Your Boat Loan: Refinance the Smart Way

The process of a boat loan refinance is very similar to that of refinancing any other loan. Follow these simple steps in order to re-finance your boat with the best interest rate.

Step One: Check With Your Own Bank First

If you have had a good payment history on your boat loan so far, your original lender may be able to give you an even lower interest rate than they would offer a new applicant, because they know you are responsible.  Also, your original bank would still have copies of all of the paperwork from your original loan, which would save you and your lender time in loan processing, and may let you save on processing costs.

Step Two: Finding The Best Interest Rate

Even if you get a quote from your original lender, it may not be your best option.  Take the time to ask a few banks about their interest rate options.  Also, be sure to ask each bank about the refinancing costs involved.

Step Three: Completing the Paperwork

Refinancing a boat loan requires much of the same paperwork which you completed when you applied for your first boat loan.  Each lender's specific requirements will be different, but most usually require a completed application, a copy of your latest pay stub or recent tax returns, and possibly an assessment of your boat's current value.  Before submitting your application, double-check to be sure it is filled out as completely as possible.

Improve Your Credit Score - Free Consultation