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Simply put, a boat title loan enables you to use the pink slip from your boat as collateral on a secured loan. This type of loan is no different in theory when compared to an auto title loan or motorcycle loan. You used to be able to walk into your local pawn shop and let them hold the title to your boat as collateral. The Problem was you weren’t able to keep using your boat! With the increase in online lenders of the past few years we’ve seen more and more companies offer financing for your boats pink slip. With this type of lending program you still get to use your boat. That’s a good thing if you ask us!
Allow us to explain in further detail how this type of financing works. Let’s say you physically possess the title to a boat, and you need quick money to pay for an emergency expense. An equity loan allows you to exchange the title for a cash sum. This arrangement reflects the value of the boat, plus some other variables.
These can include issues like your employment history and take home income. When you choose this option, you’ll be taking out financing to get a loan that can be anywhere from $3,000 to $40,000. It depends on how much equity you have in your boat. The title will remain with the lender until you pay off the loan. As long as you pay your equity funding off according to the online loan terms, the title will be returned to you. If you default on a boat title loan the pink slip will remain with the lender. Per the contract terms you will likely lose your property unless you work out a payment arrangement. The repossession process functions much the same as if you took out a car title loan. Check your state’s regulations to find out what happens if you fall behind or face repossession. Those who can repay their online loans on time (plus interest and any fees) are the best candidates.
Many companies offer boat equity financing besides their core product which is a car title loan. Most of these companies also provide payday and cash advance loans for consumer that lack collateral. As with any type of secured loan, It’s good to shop around and find a company that allows you to apply for a title loan online. It’s important to find the lowest possible rate from a reputable lender. A boat title loan is a secured type of loan. The title functions as collateral, which secures the online loan so that it’s less of a risk for the lender. It’s a convenient way to borrow against at least the value of the boat, without needing to actually sell it! It’s best for those who don’t want to apply for unsecured loans. Or a borrower may not want to use the vehicle as collateral. In some cases, you may only be able to get fifty percent of the boat’s value. Lenders have different terms, so be sure to know exactly how much you will be able to borrow against your vessel. When you apply, you’ll need to have information about your collateral at the ready. Details include its model, where it’s moored or “parked”. Some companies will also require the valuation of the watercraft and what year the boat was manufactured. This type of loan is a good fit for those who have spotty credit or past financial problems. The collateral provided will override the usual need for a good credit score from a borrower. Money that you receive may be utilized for any purpose. From paying a child’s college tuition to home repairs and beyond. Since you’ll be able to keep the vessel as long as your loan is repaid, an online title loan has advantages. You’ll need to be very careful about making payments on time and repaying it in full. Now that you know more about boat title loans, why not shop around for the right lender today? Look for a lower rate of interest, ethical loan terms and a strong business reputation.