For some prospective yacht buyers, the image of buying a yacht is connected to paying for the entire boat right upfront. But just as you would finance a car, house, or any other type of boat, obtaining financing for a yacht is a choice that many owners decide is right for them. To determine if yacht financing in Deerfield Beach, FL, is right for you, consider the following questions.
What Is Your Financial Situation?
When you assess your financial situation, you will need to be very honest with yourself. What type of credit history do you have? What are your income and annual budget? Can you afford monthly payments, and will you be able to keep up with them?
Yacht financing in Deerfield Beach, FL, will look at your total financial picture, in the same way, than any other type of financing company would. If your credit and salary history do not paint a good picture of your financial situation, you may have difficulty getting someone to finance your yacht.
How Much Are You Willing to Pay for Your Down Payment?
A yacht is a large financial purchase. If you are going to be buying one, you should expect to pay at least 15% of the boat’s price upfront as a down payment. Some financiers will prefer to have at least 20% of the total loan amount as a down payment.
What determines how much the down payment will need to be to please a financer? The age and size of the yacht are two of the biggest indicators of the type of down payment you should expect to pay.