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Author:
Bev Dodd
Web Site: http://www.family-refinance-consolidation-loans.com
Boat
loan: Low rates that keep you afloat
The
construction of your boat can affect your boat loan and
insurance. Boat loan interest rates could be tax deductible if
your boat can be classified as a second home. We'll discuss this
more below.
Today's
boat loan money lenders pride themselves on offering instant
gratification. They know once you've settled on a particular
boat, you want to be on the water enjoying it within the week.
So bankers will approve, or disapprove, your boat loan in less
than an hour. Lenders with an Internet presence can decide your
fate in minutes, often 24 hours a day, and seven days a week.
Before
obtaining a boat loan and buying a boat, consider its
construction--you may have difficultly finding insurance for a
boat made of wood. Recently renovated boats cost less to insure,
so you may want to find out when the last major electrical,
heating and plumbing update was completed. Also, you can save 5%
just by maintaining an automatic built-in fire extinguisher in
the engine compartment.
Something
to think about if you're buying a boat, that's equipped with
sleeping, cooking and toilet facilities. Those basic living
accommodations can make your boat qualify as a second home.
Which could make your boat loan as deductible as a mortgage on a
conventional vacation home.
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