Boat Loan Quote
If you’re in the market for a boat loan – personal or commercial – then you’ll first want a quote. Sounds simple enough, but for some people, questions arise around this issue.
- If you request a quote, are you committed to proceed?
- What is the obligation after you’ve received the quote?
- How many quotes should you get to compare?
- Who should I request a quote from?
- What’s involved in getting a boat loan quote?
Sourcing a Boat Loan Quote
There are a number of ways to source a quote:
- Boat Finance Calculator –gives you a rough ballpark estimate of repayments but is not an offer of boat loan and does not take into account fees and charge or specifics around your individual application.
- Finance broker, bank and lender websites often offer a ‘ Quick Quote’ facility which you can use online. This is a step beyond the calculator, but may not encompass all the necessary steps and processes to give you an exact quote.
We’ll answer those questions and provide you with more information around boat loan quotes.
- A request for a quote should hold no obligation to proceed with the loan.
- If you are asked to sign anything when requesting a quote only, read the fine print.
- Receiving a quote on a boat loan should not involve a fee. If anyone asks you to pay a fee, question why and what the fee is for.
- Interest rates and the fees and charges on boat loans and finance can vary from lender to lender. So it is advisable to be able to compare quotes from different lenders.
- As we discussed on our Interest Rates page, it is important to know that all fees and charges are included in the quote and that you are comparing loans equally.
- However, by applying for a boat loan quote, you may be required to proceed down the process. Lenders are required to record loan applications in an individual’s credit report. Too many applications for the same loan on your credit history may reflect negatively.
- Using the services of a finance broker enables you to compare multiple quotes, ie cover off on all your options without the process impacting your credit history.
- The process can be time-consuming. A finance broker can handle not only the quote but the entire loan application for you.