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You’ve decided to buy a houseboat, but how do you finance it? Can you even finance a houseboat purchase?
You can finance a houseboat but there are often many different hoops that a bank will require you to jump through. The easiest way to finance a houseboat is by taking out a home equity loan on your current residence.
Very few banks will allow you to finance a houseboat without any other collatoral. It is also easier to get a loan on a new houseboat than it is on a used with with many banks as well.
Many people use a home equity loan, which uses your home as collateral. These loans have lower interest rates and stakes than unsecured loans. Here are a few options:
Houseboat Financing At Bank of the West
Bank of the West is one such institution. They offer a number of loan programs for boats. They typically require a down payment and a longer loan term. However, you can also qualify for a no down payment loan if you own a boat that is at least two years old. For more information about their boat loans, contact them today. In most cases, you can finance a houseboat with as little as 10% down.
Bank of the West offers competitive rates on houseboat loans and flexible repayment terms. Their loan amounts range from $10,000 to $5 million. They offer loans in all 50 states and in all price ranges, from small, recreational boats to luxury yachts. They also offer a variety of boat loans for different types of watercraft, including custom power boats, sailboats, multi-hulled boats, pontoon boats, electric boats, and even houseboats. However, they do not finance high-performance boats that reach speeds of 99 mph.
The Bank of the West offers a variety of loan options, including secured and unsecured loans. They offer loans in all 50 states and allow co-borrowers if listed on the boat title. You should have a credit score of 700 or higher and two years of verifiable income. You must be at least 18 years old to apply. You must also be an active member of the U.S. military or their spouses.
LightStream is another institution that offers boat loans. This is a lending partner of Acorn Finance. They provide fast approvals, and most of their applicants get an answer within three hours. Funding can take three to five days and interest rates are competitive. The current interest rate is 3.74% APR. LightStream operates in all 50 states and offers loans on new, refinanced, and used boats. LightStream’s terms range from 24 months to 84 months. The bank requires a good credit score to qualify for a boat loan.
Another option is a home equity loan. This type of loan is secured, and uses your home as collateral. The interest rate is higher than an unsecured loan, but you can be assured that you’ll pay a lower interest rate than you would otherwise. Moreover, you’ll be given more options when applying for a home equity loan. It may be advantageous to use your home as collateral, as it is safer for you to take on a higher risk when it comes to boat loans.
Houseboat Financing At Mountain America
Can you finance a houseboat at Mountain America? Yes, if you know how to go about it. In addition to traditional bank loans, there are various alternative sources for financing your dream boat.
One such option is Mountain America credit union, which offers boat financing through its authorized dealers. This credit union allows boaters to finance their purchases with low interest rates, fixed repayment terms, and low application fees. Moreover, you can apply online, visit a local branch, or ask for financing at your dealership.
The application process is simple and quick. The Mountain America Credit Union’s personnel is always friendly and strives to provide excellent customer service. There is a minimum amount of $50,000 for the loan, so you can apply only if you have excellent credit. To qualify for the best rates, you should have excellent credit. Also, you can apply for a loan with a co-applicant if you have good credit. After you get approved, the Mountain America Credit Union can disburse the loan funds to you.
For those who are more savvy, the Mountain American Credit Union offers financing for both new and used boats. It offers competitive interest rates and 15-year loan terms for boat purchases. Membership requirements vary, however, and you may need to be a member of the credit union to qualify. If you qualify, it may make more sense to use Mountain America credit union for financing your houseboat. It’s a great choice for a houseboat loan, as it offers low interest rates, and the convenience of same-day approvals.
Mountain American Credit Union is a credit union with over 800,000 members. The company doesn’t require a stellar credit rating to receive a loan; it’s more interested in your ability to repay the loan and avoid defaulting on it. The credit union’s membership criteria are lower than those of payday loan providers like Check n Go and Ace Cash Express. There is one downside to Mountain America, though, namely that it’s not the most affordable option.
Houseboat Financing At Southeast Financial
If you want to buy a houseboat, Southeast Financial can help you get financing. This Tennessee bank offers a variety of loans to suit your needs. LightStream provides credit approval within 24 hours. Some borrowers receive an answer within three hours. Funding takes three to five days. Currently, rates start at 3.74% APR. This lender is part of the Truist bank family, which also includes BB&T and SunTrust. It operates throughout all 50 states and accepts applications from qualified applicants.
Southeast Financial specializes in working with people with bad credit and past bankruptcies. Unlike other lenders, they don’t require a minimum credit score. They also don’t have a minimum loan amount. While Southeast Financial can finance borrowers with bad credit, you should be aware that your terms will likely be less advantageous. It’s important to have excellent financial skills and to be financially savvy, because this lender can be very harsh on your credit history.
Before applying for a loan, make sure you know what kind of down payment you’re going to need. Most lenders require at least 10% of the purchase price as down payment. However, some lenders require a higher down payment, so make sure to save up some money to make the down payment. You should also choose a lender that offers quick funding. Fortunately, some lenders offer same-day funding to help you get the money you need in no time.
Floating homes and houseboats both require different forms of financing. Traditional mortgages are available for permanent residences, but houseboats do not. Fortunately, you can find houseboat financing options with Southeast Financial. It’s not always easy to get financing for a houseboat, so it’s important to consider all your options before making a decision. If you need more money, consider using a home equity loan. This type of loan allows you to borrow against the value of your home and the remaining mortgage balance on your houseboat.
If you have a low credit score, this company can provide financing for your dream boat. Their interest rates are low and terms are flexible, but you need to have a decent credit score to qualify. They can finance a boat that is under 20 years old. If you’re planning to live aboard, however, you’ll want to check with your lender before deciding which loan company to choose. You can also apply through the dealer.
Bank of the West can also provide financing for houseboats. Their rates start at 3.74% APR and they can finance up to $5 million. They are available in all 50 states and are available in all types of watercraft. For example, they can finance both standard and custom power boats, multi-hulls, pontoons, and electrical boats.
Interestingly, they don’t finance boats that can exceed 99 mph.