Q:

How do you get the lowest interest rates on boat loans?

A:

Quick Answer

You can get the lowest interest rates on boat loans by pledging collateral, opting for a boat that is less expensive to finance and paying a large down payment, according to FinancialWeb. Note that you can compromise on certain features of a loan in order to get the lowest rates.

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Full Answer

The best way to get the most affordable interest rates on boat loans is by obtaining loan quotes from various lenders and comparing them, reports FinancialWeb. When applying for loan quotes, make sure you provide as much information as possible. Once you narrow down to a few boat-loan lenders, consider some options to lower the rates further. One of the best options is by securing the loan with collateral. Although the boat itself is security for the loan, you may consider adding another one, such as your car. If you do this, your rates are likely to go down.

Apart from providing collateral, you may consider paying a large deposit, notes FinancialWeb. This also lowers the rates. Still, you can control the rate by opting for a boat that is cheap to finance. For instance, you may decide to buy a used boat instead of a new one. And finally, prefer online boat loan lenders to traditional banks. This is because online lenders offer highly competitive rates.

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