Frequently
Asked Questions
What information do I need when applying for a boat loan? top
Have all your boat information available for discussion: year, make, model, length, engine horse power, optional equipment, and any upgrades.We'll need the purchase price and costs for any upgrades and electronics you are adding. Sales tax and license fees can be included in your loan.
What is the current rate? top
Boat loan rates and terms are based on several factors: the amount being financed, age of the boat, down payment, and, most importantly, your credit score. At Russo Financial Services, Inc., we quote rates that we are confident the majority of individuals will qualify for. That's our style. We strive to keep our boat loan process simple, easy, and enjoyable.
How long is the rate locked for once I am approved? top
Most of our lenders lock the rate for anywhere between 30-60 days. We will monitor the approval expiration date to ensure that we maintain an approval for you when you are ready to proceed. If the loan does not close during the given approval rate lock timeframe, you will be subject to the rate at the time of loan closing.
How long can I take the loan for? top
| |
Amount Financed |
Available Term |
| |
$10,000 - $14,999 |
10 years (120 months) |
| |
$15,000 - $24,999 |
12 years (144 months) |
| |
$25,000 - $99,999 |
15 years (180 months) |
| |
$100,000 + |
20 years (240 months) |
Some of our lenders allow the 20 year term at $75,000. We also have 25 and 30 year terms for loans greater than $250,000, which require a credit score greater than 725 with a 20 or 25% down payment.
What are the down payment requirements? top
The standard down payment is 10% for loans up to $100,000 and 15% over $100,000. Any equity in a trade in is counted as part of the down payment. We also have programs that allow for 100% financing, subject to a good credit rating.
Is this a fixed rate loan? top
Yes, fixed rates with a simple interest amortization, which establishes a permanent payment over the life of the loan. We also have variable rate programs and will custom tailor a loan to suit your particular needs.
What are your fees? top
Russo Financial Services, Inc. will fully disclose any and all fees that you will be charged. We have a modest processing fee, including the state titling and registration fees and/or the documentation costs. These fees are normally included in your loan, but if you would prefer to pay them separately, we can accommodate that as well.
Are there any pre-payment penalties? top
Some of our lenders do have minimal prepayment penalties, while others have none. Your Finance Specialist at Russo Financial will fully disclose this information during the application and/or approval process.
How long does the loan application process take? top
We will take your credit application over the phone in as little as 5-10 minutes. We usually have an answer from the lender the same day. Generally speaking, loans under $100,000 can be approved in as little as an hour. Loans over $100,000 may take a little longer, but are normally approved by the next business day.
Should I apply for the boat loan with more than one company? top
Every time you give permission to pull your credit file, it lowers your credit score. Be cautious of this and only give your application to the company that you are most certain that you will do business with. Having several companies reviewing your loan application can jeopardize your approval and loan rate.
Do I have to provide income verification? top
Income verification should only be needed if financing in excess of $100,000 sometimes even $150,000-$200,000 with an excellent credit score. We do not require income verification upfront and will only obtain it when the lender requests it. The financials are confidential and only shared between your finance specialist and the lender.
Once approved, how quickly can this loan close? top
Your finance specialist will work with you and your broker, dealer, or seller to obtain the necessary paperwork to proceed with the closing. The loan closing can happen in as little as a day or two, but normally occurs within a week of the approval. We are ready to move forward when you give us the green light. The loan closing can take place in our office or via overnight currier service. If you choose the overnight service, there will be documents that require the witness of a notary.
Who handles the titling, state registration, or U.S. Coast Guard Documentation? top
Russo Financial Services, Inc. can handle your state registration and titling, and, in many cases, are required to do so to ensure that the title is issued properly and sent to the bank. We do not leave any loose ends. We are an approved documentation agency for all the lenders we use. This means one-stop shopping. We will take care of your loan needs, registration, and/or documentation. Just one more thing you don't have to think about when doing business with Russo Financial.
Why should I choose Russo Financial Services, Inc.? top
It's simple. We love what we do, we do it well, and we help make your dreams come true. One-stop shopping - from application to state registration or documentation, and even boat insurance. We are there for you every step of the way.
|
