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Interest Rates Are Heading North!
Boat Loan Rates Are Rising !
In the last 30 days all of our lenders have increased their boat loan interest rates by at least .50%. Even with the increase however rates are still low. Today's rates are as low as:

* 5.87% fixed
*
5.62% for a 3-year fixed

These are still attractive rates compared to current rates on other loan products like home equity loans. If you have not yet refinanced your boat, now is the time before we receive any further increases, which are expected. If you are in the process of buying a boat apply for your boat loan today so you can lock your rate in for 30 days and avoid further increases within that time period 


How To Apply For A Loan

Click HERE To Apply Online!

Click HERE For A Personalized Rate Quote!

Or call one of our loan specialists at
(800) 231-4003
between
8:30am 5:00pm Eastern-time.

 

Advantages To Financing


    
Low down payment options:  There are a variety of programs available including 10% - 20% down payment options, limiting the amount of cash you need to put into your boat purchase.

     Longer financing terms:  Unlike most local banks or credit unions, using a boat financing professional, you are able to finance your boat on a 10-20 year term.  The term is determined by the amount you finance.

     Low monthly payments:  Financing on a longer term will provide you with a low manageable monthly payment on your boat.

     Experience and expertise:  Obtaining a loan on your boat through a company that specializes in boat financing, such as Financial Underwriters Network (F.U.N. Inc) you receive service from people who have an expertise in the marine industry and can service your needs every step of the way, from application to titling or documentation.

Paying cash for your boat?  You're probably paying too much.

Here are some tips on how you can determine if you are making the wisest choice by paying cash for your boat...and why you may want to consider financing your boat instead.

Tax deductibility of interest on your boat loan:

Under IRC section 163 (h)(2) a taxpayer may deduct any qualified interest on a qualified residence which is defined as a principal residence and one other residence owned by the taxpayer for the purpose of deductibility for the tax year.  IRC section 163 (h)(3) defines qualified residence interest as any interest which is paid or accrued during the tax year on acquisition or home equity indebtedness with respect to any qualified residence of the taxpayer.

In accordance with IRC section 163 (h)(4), a boat will be considered a qualified residence if it is one of the two residences chosen by the taxpayer for purposes of deductibility in the tax year as long as it provides basic living accommodations such as sleeping space (berth), a toilet (head), and cooking facilities (galley).  If the boat is chartered out, the taxpayer will have to use the boat for personal purposes for either more than 14 days or 10% of the number of days during the year the boat was actually rented, in accordance with IRC section 280A(d)(1).

Borrowing against other assets has its limitations...

Borrowing against your unencumbered home has limitations:  If the money isn't used for the home, the interest expense does not qualify for the deduction.

Home equity loan also has limitations:  Home mortgage interest deduction is limited to interest paid on home equity loans up to $100,000.

Borrowing against your stock portfolio: You would need a written collateral agreement (Security Agreement) indicating the boat as collateral, which is probably not something your broker would be prepared to provide.

*Rates subject to change without notice.

 
Be sure to check out www.BoatTest.com for tests of the latest models.
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