WORKING WITH YOUR DEALER
Now that you know a bit about credit and how it might apply to your purchase, how can this help you at the dealership? First of all, if you have a monthly payment in mind, share this with your sales consultant when s/he inquires. It will help develop a common understanding of your priorities and, in turn, help guide the boat selection process.
Once you've selected your boat, your dealer will work with you to finalize the purchase and discuss payment options. This part of the process is often handled by someone other than your sales representative who has more in-depth knowledge of credit and financial services. You'll have the opportunity to discuss the protection plans
available to you as well as your preferences regarding loan terms.
Many dealers work with us at TMFS in this part of the process. Your dealer provides information about your credit to us through a secure electronic system. From here, your credit record is obtained from one of the credit bureaus
for loan providers to review. Loan providers are typically national or regional banks, credit unions or financial specialist companies who are in the business of providing loans to boat buyers.
TMFS works with many of the best financing sources; our relationship assures your credit request receives the proper attention from suitable lenders so that a credit decision can be efficiently communicated to your dealer. Often, this takes just a few minutes. In situations with dealing with lower credit ratings or lender questions about credit history, a decision may take longer. Your dealer can help you set expectations for timing in your situation.
Once a favorable credit decision is received, it's off to finalizing your purchase. You'll be presented with a series of legal documents containing the details of your purchase and loan agreements. Make sure you review these carefully and understand the terms and your responsibilities.
Once you are comfortable and sign the paperwork, it's time to schedule delivery of your new boat. That great weekend on the water is just around the corner!