Assuming a Boat Loan

Series Summary

Finance, whether personal or corporate, refers to money management. By creating a personal budget and managing money, one can organize personal finances to avoid debt caused by frivolous spending. When a surplus of money is formed, investing is an option that makes money work harder. Investing varies from low-risk certificates of deposit to high-risk stocks. Being smart with money can create a healthy savings for the future or retirement. In this free video series, a registered financial consultant provides information to help people understand how to manage their money. Learn about different types of interest rates, flex budgeting in accounting and the disadvantages of a credit card. Find out how to endorse a check as a minor, how to consolidate credit cards and how to calculate APR for credit cards. Improve money management and personal finance skills with tips in these free videos.

Video Transcript

"This is financial advisor Patrick Munro talking about assuming a boat loan. In today's world of marine finance, the cost of a decent boat is quite expensive. It's important to find a marine lender that has a schedule that you can live with. Preferably twenty years if the cost of the boat is over $100,000. If the marine lender will allow you to assume the boat loan, be mindful that you have to do a search, a marine title search against potential loans that have been put upon that boat by the previous owner, because if you close a marine loan and take a title to the boat, it could turn out that there's a previous charge against the title of that boat that you will now be responsible for. So, it's important to do that chain of title search when you are looking at a boat. Normally, the dealer provides that to you but remember you always have to do your due diligence irregardless of how much you want the boat. So once this is done and you have clear title, make sure that that is the best way to assume a boat loan. This is Patrick Munro, financial advisor talking about assuming a boat loan."