Purchasing a boat is an exciting time in anyone’s life. It means spending summers on the water, playing water sports or fishing. It means making family memories with the kids on the lake as you drag them behind you on their tubes and teach them to ski. It means days spent enjoying the sun and the simplest pleasures that life has to offer, and it’s one of the most fun recreational experiences anyone can have. Boating is a fantastic way to spend time, and buying a boat means you have unlimited access to fun, sun, and enjoyment. Before you can do that, however, you must find the right boat loan. Navy Federal Credit Union offers boat loans for their existing customers, and it’s a loan worth considering.
The Application Process
Navy Federal is one of the best credit unions for those who have spent time in the military or are currently serving members of any branch of the United States military family. It’s a credit union with an excellent reputation, and Navy Fed wants their members to enjoy more of life with fewer stresses. That’s why anyone who applies for a loan with Navy Fed is considered, no matter their current credit situation. While excellent credit is preferred, Navy Fed works with longstanding customers and their existing relationships even if the applicant has a less than stellar credit score.
The application process is simple. You can fill out a boat loan form online, or you can go to the nearest branch and apply in person. It’s quick, and approval is usually issued in very little time. Once your lender contacts you with an answer to your request, you’ll know what you can afford, how you can buy a boat, and how quickly you can have the boat of your dreams.
If you qualify for a boat loan prior to shopping, you can take a purchase order with you to the boat dealer. It’ll have all the information you need to purchase a boat, and it takes only minutes to make the purchase once the paperwork is drawn up. You’ll provide the usual personal information required for any loan with Navy Fed, and you’ll see your dreams begin to come true.
Rates and Fees
What people love most about Navy Federal boat loans is how simple they are to apply for, but also how great the rates are. Navy Fed members who apply for a boat loan are able to finance 100% of their boat. This includes the taxes, title, and the tags your boat needs to become legal. There is no down payment requirement for most borrowers.
If you have less than perfect credit, a down payment might become a requirement. If your credit is excellent, a down payment is not a requirement to purchase a boat up to the amount for which you were approved. If you already have a boat loan from another bank, you can refinance the loan with Navy Fed for a lot less. The interest rates are lower with Navy Fed, and you can even change the terms of any existing boat loans with a simple refinance with Navy Federal.
Perhaps the biggest perk of financing a boat with Navy Federal is the interest rate decrease for anyone who has spent at least 25-years in any branch of the military. Whether you are active duty for at least 25-years or you are retired and spent more than 25-years serving, you get a quarter-percent discount on the lowest interest rate for which you qualify. This additional savings is beneficial to anyone who wants to apply for a loan with Navy Federal and save money at the same time.
Buying a boat is an exciting endeavor, but it’s made simple when you finance with Navy Federal Credit Union. Those who have already financed their boats with a loan from Navy Fed are happy with the terms, they’re happy with the process, and they’re happy with the personalized service when working with the company. Navy Fed gets to know their customers, and they’re more likely to lend to them than anyone else. Take advantage of that by applying for a boat loan with Navy Fed today.