Boat Title Loans
When you’re in an emergency and looking for extra money, you’ll have to look at all your assets. Your boat may be one of them. Regardless of its condition, you could go after a boat title loan (boat pawn) to get the money you need.
What Is a Boat Title Loan?
A boat title loan means you’re using your vessel as collateral to acquire money. Your boat will help you secure money which will, in turn, help you with other pressing needs. It does mean your boat will be taken custody of temporarily, but the loaner. However, you can still use your vessel if you fulfill the payment agreements and repay the loan.
The best method to ensure the boat’s value is to store it in a shipyard. In doing this, you’ll have a better chance of getting the loan with the potential of its amount increasing because the boat’s value will be preserved. Please consult with us today to learn more about your different options regarding a boat title loan.
Is There a Difference Between a Boat Title Loan and Boat Pawn?
Each term is interchangeable, but boat pawn is more popularly used. This type of loan is more of a collateral loan than a title one because boats don’t carry titles similar to cars or other vehicles.
However, the process for taking the loan is still the same. You’ll have a loan amount to pay, terms set, and interest rates similar to a car loan. Lenders will have more confidence in the loan when boat storage is with them. Since there is no title to hold, added security is required, and having collateral achieves that. In case of nonpayment or defaults, the boat will be kept to offset the losses.
Still, trying to understand? Contact us today, and our specialists will let you know more about the details and process. We are willing to take you through each step to help you learn more about boat title loans.
How Do I Start?
Visit our office to inform us about your plan to get a boat title loan. We will need verification, so bringing pictures will help us estimate the boat’s value. We’ll also further investigate to verify ownership and check for any complications. We don’t want to give out a loan for a ship already being used as collateral for another deal.
Most loans get approval when the boat has all the features accounted for, including its anchor. Once we complete the investigation, we’ll provide a final offer. If you agree, you’ll get the cash immediately, and we’ll keep custody of the boat.
During this step, you can opt to negotiate terms. For example, you can arrange to have the boat stored in your home rather than at our facility for a lower rate. Others may also want to take less money to lower their interest rate payments. With our help and expertise, we can reach an agreement and find terms that benefit both of us.
Boat Loan Terms
Boat pawns usually last for up to 90 days. You can seek full payment or pay off the interest to extend the loan in that time. For more details, feel free to contact us.
We accept any vehicle as long as it doesn’t have other obligations, like other loans, attached to it. We’ll do our best to assist you and even help you find the best deal possible. Aside from getting loans from us, we also handle refinancing and buying out loans. If you’re having trouble with another agreement, we can find a way to contact you on better terms through these processes.
Storing the boat with us is always an option during the loan. Some clients take it to free up more space or protect their assets while busy with other matters. Only some companies offer this option.
Why Choose Us?
Instead of desperately trying to find a loan and getting into shadier deals, work with a reputable loan company. Our clients testify to the integrity and help we provide throughout our loan process. We’ve given numerous vehicle loans, including boats, autos, and more. Many have us as the choice lender for all their needs when looking at title or collateral loans.
For years, we’ve helped boat owners strapped for cash to get the money they need by using their boats as collateral. It’s a way to help them during emergencies when they only have a few options to get cash immediately. Contact us if you ever find yourself in that situation. We’re here to help.