You may believe all marine financing companies are same, but the lender relationships held by the financing company and their process for creating a loan package can affect your boat purchase. Most of the industry uses the same core group of lenders for their customers, but a superior company will have developed relationships with a significantly larger lender base, which helps them to provide “right fit” solutions for your situation.
In addition, the loan process a company uses can make it a better choice as well. Look for a company that hires qualified Underwriters who review every deal before sending a lender the loan package. Underwriters should have experience working with banking institutions that specialize in marine lending, and should be knowledgeable about what it takes to get your loan approved. Such expertise can keep your credit from being negatively impacted. It limits the number of bank inquiries, as the finance company submits only to appropriate lenders that best fit your unique financial situation.
Choosing the right financing company results in better service, the right loan for you, and an unmatched level of professionalism.
Content shared with permission, courtesy of Newcoast Financial Services.