FALL BOAT BUYERS: TIPS FOR BOTH LOAN AND CASH BUYERS

Fall boat buying season is here. Whether you will be buying new - with a bank loan - or have the cash and want a deal on a used boat with a "FSBO" - For Sale by Owner, BoatU.S. Boat Financing has a couple of tips for both kinds of buyers. "Buying a boat, especially mid- or large-sized boats, is very much like buying a home," said Charm Addington, vice president of the BoatU.S. Financing division. "If you'll be using a loan, getting pre-approved is a helpful first step." Addington says that you don't have to know exactly which boat you want, as pre-approval confirms only the buyers ability to secure financing. "Then it's up to you to go shopping," she said. Most pre-approvals are good from 30-60 days. Addington also noted that "While interest rates are still near historic lows, they undoubtedly will go up. Getting pre-approved lets you act more quickly if you have to." BoatU.S. offers easy online pre-approvals at www.BoatUS.com.  For boat buyers who won't need a loan and will be paying in cash, Addington recommends using a settlement service, which ensures there are no liens, the boat has a clear title, previous loans are paid off and the transfer of ownership is complete. "Most buyers completing a cash deal - without a broker involved - have no idea what's needed to ensure their purchase goes smoothly. Like a closing that takes place when you buy a home, buyers need to ensure that the boat will be theirs without any strings attached." Addington adds that a settlement service is usually included with purchases made with bank loans because lenders require it. And, she says, most cash buyers using settlement services elect to also have their boat federally documented with the U.S. Coast Guard. The cost for BoatU.S. Settlement services range from $350 to $500. BoatU.S. will also hold payment checks to ensure the transaction's requirements are met before funds are transferred. For more information go to http://www.BoatUS.com  and click on "Boat Buying."