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The Application Process
Some lenders will require a full written application, while others will take the application over the phone. This primarily depends upon the boat loan amount – the more you want to borrow, the more details need to be provided.
When income verification is required, depending on the size of the loan request, you will probably be asked to provide copies of tax returns for the past two years. You may also be asked to prepare a personal financial statement, which is simply a snapshot in time of your assets and liabilities and shows your net worth. The information requested is necessary to provide the best loan decision, so your cooperation is a plus.
Have all of the boat information available for the application, such as year, make, model, power, optional equipment and any upgrades. Identify the total cost, which will include:
- the purchase price
- any equipment upgrades or additional accessories you may be considering
- any sales taxes that must be paid at the time of purchase
- registration, title, or documentation expenses.
You will be signing your application, which will include your authorization to have the prospective lender or financial service company examine your credit. If you do the application over the phone you will be verbally authorizing the credit review.
Content courtesy of National Marine Bankers Association