Finding
the right boat loan
Finding
the right boat loan
By Peter Bonavista
If you are serious about finding the right boat
loan you have likely been searching the net a little longer than
a few minutes. I look high and low for the best interest rates
on boat loans every day and do find some online finance companies
are more reasonable than others. Many people will opt for finding
the right boat loan at their bricks and mortar lending institutions.
A smart way to go if you have a strong relationship with
the local bank manager. What's happened in the last few years
is online consumers are enjoying the convenience of shopping from
their own homes.
The
internet savvy shoppers are finding their low interest boat loan
at even better rates than their family bank. This comes as a big
surprise to many old style banks and they are all scrambling to
compete with online competition. The irony of this is not lost
on me. This is the way it should be. It's great that banks have
to give you your boat loan at a lower interest rate just so they
don't lose you as a customer. It's great that they are the ones
sweating in their offices and not you. The bricks and mortar banks
set themselves up for this fall.
In
the distant past when you wanted a boat loan your local loans
officer would take you on and give you the financing based on
gut feelings, past credit history "with them" and the
them only. A hand shake meant much more and the relationship was
critical. When the banks went in to the practice of mathematical
programs or algorithms they removed the personal touch from the
equation. So now that consumers realize they will be treated in
this manner there is no sense in coming down to the banks in person
and creating relationships. So if there is no need to create relationship
with the local bank you might as well shop online and let the
mathematics work from there.
