Assuming a Boat Loan

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When assuming a boat loan, it's important to find a marine lender that has an agreeable schedule. Find out how to assume a boat loan for 20 years with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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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.


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