five reasons why you should not to use your Personal Line of credit to pay for your boat

Here are some of the top reasons why you should not use your Personal Credit Line when purchasing a boat from your Finance Specialist at Buckeye Marine.

1. Floating interest rate that fluctuates with Prime: variable payment. Unknown interest rate and unknown term.
2. Credit lines should be left for Emergency or Investment Opportunity.
3. Secured Lines of Credit are secured by your home. Default of payment for any reason allows the bank to foreclose and take your home. Banks consider a line of credit a second mortgage.
4. Fixed term with Dealership allow you to pay off loan at any time, trade earlier, and save money. Open Loan .
5. terms of repayment are not designed for recreational purchases due to depreciation and the elongated / open ended term of the loan. Dealership financing provided fixed payment easier to budget.

If you would like more information regarding Finance & Insurance please contact Shirley Kimble-Grills at our toll free number 1-877-811-2628 ext 226.

This information is accurate to the best of our ability,and applies in the Canadian market, for further information on the subject please contact your local banking institution.