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Many boat loan companies and institutions claiming to be marine lenders never take the time to help you to understand the process or of obtaining boat loans - they just sit you down and have you sign the boat loan papers while locking you into some marine financing that you may never understand. A good broker of boat loans knows the boating industry inside and out and helps you to find the best boat loans or yacht loans for your individual situation by being marine lifestyle educated, fast and reliable. By knowing how to get boat documentation and boat surveys, boat value checks and boat history reports, he lets you know all of your boat loan options that are in your interest and not just the ones that are in the banks or lending institutions best interest. There are many financing and purchasing useful tips a boat loan broker can give you that your local bank may not present to you.

As an example, if you break a leg, are you going to go to a dentist? Of course not, you are going to be looking for an orthopedic doctor. Boat loans should be obtained through credible boat loan brokers, not someone bank posing as a marine lender who may not have your best boating or yachting interests at heart.

Do not allow yourself to fall victim to the lending practice of Shotgunning or Shot Gun Lending. When your credit information is given out to many lenders at once it is considered Shot Gun Lending. This practice is used by many sub-standard loan brokers, regardless of what type of financial institution they are, and can adversely impact your fico Score on many of your Major Credit Bureaus files. Here is an example: You are applying for a boat loan and you are using a service to get the best rate and term possible. The provider takes your credit application and faxes it out to the 8 or 10 different lenders that they use. Upon receipt of your loan application the lender checks your credit file, your credit score lowers by 3 to 7 points for what\'s called a "CREDIT INQUIRY". If your credit score goes down for each inquiry by 3 to 7 points, this could result in a FICO movement of 30 to 84 points downward!

Most vehicle loan calculators depict monthly payment amounts for a vehicle. However these monthly payment amounts may not include taxes- local or states, dealer\'s cost and title fee. It’s important you use a vehicle loan calculator which will depict your monthly payments including taxes and details like vehicle sales price before consumer cash rebate, sales taxes, title, registration and other costs, consumer cash rebate and cash down payment.About the Author:

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