Going out and sailing in the archipelago or just taking a little tour of the local lake is often difficult to beat. This is especially true if the weather is really nice. But to do this you need a boat and these can often cost relatively a lot of money. It is in this position that a boat loan becomes relevant.
Loan with collateral
A boat loan is pretty much like a regular car loan if you look a little closer at them. This means, for example, that the boat you buy will act as collateral for the loan, which normally means that the interest rate will be lower. The lender simply has a way to collect their money in case you do not pay on time. Since lenders largely set interest rates after risk, this means that you usually get a lower interest rate as the risk is not as high for them.
However, the boat will not stand as collateral for the entire loan, which also applies to, for example, mortgages and car loans. 80% of the value is usually a normal maximum limit. This means that you have to pay the remaining 20% either through saved money, exchange or otherwise. Another way could be to borrow money for these remaining 20% but then the boat can not be used for this and the loan becomes more expensive. Which means you don’t normally recommend this.
If you are going to buy a boat and borrow money for it through the big banks, you must expect to buy the boat from a Swedish dealer or manufacturer. It is usually not possible to borrow money on a boat purchased privately.
Maturity for a boat loan
Since it can often be quite a lot of money when you borrow for a boat, this is also reflected in the duration of the loan. You can get the maturity for many years as it is not reasonable to repay the loan too quickly. Exactly how long the repayment period should be, you settle with the one you borrow from.