When you're looking for a new or used boat, you're likely to do some very careful shopping. You want to make the right purchase, one that's going to meet your needs, not just today, but for many years to come. The same care should be applied when you look for the right finance plan. Get Pre-Approved for any new or pre-owned boat at anyone of our 3 locations instantly.
Service You Expect
We'll guide you through the process, making sure you're comfortable. We'll take the time to find the loan that best fits your needs at the price you're looking for. Our representatives are professionals, not just when it comes to meeting your expectations, but in providing you with outstanding service as well. It's our pleasure to serve you.
Frequently Asked Questions
Q:What is the best way to get started?
Complete and submit the online loan application or contact us at 888 278-1991 to complete an application with one of our finance specialists via phone.
Q:What are current loan rates?
Boat loan rates and terms are based on several different factors: the amount being financed, age of the boat, down payment and, most importantly, your credit score. A credit application is required to quote actual rates.
Q:How long is the rate locked after approval?
Typically lenders lock the rate for anywhere between 30-60 days.
Q:What typical loan terms are available?
Terms can vary based on credit and age of boat, but typical terms would be: 7 to 25 Years.
Q:What are the down payment requirements?
15-25% is standard for most loans. Certain boats can require as little as 0% down or much as 30% down. Any equity (trade allowance less loan payoff amount) in a trade in may be counted as part of the down payment.
Q:Are there any “points”, loan application fees or closing fees?
Marine loans do not typically have “points” like real estate loans. Any closing or loan application fees will be fully disclosed prior to completing loan documents. State title fees, registrations or U.S. Coast Guard documentation fees are additional. All fees can be wrapped into your loan or paid separately.
Q:How much are pre-payment penalties?
Most loans offered by Top Notch Finance are no pre-payment penalty after the first 12 months of the loan. Loans with penalties can range from $75-200, however, not all lenders have pre-payment penalties.
Q:How long does it take to get approved and closed?
Approvals can take a few hours (on business days) to a few days depending on complexity. The loan closing can follow within a day or two once the approval has been obtained, all supporting documents have been received and all conditions have been met. The loan closing can take place in our office or via certified mail.
Q:What is the least and most amount I can finance?
The minimum loan amount is $10,000. There is no maximum.
Q:Do you have any marine lenders who deal with someone with sub-par credit?
YES! Top Notch Marine has several marine lenders who deal with these types of loans.
Q:Can I seek pre-approval without a specific sales contract signed?
YES! In fact we encourage buyers to consider financing as part of their early due-diligence and affordability analysis to determine their comfort level in financing up front.
Q:If I have a longer term loan, can I accelerate payments?
YES! For example, if your payment is $300 monthly, and you paid an additional $200 a month, the additional $200 adds directly to principle reduction.
Q:Can I refinance my existing boat loan?
YES! For any customers with above market rates, we welcome a credit application to see if we can help lower your financing costs.
Q:What is U.S. Coast Guard Documentation and will my boat need it?
U.S. Coast Guard Documentation is a national form of registration with the United States Coast Guard in lieu of state title. Lenders have certain requirements based on amount financed, boating location, tonnage, etc. Typically, federally documented vessels still need a state registration sticker, but not the actual registration numbers that would be required on boats with a state title.
Benefits of making a down payment
Making the largest down payment your budget allows is the best way to go when purchasing a vehicle. Your credit may be so excellent that you are not required to make a down payment. However, there are a few benefits to making a down payment.
What is a down payment? The initial payment made when you purchase a large ticket item based on credit.
1. Lower Monthly Payments Lower monthly payments are the primary reason for making a down payment when you purchase your vehicle. Despite the loan term you agree upon with your lender, the less you finance, the lower your monthly payment will be.
2. Build Equity In addition to lower payments, you can build equity in your new vehicle much faster when you finance with a down payment. The larger the down payment the better. Having equity built will benefit you, should you decide to trade in your vehicle during your loan term.
3. Minimize Depreciation Another factor to consider when making your down payment is depreciation. Having a low or no down payment immediately puts you upside down on your loan. Meaning the vehicle is worth less than the purchase price once you factor in your finance term, finance charges, TT&L (tax, title & license), etc. Although Hondas are well known for retaining their value, you also have to consider what may happen should your vehicle be stolen or involved in an accident early on in your loan term. Since your insurance company will typically pay what the vehicle is worth, you may be left with little to nothing after your loan agreement is satisfied. You may even owe and have to roll over the debt onto a new auto loan. This will pose a challenge when it comes to getting back into another vehicle.
4. Save Money Lastly, the more you put down the more you save. Not only do you minimize your monthly payments by making a down payment you also minimize the amount of interest you pay over the life of the loan which, when compounded can really add up. There is no such thing as a down payment that is too big. Your goal as a smart car buyer is to finance the least amount possible with the budget you have at your disposal.
Fort Pierce, FL St. Lucie County
Pompano, FL Palm Beach County 651 South US 1 Pompano Beach FL 33062 888.313.0224