Get Information
On Loans

Call Today To Get Started (866) 723-3991

Why finance with Lending Associates versus paying cash or using a home equity loan?  The interest on the boat loan may be tax deductible… The National Marine Bankers Association researched that Under IRC section 163 (h)(2) a taxpayer may deduct any qualified interest on a qualified residence, which is defined as a principal residence and one other residence owned by the taxpayer for the purpose of deductibility for the tax year. IRC section 163(h)(3) defines qualified residence interest as any interest which is paid or accrued during the tax year on acquisition or home equity indebtedness with respect to any qualified residence of the tax payer. In accordance with IRC section 163 (h)(4), a boat will be considered a qualified residence as long as it provides basic living accommodations such as a sleeping space, a toilet, and cooking facilities.  

Is using a home equity the same thing? Home mortgage interest is limited to interest paid up to $100,000. If your boat loan balance is greater than that, you may be limiting your advantage.

Lending Associates is not a tax advisor, so you should take this information and seek your own independent council as the IRC can change. 

What are some of the benefits of financing with a marine specific lender?
Longer Terms: Typically we are able to amortize loans up to 20 years, which also means lower monthly payments.
Faster Decisions: Because the marine portfolio banks are familiar with the product, there is no time lost in understanding what they are lending on.
Lower Down Payments: Most banks require 25% down on big-ticket items. Our lenders offer products requiring as little as 10% cash or trade equity in the transaction.
Title and Registration: We will walk you through the ownership transfer process with a Marine Title Specialist. 

Why consider the pre-approval process?  When you take the initiative to get pre-approved, you are positioning yourself to be a well qualified buyer to sellers. Once you receive your pre-approval from Lending Associates, you will have the flexibility of a cash buyer since you know how much you are approved for. This in-hand tool gives you the ability to negotiate as confidently as the cash buyer.  

Another great reason to get pre-approved is locking in today’s interest rates. In an ever changing market and economy, you can establish a time frame that your loan approval will guaranty your rate. Most approvals are good for 30 days from the time of application.

Finally, one of the most important reasons to get pre-qualified is to determine your credit limits. Many finance companies are only interested in how much they can loan you regardless of your ability to repay. This is not a long-term strategy that is practiced at Lending Associates.  

Privacy Policy & Site Security | All Rights Reserved Lending Associates

| Home | Payment Calculator | Contact Us | Information | Insurance Quote | Boat Value |