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6 Reasons to Not Use Your Line of Credit to Fund your Next Boat

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6 Reasons to Not Use Your Line of Credit to Fund your Next Boat
1. Interest rates fluctuate with prime which can result in variable payments: Unknown interest and unknown terms means it's harder for you to plan for the future. Our in-house financing lets you lock in your interest rate so you know what your payments will be far in advance.
 
 
2. Lines of Credit are designed for Emergencies and Investment Opportunities: Boating is an investment...in recreational fun. Just like your car, boats are a depreciable asset that will lose their value over time. Tying up your line of credit on a boat purchase may leave you unable to prepare for an emergency or capitalize on new investment opportunity. 
 
3. Many Lines of Credit are secured by your Home. Credit Providers consider this a second mortgage: Default of payment for any reason allows the bank to repossess your home in extreme cases. Financing your boat gives you peace of mind that you're assets are protected in the case of financial emergency. 
 
4. Lines of Credit were designed as Interest Only Loans: Interest only payments result in long term liabilities without assets. It can sometimes be hard to self regulate making payments against the principal amount with a line of credit with interest-only due payments. Having a structured finance plan makes your future easier to plan for. 
 
5.Your Credit Line is a Demand Note: Your bank has the right to demand payment in full, at their discretion, at any time, with or without cause. If you do not have the cash to pay off your line they will use their “Right of Offset." 
 
6. Our Finance Team represents all Major Banks and can negotiate the Best Terms and Conditions on your behalf: Fixed term open loans save you money and allow you to trade sooner if you decide on a different boat in the future. 

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2 member reviews
    Thanks to the TC Marine staff our new Bayliner was the highlight of our summer. A great sales experience followed up wit...
    By Lara
    Awesome staff, Fantastic products!!!!

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