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Getting a Boat Loan and Florida Boat Insurance

Category: Our Blog

Good
income, low debt ratios and a favorable credit score may qualify you for a new
boat loan. Keep these tips in mind when applying for a boat loan to keep the
process simple. (In the event that you’re successful, make sure you obtain
adequate Florida
boat insurance
for your new boat.

·        
Consider
prequalifying for a boat loan. This offers the advantage of knowing what the
bank is willing to loan on the cost of a new boat. It also helps when shopping
for boats, so you know what price range is affordable.

·        
You
might want to pull your credit report because the bank will be looking at your
credit report and FICO score. Pulling your own credit report in advance of
applying for a loan gives you the opportunity to clear up problems that may be
giving you a lower score. Lower credit scores may make it more difficult to
receive approval for a loan.

Banks
may want copies of bank statements and income tax returns. They verify your
income on your taxes against bank statements. When applying for a boat loan,
the bank lender checks all your income against your debt to determine a
debt-to-income ratio. Once you’ve made a purchase, contact your agent about Florida boat insurance. Consider a
policy covering physical damage, liability, medical and uninsured coverage.

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