Frequently Asked Questions
Q: What information do I need when applying for a boat loan?
A: Have all your boat information available for discussion: year, make, model, length, engine horsepower, optional equipment, and any upgrades. We'll need the purchase price and costs for any upgrades and electronics you are adding. Sales tax and license fees can be included in your loan. A copy of your Sales Agreement will have all this information.
Q: What is the current rate?
A: Boat loan rates and terms are based on several factors: the amount being financed, age of the boat, down payment, and, most importantly, your credit score. At Quality Boats of Clearwater Inc., we quote rates that we are confident the majority of individuals will qualify for. That's our policy. We strive to keep our boat loan process simple, easy, and enjoyable.
Q: How long is the rate locked for once I am approved?
A: Most of our lenders lock the rate for anywhere between 30-60 days. This approval is only good at Quality Boats of Clearwater Inc., and cannot be transferred to another dealer. We will monitor the approval expiration date to ensure that we maintain an approval for you when you are ready to proceed. If the loan does not close during the given approval rate lock timeframe, you will be subject to the rate at the time of loan closing.
Q: How long can I take the loan for?
$10,000 - $24,999
12 years (144 months)
$25,000 - $99.999
15 years (180 months)
20 years (240 months)
Q: What are the down payment requirements?
A: The standard down payment is 10-20% for loans up to $100,000 and 15-20% over $100,000. Any equity in a trade in may be counted as part of the down payment.
Q: Is this a fixed rate loan?
A: Yes, fixed rates with a simple interest amortization, which establishes a permanent payment over the life of the loan.
Q: What are your fees?
A: Quality Boats of Clearwater Inc., will fully disclose any and all fees that you will be charged. We have a modest administration fee, and the state titling and registration fees and/or the documentation costs are dictated to us by those agencies. These fees are normally included in your loan, but if you would prefer to pay them separately, we can accommodate that as well.
Q: Are there any pre-payment penalties?
A: Not with most lenders.
Q: How long does the loan application process take?
A: We will take your credit application over the phone, via the internet, by fax or in person in as little as 5-10 minutes. We usually have an answer from the lender by the end of the next business day. Loans over $100,000 may take a little longer.
Q: Should I apply for the boat loan with more than one company?
A: Every time you give permission to pull your credit file, it lowers your credit score. Be cautious of this and only give your application to the company that you are most certain that you will do business with. Having several companies reviewing your loan application can jeopardize your approval and loan rate. We are able to pull your credit only once then submit your application to several different lenders so that way we can get you the best possible deal out there.
Q: Do I have to provide income verification?
A: Yes, for all loans over $100K, the lender will require income verification. Additionally, loans under $100K may require verification at the lenders discretion.
Q: Once approved, how quickly can this loan close?
A: Your finance specialist will work with you to obtain the necessary paperwork to proceed with the closing. This loan closing can happen in as little as a day or two once the approval has been obtained and all conditions have been signed off on. The loan closing can take place in either of our 2 offices.
Q: Who handles the titling, state registration, or U.S. Coast
A: Quality Boats of Clearwater Inc., handles your state registration and titling, we are required to do so to ensure that the title is issued properly and sent to the bank. We do not leave any loose ends. We work closely with several approved documentation agencies for all the lenders we use. This means one-stop shopping. We will take care of your loan needs, registration, and/or
documentation. Just one more thing that you don't have to think about when doing business with Quality Boats of Clearwater Inc.
Q: Why should I choose Quality Boats?
A: It's simple. We love what we do, we do it well, and we help make your dreams come true. One-stop shopping - from application to state registration or documentation, and soon to come, even boat insurance. We are there for you every step of the way!