Ok so I plan on getting a loan for a boat and was wondering what would be the better route? If Im looking to get a New boat in the $25,000 range but have $10,000 myself would it be smarter to get a loan for the full amount and use the $10,000 for a payment or just get a loan for the difference of $15,000? Also how will a Credit Score or -740- do what rate/rates would I possibly be looking at? Any help would be gladly appreciated.
<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by tanker4lyfe »</td></tr><tr><td class="quote">Ok so I plan on getting a loan for a boat and was wondering what would be the better route? If Im looking to get a New boat in the $25,000 range but have $10,000 myself would it be smarter to get a loan for the full amount and use the $10,000 for a payment or just get a loan for the difference of $15,000? Also how will a Credit Score or -740- do what rate/rates would I possibly be looking at? Any help would be gladly appreciated.</td></tr></table>
Good questions. Most lenders have tiers for terms at 15K and 25K that could make a difference to where you want to be for payment. Sometimes you will even get a lower interest rate for the higher amounts. Sometimes we advise people to take the longest payment term they can and then send in a lump with the first payment. With simple interest loans, the interest is charged on the unpaid balance so the lump payment will get you balance down while keeping the lower interest rate.
Let us know when you are ready to move. We look forward to working with you.
Ken
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