How to Get the Best Interest Rate
If you're looking for the best rates and terms for your RV or Boat purchase, here are some tips from the Newcoast experts:
1. Know Your Credit Score – You score is very important. For instance, if your score is over 800, you can even expect rate discounts across the board. If it's on the low side, your options are very different. While credit scores are important, they are not everything. There are several different rating agencies, as well as rating models and an experience specialist can find you interesting offers no matter what your score. Each lender has specific criteria that they will request from the credit reporting agencies, based on the type of financing requested. Remember: The only credit score that matters is the one the bank looks at when you apply for a loan. Newcoast TIP: High credit scores do not always equal good financial sense, but it helps!
2. Down Payment or Trade in? – While a lender may require a minimum down payment or not, most lenders have down payment or LTV (loan to value) discounts. In Marine or RV lending down payments can range from 10-20%, but a down payment of 30% can sometimes get you a rate discount. Remember down payments can come from cash OR Trade.
3. Understanding Loan Terms – Marine and RV terms are generally 10-25 years in amortization. Your lender may offer terms for your loan as long as 20 or 25 years. However most prefer that the term to be shorter than that. Many lenders offer rate discounts for terms less than the maximum.
4. Be Prepared – Know your credit rating, have your financial information in order, and provide your loan officer with all the documentation they request. Limited Doc loans are possible, but are at the discretion of the lender. Many lending institutions offer lower rates with a complete financial package as opposed to the quick application only loans.
5. Our Best Tip! Reach Out to Newcoast – Newcoast Financial Services has all the lending options mentioned above, personalized service from seasoned specialists, and access to the best rates and terms in the industry. At Newcoast, there's always be someone available to give the advice you need to make your boat or RV dream come true. Contact a Newcoast specialist today at (866) 639-2627.
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