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Monday, December 15, 2008

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The Value Of Your Boat Loan

By Abhishek Agarwal


The value of the boat loan is critical to help one determine your ability to get a loan in the first place, the maximum amount that you are eligible for, and whether the boat is in fact worth the final over all cost with interest added to principal. When you buy a boat from a dealer of good repute, there should be no problems in this process, as the boat is always valued at the high end of what it is worth. However, if you are looking for a loan on a second hand boat or from a smaller dealer, things may not be as easy. In such case you will need to get the boat valued by a certified officer in order for the financing facility to determine if the loan amount requested is worth the value of the boat.

Considerations In values

Many factors play a role in the boat loan value.

When you are trying to purchase a used boat on finance basis, the financing authority needs to determine if the boat is worth the amount asked for based on the condition, age and wear and tear on the boat. A boat which is valued at least at the sale price if not higher will ensure that you get enough funds in hand to purchase it from the seller. In such case of a used boat it needs to be appraised by an officer, either at your cost since you are buying the boat and need the loan, the sellers cost since he wishes to sell hi boat, or a combination of the two. The basic intention of the appraiser is to determine if the amount asked on loan is not higher than the amount the boat is really worth.

From a buyers' point of view this value can also help you decide whether in fact you would like to go ahead with the sale. The boat may be valued at much less than what you figured it out to be, making it a bad idea, In that case you would not get too much when you in turn would want to dispose of the boat in a couple of years time. On the other hand, if the appraiser states it at a higher value than you had expected this could be a good opportunity for you to invest. More often than not the financer's appraisal will be at the higher end so as to recover their boat value from you as quickly as possible, while they still hold the loan title and can confiscate the boat should you default.

As you can see there is a lot of paperwork involved when you want finance for a used boat, but it is worth the deal if you are getting a bargain that will not lose too much appraisal value in a few years time.

About the author

Abhishek has a passion for Boating since the last 30 years! Visit his website http://www.Boating-Guru.com and download his FREE Boating Report and learn some amazing Boating tips and tricks for FREE! Also discover some excellent ways to finance your Boat. But hurry, only limited Free copies available!
http://www.Boating-Guru.com
Article Source: http://EzineArticles.com/?expert=Abhishek_Agarwal

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Kullman and Carroll - ‘08 Melges 32 Gold Cup Champions

A massive congratulations is extended to Marty Kullman and Mike Carroll (Clearwater, Fla.) on USA-131 New Wave. From early class beginnings, Marty and Mike have always been at the forefront of Melges 32 sailing. Today, they captured yet another major championship title, that of 2008 Melges 32 Gold Cup Regatta ...

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Jacare Yacht Village, Cabedelo (Brazil) - new facility for cruisers.

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