Did You Know You Can Get a Loan on Your Boat?
In today’s economy, it is a fact of life that unforeseen expenses will arise for people with good and bad credit alike. For boat owners struggling through a period of financial difficulty, a boat title loan can provide a unique and safe solution for whatever their financial need may be. If your credit history is an issue and finding a loan has been difficult, read on!
Making the Right Choice
In order to overcome financial difficulties, it is often necessary to take out some type of loan. However, not all loans are created equal. Both banks and credit unions require credit checks, and some have a lengthy application process. So, what if an applicant is strapped for both cash and time and doesn’t have the greatest credit history?
That’s where a boat title loan can help! Boat title loans are a safe, alternative solution to regular loans, and don’t require good credit or giving up your boat. When financial waters are rough, no credit check is one less obstacle to navigate. For boat owners, their vessel’s value can double as both a leisure item and a means to help them get the loan they need fast.
How it Works
When taking out a boat title loan, a borrower’s boat is used as collateral for his or her loan. The value of the boat determines the size of the loan, which benefits all parties involved. That way the loan is low-risk for the lender, and the borrower has his or her boat to fall back on if he or she is unable to continue to make payments. At no time is the borrower is required to hand over their vessel – they can keep and continue using their boat during the entire loan payment process, making this type of loan a win-win situation for both the lender and the borrower!
The only item that is required when taking out a boat loan is the owner’s free and clear title to the boat. This guarantees a source of collateral on the part of the borrower, since the lender is handing over a potentially substantial amount of money. After the loan is paid off, both the title is returned to the original owner.
The Application Process
Title loan applications are some of the fastest and simplest loan processes in the industry. Boat owners can apply for a title loan online without ever leaving their house. Depending on the area a borrower lives in, he or she could receive up to half of the value of their watercraft.
In order to determine a boat’s worth, only a few key pieces of information are necessary. To secure a loan, borrowers are asked to fill out an online form that typically includes the following information:
- Boat make
- Boat model
- Boat year
- Boat style
- Boat mileage
- Personal contact information
After these details are submitted, a free quote is generated that reflects the value of the boat. After that, the borrower is contacted by a loan expert to finalize the details of their loan and solidify a payment plan.
Title Loans: High Flexibility, Low-Hassle
Since borrowing situations differ from person to person, the amount of time it takes to receive a loan can vary, but for most borrowers loans can be received within twenty-four hours of submitting their information. Depending on the area where a borrower lives, lenders have payment plans that vary in flexibility, with some even giving borrowers up to 42 months to pay their loans off completely. Certain lenders also allow borrowers to renew their loans from month to month, in case the borrower experiences any payment difficulties.
When it comes to finances, people have to make enough tough calls as it is – finding an appropriate loan in an emergency situation should not be one of them. Title loans are one of the few, fast alternatives where borrowers get the money they need quickly, while still retaining their property. With a boat title loan, no matter what a person’s financial circumstances, everyone can walk away a winner!
