Have you considered applying for pre-approval on a boat loan before you start shopping?
Having a pre-approval gives you confidence and certainty knowing how much you will be able to borrow. There are various other benefits to a pre-approval, which makes it a popular choice for our clients.
Alternatively, you could begin shopping for your new boat and wait until you’ve found something suitable before applying for financing. But you risk wasting time and being disappointed if you’re unable to borrow enough money.
A pre-approval helps to avoid that disappointing scenario. Find out what a pre-approval is and how to apply for pre-approval on your boat loan below.
What Is A Pre-Approval?
With a pre-approval, the lender agrees (conditionally) to lend you a specified amount that you require for purchasing your boat or other asset. The lender releases the funds when the boat purchase occurs and your loan is settled.
You should keep in mind that the lender may withdraw their approval if your financial circumstances change between the time you receive pre-approval and purchasing the boat. It’s recommended that you don’t leave your job or take on any large debts during this time.
What Are The Benefits of Pre-Approval?
Having a pre-approval gives you more certainty on what you can borrow and how much you can afford. Without knowing how much money you’re able to borrow, it can be difficult to know what price range to shop within.
Once you receive pre-approval for a loan, you will know exactly how much you can borrow from the lender. This will help to narrow down options when shopping for your boat. And you will know the cost of the loan, including repayments so you’re not caught by surprise later.
A pre-approval also indicates to dealerships that you are a serious buyer and can give you more negotiation power.
Pre-Approval For New And Used Boat Loans
Pre-approval is available for both new and used boats or jet skis.
Of course, each lender will have their own criteria on which assets are suitable for financing. A Credit One finance specialist will be able to assist you with this.
Learn More About Finance For Used Boats
How Can I Get Pre-Approved?
The first step to getting pre-approved boat finance is to begin a no-obligation enquiry on our website.
Once you have submitted your enquiry, a Credit One marine finance specialist will contact you to discuss options available, provide you with an estimate on repayments and assist you with any documents needed for the application.
At Credit One, we have access to an extensive panel of lenders, so we can find the best financing solution for your requirements.
After finding a suitable option for you, the finance specialist will be able to submit your application for pre-approval to your chosen lender. When you have been approved by the lender, we will contact you to let you know you have been pre-approved. You can then begin your boat shopping, knowing exactly how much you can spend on your purchase.
Typically, the pre-approval will be valid for 2-3 months depending on the lender. This gives you plenty of time to find the boat you’re looking for.
Is There Any Obligation To Proceed Once You Have Been Pre-Approved?
There is no obligation to proceed with the loan after being pre-approved. If you can’t find a suitable asset to buy or if you change your mind, you won’t be obligated to borrow the money you were approved for.
Next Steps
If you would like to apply for pre-approval, complete the form at the top of this page to begin a no-obligation, free enquiry. A broker will then contact you shortly to discuss your options. You can also calculate your estimated repaments using our online finance calculator.
