27 Oct Pawn Your Boat For The Best Price
Blog by: allanPro
Pawning is an excellent way for boat owners to get fast cash in times of an emergency. Pawning allows you to use your boat as collateral for an instant cash loan!
How To Pawn a Boat
A pawn shop will typically allow you to sell your boat for cash, same day. They can also safely store it in their marina for an instant cash loan. You will pay the amount in full including interest to have your boat returned to you. Pawning your boat simply means receiving money against your boat in which case the boat will be used as the collateral to secure your loan.
In other words, the pawnshop stores your boat throughout the loan term or until your pay back the loan in full and subsequently make the interest payments. The pawnshop will house your boat in a safe and secure marina or dry unit which means that you will get back your boat in the same condition as it was stored.
Benefits of Pawning Your Boat
Boats have a tendency to lose value instantly hence they cannot be classified as an investment. Price economics show that boats lose at least 20% of their value in the first year. For instance, if your boat is valued at $30,000, the value will depreciate to $24,000 after the first year. Depending on the market, this value may further decrease by 15% in the first year and 14% in the second and third year respectively with the pattern continuing over time. Instead of leaving your boat to sit around on a trailer hitch or in a marina where it will lose its value over time, you can pawn it for cash today. Once you are financially stable you can decide to keep the money or get the boat back. The average expenses for maintaining your boat every year are extremely high. In fact, boat maintenance costs are estimated to be 10 percent of the price of purchasing the boat. This means that if you bought your boat for say $10,000, you will be required to pay at least $1,000 dollars every year to keep your boat running hence your boat’s upkeep can get expensive especially considering the fact that you will need gas to run the boat as well as storage yard fees and marina slip fees. Maintaining your boat can be a daunting task that may eventually leave you without money. Under such circumstances, pawning your boat will be a good idea since you will get cash quickly and your boat will no longer be a financial burden.
Here in South Florida, pawning a boat during the hurricane season is the best solution, since boats are required to be out of the water for safety reasons. The good thing about pawning a boat is that you will receive your funds instantly, which allows you to take care of your emergencies right away. This also eliminates the need to pay for a boat storage unit on a trailer hitch or for a marina slip. The entire process of pawning your boat is very straightforward, and most of all fast; you will a valid I.D and of course collateral, which in this case is your boat. You will also have the opportunity to take advantage of more flexible financial terms than those offered by banks and other lenders. If you are looking for the best shop to pawn your boat, contact Pawn & More today for the best rates and customer service. David or Jenna are always there to help out their community. Pawn & More understands that your boat is an extremely valuable asset hence the commitment to offer the best financing terms as well as loan amount. You will receive your cash within 24 hours from first contact to cash-in-hand without having to be subjected to laborious paperwork and credit checks. Pawn & More’s job is to ensure that customers are completely satisfied and they have the peace of mind that they deserve. Do not be left behind, turn your boat into cash today and get your finances in check.