On Wednesday, the loan documents were received by Trident early in the morning. My wife and I got the loan documents notarized/signed and got them overnight sent back via FedEx with the provided pre-paid packaging. Marty saw the loan documents arrived and reached out to ensure he was available should we have any questions when signing the documents. By the end of the business day, Marty overnight sent all loan documents with clear instructions via FedEx with tracking. The broker sent all the necessary requested paperwork. Marty contacted the broker, who also went to work. More importantly, the terms were still the same. He told me no worries and the pre-approval was good for 30 days. However, that was until the credit union completely changed all the promised terms due to the age of the boat when we began to move forward (which was BS considering they knew the age of the boat when we applied, but that’s fine).I quickly called Marty explaining our situation. He replied with no hard feelings and wished us the best of luck. I e-mailed him back thanking him for his time, but we were moving forward with a different lender. On Monday, I received a follow up e-mail from Marty asking when we were looking to move forward with the paperwork. We were pre-approved by both lenders with the same terms, so we anticipated on moving forward with the credit union to expedite the process by taking advantage of e-sign capabilities. We applied to two lenders: one being a credit union who is capable of e-sign and the other being Trident, who is not caught up with times and had to overnight FedEx our loan documents, which must be signed/notarized and overnight sent back via FedEx. Story time.My wife and I were applying for a loan to get our first ever boat, a used boat. Shout out to Marty Huff and his team who got this done in record time! Long story short, go with Trident Funding and don’t let snail mail scare you! Now if you want to know why, then continue reading. Our experience for obtaining a loan with Trident Funding was exceptional, all things considered. That’s a huge amount of money that could be invested or even used to buy another boat! That means that a borrower with a higher credit score will have spent $81,022.92 less than the borrower with the lower credit score. You will have paid a total of $431,868.46. Now, let’s assume your credit score isn’t great, and you get a 9.0% interest rate on the same $200,000 loan. This only includes principal and interest and is only applicable if you have a fixed rate loan. Assuming that you have a high credit score, and get a 6.25% rate on a $200,000 boat loan, with a term of 20 years, you will have paid a total of $350,845.54 for the boat over the 20-year term. However, the main way that you save money on a boat loan is with a lower interest rate. You may also be able to choose your loan term, and your down payment requirements may be lower.įor example, if you can afford the higher monthly payment of a 10-year loan term, instead of a 20-year loan term, you can potentially save thousands of dollars in interest because you will be paying off the loan over a shorter period of time. Firstly, you will get access to the best rates, terms, discounts, and the lowest-fee boat loans. Having a high credit score to finance a boat will save you money in a few different ways. Alternatively, you can enter your desired monthly payment, loan term, and interest rate and see a total loan amount so you can start boat shopping. Simply enter your loan amount, loan term, and interest rate, and the calculator will provide an estimate of your monthly payments. Use a boat loan calculator: There are many boat payment calculators available online that can help you estimate your monthly loan payments.Rates are impacted by your credit score, the size of the loan, and the length of the loan term. Check your interest rate: This is the annual percentage rate (APR) you will be charged on the loan.For example, a 20-year loan would be shown as 240 months.

Determine your loan term: This is the length of time over which the loan will be repaid, usually in months.It is typically the price of the boat minus any down payment or trade-in value. Determine your loan amount: This is the total amount of money you will be borrowing for the boat purchase.Calculating a boat loan payment typically involves the following information:

Payment on boat loan