School of Finance: A Lesson in New Boat Loan Options
So you have the 3 options: bank, finance company, finance broker. Which Loan Source Offers the Best Benefits?. Here’s a quick lesson by comparing the options.
Commercial Finance Options
If you’re purchasing a boat for business purposes including working vessels such as dredges, tug boats, charter vessels, hire boats, there are a number of financial products for you to select from.
- Chattel mortgage
- Commercial Hire Purchase
The right option for your business will depend on your accounting method and business objectives, so a discussion with your accountant is advised to assist in your decision.
Your finance broker will prepare quotations for your boat purchase, handle all the details including settlement matters to save you time and money.
If purchasing from an overseas buyer, the broker may also assist with import and freight matters and customs clearance as well as international currency transfers.
So it is definitely worth discussing your new boat loans with a finance broker