It’s not always easy to find a lender to offer you the best possible rates on a boat loan, but it’s certainly not impossible. Essex Credit makes buying a boat easier than you might imagine, which is why so many people choose to use them for their boat financing needs. From preapproving you for the boat you want to helping you find the boat you desire, Essex Credit does it all. There’s no watercraft you can’t finance with this company, which makes it easy to shop for a boat loan. Essex isn’t your typical lender that offers financing and little else. This is a company that even takes care of your titles and your other documentation.
Applying for a loan for a boat with Essex Credit is simple, and it takes very little time. You can do it online or over the phone, and you can even take advantage of the online calculator the company uses to help you figure out the cost of your payment with no negative effect on your credit score. The application process can be done in minutes, and it requires no more information than any other loan application.
Your name, contact information, and your personal financial information is all it takes to apply. You can have a rate quote in just a few minutes, placing you that much closer to owning the boat of your dreams. Rates are based on your financial situation and your credit score, and the term you can finance your boat depends heavily on the condition and age of the boat.
Essex does not discriminate boats. There is no stipulation in place forbidding buyers from financing classic boats, older boats, and even wooden boats. You can have whatever you want, but the boat does have an effect on your rates and length of time you can finance.
Boat Loan Details
Essex Credit offers numerous financing solutions for those in the market for a boat. The minimum amount you may borrow to purchase a boat is $10,000. The maximum amount is $5 million. Boats up to $150,000 require a 10% down payment. Boats that cost up to $250,000 require a 15% down payment, up to $500,000 require a 20% down payment, and boats that cost more than a half-million cost require a 25% down payment.
If you’re interested in a classic boat or an older boat, the down payment required is 30% no matter the total cost of the boat. Older and classic boats must be between 1919 and 1996. Anyone can qualify for a loan with Essex provided their credit score is 690 or above.
There are no application fees for a loan with Essex, but there are other fees that include the tax, tag, title, and loan processing fees associated with this loan. Those cannot be financed into the overall cost of the loan, so you’ll pay them upfront.
Essex provides consumers with loans many other boat lenders won’t. It’s not easy to finance an older boat or a classic, and it’s not easy to finance a boat with a credit score that’s lower than 700. Essex does offer these options, but they come at a cost. While other lenders allow their borrowers to finance 100% of a boat as well as the loan fees and processing fees associated with the boat, Essex requires a significant out-of-pocket payment from all applicants.
Essex Credit is in business to make the boat loan process as simple and painless as possible for their borrowers, and many are very happy with the services Essex provides. If you have the cash necessary to put down on your new boat, this might be the perfect lender for you. Those who do have a loan through Essex enjoy the experience, the customer service, and the rates they’re offered. If you can’t afford a down payment, another lender might be the best option for you when it comes to financing a boat. You’ll just be limited to the type and age boat you want to purchase. If you can afford Essex, it’s a great place to finance the boat of your dreams.