According to recent market research studies conducted by the International Yacht Brokers Association, the costs of acquiring a new yacht in the United States start around $500,000 for motor vessels and about $100,000 for sailboats larger than 35 feet, but most of the prices you see around South Florida top the million-dollar mark at luxury brokerages. This explains why new boat financing in Deerfield Beach has become popular among owners of new yachts.
There was a time when yacht acquisitions meant showing up to the closing table with a suitcase full of cash or hiring an escrow agent you met at the Fort Lauderdale International Boat Show to carry out a series of wire transfers. These days, boat financing is more like the automotive lending or mortgage banking industries. You complete a credit application that includes personal financial statements plus lending disclosures; then, a credit report is obtained to determine the score.
Like in car and mortgage lending, applying for a boat loan involves submitting proof of income and cash reserves. Down payments for yachts are usually set at 20% for conventional loans, but some boat shoppers may qualify for alternative programs. The collateral is always there because vessels these days are constantly tracked. Similar to what happens with new car purchases, depreciation is a factor in new boat financing, and this is reflected in the loan terms.
Want to learn more about new boat financing in Deerfield Beach? Visit Elite Financial International at www.YachtLoans.com to get more information on how boat lending can put you at the helm of a new yacht.