Boat Loans and Marine Mortgages

 

Desperate to get that dream boat?  Buying a boat is a significant purchase - beyond the reach of most monthly pay packets!  A Boat Loan could be the answer.

A Boat Loan - also known as a Marine Mortgage - is a loan that is for the purpose of buying a boat and has the boat itself as security.

The lender is provided with rights in the Boat to hold as security until the loan is repaid.  It the terms of the loan repayment are not met, then the lender may be able to use the Boat to recover what is owing.  Typically, if terms of the repayment and interest on the loan are not met, then the lender has the right to sell the Boat to recover the debt.

Because the lender takes less risk with a secured loan, available secured loans may be larger, longer term or at lower interest rates than unsecured loans.  Remember - secured loans are less risk for the lender, only because the borrowed keeps the risk.  If you do not meet the terms of the loan, you risk forfeiting the security.

Compare rates online to find the best deals to fund your dream boat.

Able was I ere I saw Elba

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