Boat Loan FAQs: Fixed Rate Loans

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Fixed Rate Loans

Q:	When I financed my boat the dealer told me that I might be able to write the interest off on my taxes. Will the lender notify me of the interest I paid during the year?
A:	Yes, the lender should provide you with a 1099.
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Q:	I have read that it is better to own a home (with mortgage) than to rent when applying for a boat loan. Assuming all else (credit score, debt/income, etc.) is equal, is this true? Is this because the home is used as a form of collateral? Thanks.
A:	Gene, There is no formal underwriting rule that states this. However, when lenders underwrite large boat loans they will look to see if you have or had comparable credit in loan size and typically mortgage loans are the most common consumer loans that are comparable in size. I would encourage you to apply online through our secure marine loan application and lets us guide you through the process. Thanks.
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