Do You Have the Right Loan for YOUR Specific Needs?     

All boat loans are not created equal.

Over the past several years, lenders have offered variable rate loans based on a number of different indexes. However, the topsy-turvy interest rate changes have resulted in increased monthly payments. Some loans start with a lower fixed rate for one, two or three years and then adjust to a higher fixed rate on a fixed adjustment date.

Perhaps the worst loan to have is a balloon note, which has either a fixed or variable front end rate then matures after five or seven years. That means that you must repay the balance of the loan when you hit the balloon date. If your credit has changed, or your collateral is under-valued on the balloon date, you may not be able the refinance for the full amount of the balloon.

A fixed loan, however, is surely the best to have since your payment will remain exactly the same for the full term of your loan.

If you have a variable, fixed, fixed adjustable or balloon loan, contact Sea Loans™ to discuss the remedies available to convert you to a simple, fixed rate boat loan, or request a quote today.