So You Want To Buy A Boat?
With social distancing and canceled summer plans, many of us have taken to the open waters. But before you set sail, we wanted to give some tips and tricks on how to tackle your boat purchase.
During your application process, the following information is needed on the type of boat you are looking to finance:
- HUL ID Number
- Body Style (the body style can also include the length of the watercraft)
For your trailer, be sure to have the VIN, year, make and model handy as well as the serial number, year, make, model and body style which is commonly listed as the number of strokes available for the motor.
If you are purchasing from a dealership, they are able to provide this information for you. If you are making a purchase from a private seller, be sure to have the seller complete and verify this information on our Private Bill of Sale for Leisure vehicles. Once your application is processed, you will also be requested to provide a copy of the title and/or registration of the boat, trailer and motor if you are purchasing from a private seller.
Call Federal Financing Options
Call Federal offers both a 60 month and a 72 month term for our leisure vehicles with competitive rates. With your application, our lending team is available to find the right term and payment options for you.
Registering Your Watercraft
Once the financing steps are completed, the next task is getting your boat and trailer properly registered and titled with the DMV and the Department of Wildlife. You can find the resources you need and information on fee’s directly on their website here https://dwr.virginia.gov/boating/registration/procedure/
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September 2, 2020
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