Yacht Loan Rates

Written by Patricia Tunstall
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One of the hallmarks of a superior yacht financing company is absolute confidentiality. There are many reasons why applicants for loans would require and appreciate such security for their personal and financial information. Sometimes, partnerships and corporate interests are involved in ownership of a yacht, and companies must protect financial details of business relationships.

As with other marine financing, loans are offered at fixed, variable, and adjustable rates for up to 20-year terms. The best boat loan companies offer limited charter and foreign flag arrangements for citizens of the United States. Letters of credit are accepted and are, of course, absolutely confidential.

GMDSS and Yachts

It is highly recommended that anyone--operator or passenger--be familiar with safety procedures and equipment, and be able to assist in any emergency situation that should arise onboard. The likelihood is great that a purchaser of a new yacht--Tiara, Atlantis, or Benetti--would find the Global Maritime Distress and Safety System (GMDSS) installed on the boat. If not, purchasers might well want to install this system to protect their investments, since it is the latest technology in advanced communications.

Basically, this system is international, and is intended to facilitate ship-to-shore communications by providing swift, automated distress signals. Where available, it also provides the position of the distressed vessel. GMDSS is mandatory for large cargo and passenger liners, but it is voluntary for recreational boats. The Coast Guard's participation will not be fully operational until 2006, but the agency recommends that recreational boaters become familiar with the system.

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