THE New York National Boat Show means winter boat loans – and this is an area in which we all can use some expert advice.
To help potential buyers understand the loan process and to get the best deal, marine lending expert Charm Addington, vice president of the BoatU.S. Financing division, has some boat-loan tips for prospective borrowers:
Use a specialist. You wouldn’t use a general practitioner for brain surgery, so why would you go to your local bank for a marine loan? Nationwide lenders that specialize in marine finance traditionally offer better deals than a local bank.
Know what you want. Boat loans are based on specific collateral. Just because you’re pre-approved, don’t assume that you can spend the money on anything you want. At a minimum, have a specific boat in mind when seeking loan pre-approval, and at best, provide your lender with a purchase agreement. It’s also always good to check a boat’s value – via one of the marine price guides or through BoatU.S.’ free Value Check service – before filling out an application.
What do you look like? On paper, that is. Many borrowers are surprised to learn that they have “glitches” on their credit report. Glitches on a loan application are like a bad hair day at the office: Both make you look bad and more importantly, you won’t get the best deal on an interest rate. Get a copy of your credit report before you head off to the boat show.
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If you’re looking for something special to do to on New Year’s Day, it’s NYC School Day at the boat show. Attendees who donate new/unopened school supplies with the appropriate receipt (for $5 or more) will receive half-price admission in return. Requested items are pencils, crayons, single-subject notebooks, safety scissors, loose leaf paper, tape, erasers, etc. The much-needed supplies collected will be distributed to NYC’s public schools that are most in need.
Ladies’ Day at the boat show is Friday. This event acknowledges the importance of women in the decision-making process of buying a boat, as well as the impact of females in boating and fishing arenas, including special ladies who “give back.” A special Ladies’ Lecture Series will feature world-class white water kayaker Jessie Stone; Seline Skoug, founder and executive director of Casting for Recovery, a national non-profit, support and educational program for women who have or have had breast cancer; a “Ladies, Let’s Go Fishing” spokesperson and others. The seminar schedule is as follows: 1 p.m., Intro To Sailing; 2 p.m., Rod & Reel Basics, “Ladies, Let’s Go Fishing”; 3 p.m., Fly fishing Sisters In Healing, Seline Skoug/Casting For Recovery; 4 p.m., Conquering Fear in Kayaking & Life; 5 p.m., Ladies in Fishing Clubs; 6 p.m.: Fly fishing Sisters In Healing.
Show hours are modified this year: Saturdays 10 a.m.-8 p.m.; Sundays 11 a.m.-6 p.m.; Monday-Friday noon-8 p.m. The show will be open New Year’s Day. Special holiday hours for New Year’s Eve Day are 10 a.m.- 4 p.m. and New Year’s Day noon-8 p.m. Admission is $12 for adults; $5 for children 6-12. For further information, call (212) 984-7000 or visit http://www.discoverboating.com/newyork.