December 06, 2001
By: Bev Dodd
Boat loan: Low rates that keep you afloat
The construction of your boat can affect your boat loan and insurance. Boat loan interest rates could be tax deductible if your boat can be classified as a second home. We'll discuss this more below.
Today's boat loan money lenders pride themselves on offering instant gratification. They know once you've settled on a particular boat, you want to be on the water enjoying it within the week. So bankers will approve, or disapprove, your boat loan in less than an hour. Lenders with an Internet presence can decide your fate in minutes, often 24 hours a day, and seven days a week.
Before obtaining a boat loan and buying a boat, consider its construction--you may have difficultly finding insurance for a boat made of wood. Recently renovated boats cost less to insure, so you may want to find out when the last major electrical, heating
and plumbing update was completed. Also, you can save 5% just by maintaining an automatic built-in fire extinguisher in the engine compartment.
Something to think about if you're buying a boat, that's equipped with sleeping, cooking and toilet facilities. Those basic living accommodations can make your boat qualify as a second home. Which could make your boat loan as deductible as a mortgage on a conventional vacation home.
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Bev Dodd is a successful author and publisher of http://www.family-refinance-consolidation-loans.com.
Many have commented that her website offers the best recommendations, links and information on loans, mortgages and financing.