Financial Assistance to getting your Yacht
Personal loans have a distinct advantage in that you can use them almost for anything, including buying a boat! This means that you do not have to deny yourself some of life's luxuries because of your financial situation, and don't have to wait years to save for such a venture. There are more than enough companies willing to provide the financing to enable you to get that dream boat.
Types Of Loans for Entertainment in Singapore
These are loans where you have to offer some sort of security to the loan provider. You can get such a loan directly from the dealership, whereby they let you pay for it over time at a certain interest or work through directly through financiers. In most cases, the boat serves as its own security and could be repossessed in case of default.
You could also take a home equity loan whereby your house serves as collateral for the loan. You can have up to 80% of the value of your home in Singapore. These carry extra charges however like valuation and origination costs and they put you in the risk of losing your home.
Unsecured Loans for Boats in Singapore
If you have a good credit score and sufficient income you could qualify for an unsecured personal loan for the yacht. In this case, the interest rates could be higher depending on your score and repayment periods are much lower. In Singapore, this could be up to 84 months. In this case, however, you get the money as a lump sum from the lender to purchase the boat in cash and then pay back the lender with time.
Getting Lowest Interest Loans for Yachts in Singapore
To get the best loans for entertainment purposes in Singapore there are a few things you can consider. One is what type of loan you wish to take, whether secured or otherwise. The other consideration is the preferred lender. Banks may offer the best rates overall especially if you have a good credit score. The boat dealership itself may also some good terms but you should be wary of hidden clauses inserted in such contracts.
The recommended way is to apply for pre-qualification first from various lenders. This means that they will run a soft check on your line of credit and tell you how much they can offer and at what terms. This way you can crosscheck and see which offer the best interest rates.
The next thing would be to run the numbers and see what the total amount of interest would be over time. This is because interest is compounded monthly, periodically or yearly and you might it better to have shorter repayment periods.
Getting that Yacht
That being said, buying a boat in Singapore is a significant commitment for most people and a personal loan would come in handy to help you out. You would just need to talk to the various loan vendors in Singapore and examine their terms to see who offer the lowest interest rates. Then you go for it!