Make Your Loan Work For you - Refinancing Your Boat Loan
Need to secure a lower interest rate, reduce your monthly payments, or adjust your loan terms and conditions? Refinancing is your solution to make that happen. To find out more about your refinancing options, give us a call or connect with us online.
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Understanding the Basics of Marine Loan Refinancing
Refinancing involves replacing an existing loan with a new one mid-way through the term. However, without the right help, the process can be complex, especially when it comes to identifying the right lender, finding the most competitive interest rate, and negotiating to achieve the best possible outcome. The process is similar to applying for a normal loan, where lenders review financials, income and credit scores.
Our brokers are experts in marine loan refinancing and know how to work with clients to find the optimal loan for their specific financial situation. Looking to lower costs, adjust terms, or reduce monthly repayments? Our team can help you, regardless of the type or size of your boat.
Best Boat Loan Options for You
When borrowers come to us for their refinance, we can structure the loan to mirror the type of the original loan, or we can tailor it to take on a different structure. Refinancing also allows borrowers to choose whether to refinance with the same lender, or whether to explore the market for other lending options.
It is important for borrowers to understand that their boat will be considered second-hand in a refinance, and will generally be subject to the same rates, terms, and conditions as used boats, even if it was purchased new. This can significantly affect the interest rate. For secured boat loans, the lender must also accept the vessel as adequate security. If the boat no longer qualifies, our expert brokers are able to provide unsecured loan options.
To find the best boat loan option that aligns with your goals, reach out to us for refinancing.
Potential to secure better rates, terms & conditions
Refinance with the same or different lender
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