Saturday, November 26, 2022

Does Chase Bank Offer Boat Loans

Whether Youll Need A Marine Survey

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When you apply for a secured boat loan, the boats value will be a factor in how much you can borrow.

If youre not getting a new boat, you should get a marine survey. During a marine survey, an inspector will examine the vessel, engine and trailer, detail the boats condition, note any repairs needed and determine whether its safe to take on the water.

How Boat Loans Work

A boat loan is a type of installment loan similar to an auto loan that banks, credit unions and online lenders offer. When you get a boat loan, youre required to make fixed monthly payments over the life your loan until its repaid. The length of your loan and its interest rate typically vary depending on various factors, including your loan size, credit score, annual income, the lender and the type of loan you getsecured or unsecured.

Does Chase Do Personal Loans

Unfortunately, the answer is no. As of this writing, Chase Bank does not offer personal loans to new or existing customers. It doesnt even matter what your credit score is. Whether youre looking for a bad credit loan or a good credit loan, Chase doesnt offer personal loans at this time.

While you wont be able to consolidate your credit card debt or finance your upcoming wedding with a Chase personal loan, other options are available to achieve your financial goals. Even if you have bad credit history, there are plenty of ways to get the cash you need.

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Are There Any Vehicles Chase Does Not Finance

The following vehicles are not eligible for financing, include but are not limited to:

  • Vehicles older than 10 calendar years
  • Vehicles more than 120,000 miles
  • Commercial vehicles
  • Salvaged or branded title vehicles
  • Vehicles that are not titled or registered in one of the 50 United States or District of Columbia
  • Vehicle usage for taxis, limousines, ride share, Uber, Lyft, etc.
  • Motorcycles, recreation vehicles , boats or aircraft
  • Certain exotic makes

Rules For Getting A Loan From Chase Bank

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If you wonder how to get a personal loan from Chase Bank, there are certain instructions given by the representatives of this financial institution.

Applying for a personal loan up to $5.000 is very easy if you deal with Chase.

Apply online on the official website of the bank to contact one of the Credit Managers.

The professional staff will get you through the whole procedure of application and receipt of the loan in your town/city.

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Chase Auto Loan Minimum Qualifications

Chase does not mention any credit score or income requirements. However, this is no guarantee that every person will qualify for a Chase auto loan. The higher your income and the better your credit score, the better your loan offer will be. You can use a cosigner to improve your chances of getting a better rate. Make sure they know their score could be impacted if you miss a monthly payment, though.

What Type Of Boat Can I Buy With A Loan

You can purchase just about any boat you want with a loan! Some of the most popular choices include:

  • Speed boats
  • Fishing boats
  • New and used boats

According to research by Finder, roughly 83.5 million Americans have personal loans, with the most common use being credit card debt consolidation. The average interest rate on a boat loan is under 7% for those with excellent credit. This means you can save tons of money if you buy a boat with a loan as apposed to a credit card or other high-interest from of debt.

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Can I Use A Loan To Pay Off Student Loans Or Credit Cards

A personal loan is a good application for these debts. Finding and applying to the right lender is key. It all comes down to the APR, or the annual interest percentage rate you can lockdown.

Student loans already have such a low-interest rate themselves that it is hard to find a loan with a more competitive rate and save money on the payback. Credit cards, on the other hand, usually have incredibly high APR especially if your credit score is less than stellar.

Now that you know where to look when you leave Chase, are you ready to find the best personal loan for you?

Alternative Boat Loans Methods

How does marine financing work for a boat loan?

The best way to make sure you get financing for your boat is to get creative. You dont want to approach obtaining a boat loan the wrong way if you’re going to be successful. The more loans you apply for, the more inquiries that will be recorded on your you want to keep your loan applications to a minimum.

Unsecured Personal Loans

One of the best ways to finance a boat is to use an unsecured personal loan. This means that you obtain a loan where the financing isnt tied directly to one of your assets. The brilliant thing about unsecured personal loans is that they can be used for anything the bank doesnt need to approve your purchase. They simply provide you with the money, and you are free to spend it how you like. To purchase a boat using an unsecured loan, you apply for a personal loan and then use the capital to acquire the boat separately.

There are plenty of online lenders that now provide unsecured loans, so you dont have to use a bank to obtain this sort of financing. In fact these alternative lenders can offer fast loans and if you have a decent credit score, the whole process can take a matter of minutes if you choose the right lender.

Secured Personal Loan

Also, if you use too much of your available credit, you might reduce your credit score until you can pay it off.

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Will Buying Outright Get You The Boat You Want

Financing often allows people to afford things they otherwise couldnt at the time. By financing, you may be able to get a bigger or better boat than you could by paying cash.

Do you need to maintain a cash reserve? Balancing your assets and maintaining a cash reserve could be important to you. Depending on your cash flow, it might make more sense to finance, rather than spend your nest egg on a boat.

Chase Auto Loan Application Process

The first step to applying for a Chase auto loan is called prequalification. Many loan providers have a prequalification stage. To prequalify, you will need to provide Chase with your name, address, income, and the last four digits of your social security number. There is no fee for prequalification or application.

Chase does not mention a minimum required credit score, and prequalification does not require a hard credit check. This means that your credit score will not be affected just for applying. After completing prequalification, Chase can give you an idea of the loan amount for which you qualify and an expected interest rate.

If you decide to accept a Chase auto loan offer, you will need to give the company more information and documentation before you receive final approval. Be ready to provide your:

  • Full social security number
  • Vehicle identification number

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What Kind Of Chase Loan Can You Get

If youre still thinking about Chase and how you can utilize its financing programs, there are several loan types you can choose from. They offer auto loans, mortgages, and private student loans. If you need a loan in one of these areas, then Chase is a great option to explore.

The application process for these types of loans is typically longer than working with an online lender. But even within these three categories, there are plenty of options available to find the best pick. So lets dig in to find out what you can expect when you apply for a Chase loan.

Best Overall: Bank Of The West

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Bank of the West

Bank of the West is our top overall pick for a boat loan. The lender features low rates, flexible loan amounts, and widespread availability, making it a great choice for borrowers with good credit looking to purchase a boat.

  • Loans up to $5 million

  • Repayment terms between four and 20 years

  • Available in all 50 states

  • Full-time and liveaboard accepted

  • Fees can be rolled into loan

  • Rates as low as 3.59% APR

  • No cosigners allowed

Bank of the West is arguably one of the most popular watercraft lenders around. Founded in 1874, Bank of the West, also known as Essex Credit, operates and provides loans to creditworthy borrowers in all 50 states. Boat loans through Bank of the West can range from $10,000 all the way up to $5 million, with repayment terms from four to 20 years depending on the loan amount.

While the wide range of loan amounts and repayment terms is great, this lender wins our best overall spot because of the types of boats it accepts. Bank of the West offers to finance for boat model year 2001 or newer. Allowed boats include standard and custom power, sailboats, multi-hull boats, pontoon boats, electrical boats, high-performance boats, houseboats, and wood hull boats. One of Essexs few exceptions is boats that are capable of speeds of 99 mph or higher.

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How Much Will It Cost Me To Borrow With Chase

After you apply for a loan, Chase calculates your interest rate based on your credit score, credit history and other factors. Chase then provides a loan estimate that itemizes your loans total cost, including the interest rate, fees, loan terms and other important details. The final cost will depend on your overall creditworthiness and other factors, including your income and current outstanding debt.

What Information Do I Need To Apply

To complete an application, you’ll be asked to provide your personal information such as name, address, Social Security number, employment information, income, email address and your vehicle make, model, trim and the details of your requested financing. If you’re an existing Chase customer the information stored in your Chase profile will pre-fill upon signing in. Keep in mind we may ask for additional information based on your auto finance application.

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Our Take On Chase Auto Loans: 35 Stars

While Chase auto loans do not have the lowest interest rates we have seen, the company does offer competitive rates. Plus, the Chase Auto Preferred program can make Chase your one-stop shop for finding an auto loan and purchasing a vehicle.

Chase is an established bank with many resources that may be useful for Chase loan customers. While some drivers have reported issues with their Chase auto loans, these represent a small fraction of overall customers.

Our Rating

Other Used Boat Financing Options

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Getting a used boat loan isnt your only finance option: You may also explore getting a personal loan, which can be used for various purposes, or taking out a home equity line of credit.

Unsecured personal loan

If you have good credit, you may finance a used boat with an unsecured personal loan that has a low-interest rate. With a personal loan, your boat wont be at risk of repossession if you dont repay your loan though your credit will take a serious hit.

Since the loan isnt backed by collateral, requirements are strict lenders heavily weigh your credit score and financial history for approval. Many also charge fees for things like origination or late payments.

While interest rates for personal loans typically start below 3% as of the date of publishing, you may see rates as high as the triple digits with poor credit. LendingTrees personal loan calculator can help you figure out how much you could take out to fund a used boat.

HELOC

A home equity line of credit allows you to borrow money against your homes equity as you need it, up to a certain limit. If you own a home, a HELOC could help you finance a used boat. A lender will typically lend a maximum of 85% of your home equity value, minus the amount you owe on your first mortgage. You can use LendingTrees home equity loan calculator to determine how much equity you have in your home and understand whether a HELOC makes sense.

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How Do Boat Loans Work

Boat loans function similarly to auto loans or mortgage loans that you may have gotten before. Here’s how the process works:

  • Find the boat before you start looking for financing. Many lenders ask for information about the boat in the financing application, so you’ll need to know exactly what you want to buy.
  • You’ll need to have good credit. Most of the lenders we looked at for this roundup required a credit score of 700 or above.

  • You may be asked for a marine survey. You may be asked to have a marine survey completed to ensure the boat is in proper functioning order during your purchase process. According to the National Marine Manufacturers Association, the typical marine survey will cost between $20 and $25 per foot. This is most commonly required for people buying a used boat.
  • Expect to make a down payment. Like with a home or a car loan, you’ll likely need to make a down payment for your boat loan. The percentage requirement varies by lender and the amount you’re financing, but it’s generally between 10% and 20%.

Which Banks Offer Personal Loans

Chase and other larger competitors like Wells Fargo consider personal loans a risk. But, there are still many banks that offer personal loans. Whether its on their website, a third-party website, or another type of bank, there are always going to be accounts and financial products out there for your situation and your credit history. Make sure youre considering all your options. Do you own a small business? You could also look for business loans in addition to your personal loans search.

For a comprehensive list of potential lenders, If youre looking for even more information about personal loan products and services, we are here to help you find the best experience and ease of application. Click here for our complete guide on personal loans.

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Boat Loans: Options Interest Rates And Lenders

If it sounds simple, well, thats because it is. Most new boats are purchased with a loan, so well-established procedures are in place. As for who to take out the loan from, youll have three basic options to choose from:

  • Arranging financing through your boat dealer This is usually the best bet. Boat dealers set up boat loans every day, so youll be working with someone who knows the ropes, has established relationships with lenders, and also wants to make the entire transaction happen as quickly and seamlessly as possible. They can usually help with some recommendations for setting up insurance, too.
  • Get a loan from your bank Some buyers who have a lot of equity in their home find it advantageous to take out a home equity loan or a second mortgage, either because they may get a lower interest rate or for tax purposes. Remember, however, that this will add some time and complexity to the transaction.
  • Take out a loan with a lender specializing in marine financing Since financing a boat is a bit different than financing other things, there are some lenders who specialize in it. In fact, theres even an organization, the National Marine Lenders Association, made up of lenders who are familiar with all the ins and outs of making boat loans.
  • Other Lenders We Considered

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    • US Bank: This lender’s loan interest rates weren’t the most competitive, starting at 5.24% for a new boat. The bank states that rates may be higher for private party boat purchases, loans under $25,000, and used boats. Ultimately, lower rates may be available elsewhere.
    • USAA: USAA is only available to people with military affiliations, limiting the number of people who can access these loans. However, even those eligible could get a better rate from one of our top picks interest rates start at 5.25% with USAA, about a percentage point higher than a LightStream loan.
    • Navy Federal Credit Union: Like USAA, membership with this credit union is only available to certain people. However, a starting interest rate of 5.95% for new boats and 7.45% for used boat loans mean there are better deals to be found elsewhere.
    • Boat US: This online boat loan marketplace didn’t beat interest rates offered by other lenders. A high minimum loan amount of $25,000 also may be more than many borrowers need.

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    Applying For A Boat Loan

    There are a few steps youll need to take in order to apply for a boat loan. These include:

    • Whether youre interested in a sailboat, motor boat, or houseboat, what boat you want to purchase will influence what type of loan you need from a lender.
    • Compare rates: When shopping for a loan, you should compare rates from multiple different lenders. This can help to ensure that you get the best deal possible.
    • Review your credit score: Some lenders have minimum credit score requirements, while others reserve the most competitive rates for borrowers with excellent credit. Make sure your score is in a good place before applying.
    • Make sure you have enough for a down payment: Typical down payments range from 10% to 30% of the total loan amount.
    • Complete a loan application: To apply for a loan, youll need to provide information about yourself and the boat you want to buy, including your name, address, social security number.

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