to buying perhaps the boat of your dreams, most people will need assistance with finance. If this is the first time you’ve required a boat loan, you may not know where to go for finance and if you’ve taken out boat finance before, you may be considering your options.
Perhaps you approached your bank to be advised that they don’t handle marine finance and the best they could offer would be a high interest personal loan.
Many boat dealerships, new and used, small up to luxury, power and sail, offer customers finance services in addition to the boat sale. But should you take out finance from through the same dealer or boat builder as you purchasing from?
An attractive and beneficial choice for a great boat finance package is a specialist marine finance broker.
We’ll canvas the pros and cons so you can anchor your boat loan in safe harbour.
The Cost of Convenience
Organising your finance through the same place as your sale can appear a very attractive option to many people. Surely it is convenience plus with only one person to deal with for both processes.
That is probably, not going to be the case. The seller, who could be a dealer, boat broker, manufacturer’s representative, importer or the boat builder, will likely not own their own finance company. What they will have is an affiliation with a finance company, which may or may not, brand their marine finance under a suitable banner.
Often the dealer will pass your details on to their contact at the finance company to handle your loan application. So you will likely still have to deal with both people and dealing directly with a finance company means you most likely will have to handle your own paperwork.
On the other hand, a specialist marine finance broker such as Jade Boat Loans, will handle all the paperwork for you and guide you through every stage of the process and will liaise with the boat seller as well.
The Cost of Discounts
Without casting aspersions on boat dealers as they are a great industry, by putting your finance and purchase with the one organisation, there is the possibility than any discounts offered you on the purchase price can simply be recouped by increasing the interest rate or fees on your finance deal.
Brokers such as Jade, have access to a wide range of specialist boat finance products from many lenders, so we are not locked into just the one, as the dealers are. With more choice, we can select the best loan to suit your specific circumstances. We can arrange private and commercial marine finance for all types of boats.
Dealers may offer to include any accessories you want in the finance package – well Jade can do that for you also.
Negotiate with Pre-Approved Boat Loan
Another significant benefit of working with a marine finance broker like Jade Boat Loans is our ability to arrange pre-approved finance for you. That’s right. Contact us before you commence your negotiations and use your pre-approved status as a tool to negotiate on the purchase price.
If the seller knows you have your finance organised and can sign on the dotted line that day, they should be far more amenable to offering a better price
Jade Boat Loans is an independent specialist marine finance broker. We don’t sell boats but we know boats as we stay across the industry, keeping up with trends, new models and new technologies so we can assist our customers with great boat loans at remarkably low boat finance interest rates.
So anchor your boat loan with Jade Boat Loans. Give us a call or log onto our website for a boat finance quote.
Disclaimer: The information contained in this article is sourced from government and reputable sources, however, it is intended as a guide for general information.