Finding Loans
Navigate your way to a loan
Summary: Looking for a boat? A very enjoyable occupation, but whilst you search for the vessel, don't forget to search for the best loan to fund it.
Do you have a yearning to get afloat? Free of the land and all its encumbrances. Free to wander the oceans of the world, across thousands of miles of empty ocean - or perhaps you just wish to own a boat on the nearest canal and never get more than a few feet from the land.
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Whichever is your choice, go for it - you will really enjoy yourself. Why not get under way now? Hold it. What's that you say about lack of funds? Right - so your first stop has to be someone who can provide you with a loan. Or have you already looked into this and given up in despair at the variety of the schemes which have been offered? Let's take a look at an example or two of what is available.
Presumably you have already established the amount of funding which you need, which could be anything from a few thousand pounds for a reasonable yacht or motor cruiser, up to several million for a water-borne palace. On your way up the scale you have passed many alternatives, including around £60,000 for a new narrow boat. Quite a price range.
The list will be whittled down considerably when you have decided whether you intend your craft to be seagoing or will be happy to find your way around inland waters. Then would you be satisfied with good second hand, or will it take a gleaming new boat to satisfy your wanderlust? Once you have made these decisions, you are well along the route towards finding the boat of your dreams.
The best time to start considering finance is whilst you are still looking at likely purchases. What you find is available in loans may well amend your ideas on what constitutes the acceptable boat. Now you have a fair idea of your boat's cost, let's look at the possibilities.
The most likely thought which you want to follow up is the personal loan, which you may well find is your cheapest option, especially if your home is available to borrow against, and that there is spare equity. The advantage of the personal loan is that the money is yours to use as you think best, so you could put less into the buying price and more into the repair costs, or put some aside to cover future costs. Subject to planning laws you could even change your mind and go in for breeding ducks, and take pleasure in watching them float instead!
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