What's a Good Interest Rate?
Seems like a straightforward line of inquiry, but as Newcoast’s Kyle Vollenweider will tell you, the answer is only arrived at after taking many factors into consideration.
Among the items lenders investigate before settling on an interest rate are the age of the boat or RV, condition, equity position, credit score, income verification and on-hand financial liquidity. All things that you might suspect would impact a credit decision, but when taken in total constitute the basis for the interest rate offered.
Fortunately for Newcoast customers, the company has excellent relationships across the wide spectrum of lending institutions and the expertise to guide customers to securing their very best financing option.
“We have finance options from $25,000 to $7M and terms to 20 years,” says Vollenweider. “Different lenders have different underwriting criteria so we match up the application package with the lender that best matches the requested deal structure.”
Newcoast makes the process streamlined and simple. “Approvals typically are received within 24 hours and are normally good for 60 days. If the request is for a used boat, it is normal that a survey, to include a sea trial, will be requested from an accredited marine surveyor prior to closing. Once the buyer accepts the boat, we send out loan docs and wire transfer funds to the seller once signed originals are received back,” he says.
All in all, a complex transaction made simple, secure and attractive through Newcoast’s years of experience and industry knowledge.