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What information do I need before I apply for a boat loan?
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What information do I need before I apply for a boat loan?
- Your personal information—name, physical address, date of birth, social security number, and purpose for the loan. - Collateral information—year, make and model of the vessel. - Loan information-the amount of money you are planning to borrow
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Do I need boat insurance to apply for a boat loan with MutualBank?
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Do I need boat insurance to apply for a boat loan with MutualBank?
Borrowers will need proof of insurance before the loan documents are signed, but may submit an application before having insurance.
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What if I want to sell my boat before it is paid off? Can I do so?
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What if I want to sell my boat before it is paid off? Can I do so?
Borrowers do negotiate agreements to sell their boats before they are paid off. In these cases, the seller and the buyer generally meet at a bank location, and the boat loan will be paid. The seller will receive any proceeds in excess of the payoff amount of the loan.
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Should I apply for a boat loan before or after I know the boat I want to buy and where I want to buy it?
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Should I apply for a boat loan before or after I know the boat I want to buy and where I want to buy it?
You may apply before you know the boat you want to buy and our bankers can help you determine the loan amount for which you qualify, and the approximate payment.
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Are there boats that MutualBank does not finance? Why?
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Are there boats that MutualBank does not finance? Why?
If we cannot determine the value of a boat using the value guides listed above or if we cannot establish the condition of the boat relative to the value guides, we will be unable to finance it.
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If I can get financing for a boat at many places, why would I finance it with MutualBank?
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If I can get financing for a boat at many places, why would I finance it with MutualBank?
Consolidating your payments into one financial institution and using online banking tools, as well as our knowledgeable staff and competitive rates, are all reasons to choose Mutual. You may even be able to obtain MutualBank financing through your dealer!
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Do I need to make a down payment to be approved for a boat loan? Is there a minimum down payment required?
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Do I need to make a down payment to be approved for a boat loan? Is there a minimum down payment required?
We set a maximum amount of the value of boat that we are willing to finance. For new or used units, that value is determined using 100% of High Retail Value in NADA Marine Appraisal Guide.
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Is there a maximum boat loan amount I can apply for with MutualBank?
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Is there a maximum boat loan amount I can apply for with MutualBank?
There is no set maximum. The borrower’s ability to repay usually determines the maximum amount that may be financed if the boat value is sufficient.
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What is the minimum boat loan amount required to finance with MutualBank?
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What is the minimum boat loan amount required to finance with MutualBank?
$2500.00
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Can I apply to refinance my existing boat loan?
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Can I apply to refinance my existing boat loan?
Yes. Typically individuals will consider refinancing their boat loan if any of the circumstances listed below occur. - Interest rates have dropped - Your credit score has improved significantly - You received a very high rate when you first purchased your boat - You’re going through a financial setback We are happy to talk about whether refinancing your boat loan would be advantageous for you and your circumstances.

 

 

These questions and answers are provided for general information only and may not be completely accurate in every situation. The information provided is not legally binding on MutualBank or any of its affiliates or subsidiaries. For assistance with specific questions regarding your account(s), please contact us.

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