Due to unexpected life emergencies, boat owners often have to visit the boat pawn shop to receive instant cash. Whether you own a million-dollar yacht or thousand dollars bowrider, you can pawn anything at the pawn shop in Pompano Beach.
How to Pawn a Boat?
Pawning a boat is referred to as a boat title loan in the industry. You’ll be given cash in exchange for your boat with a similar commitment to a pawn loan. Your boat will be the security used to obtain your cash. Usually, a pawnshop will keep the boat throughout the loan duration. The Florida pawn brokers have a safe, protected storage section to keep your boat.
Once you’ve made interest payments and paid back the loan in full, your boat is delivered in a similar condition as it was stored. Just as with a regular pawn loan, you can make interest payments to increase the loan or even have the loan re-written with other financing terms. This can be a direct way to get money fast, without the trouble of other loan options.
Why Pawn a Boat?
Boats Lose Worth Immediately
Boats are never an investment but more like a toy. As per the Price Economics, boats lose 20% of their worth the initial year. So, if you have a $30,000 boat, the worth after the first year will be $24,000. In the second year of having a boat, the value decreases by 15%, then 14% in the third year. Depending on the market, the value proceeds to drop in this same manner.
If you want cash, and your boat is just lying around in a marina or on a wagon hitch, it may be smart to pawn your boat rather than letting it gather dust—dropping value over time.
At present, you could pawn your boat and get money today for a fair evaluation. Once you’re monetarily capable, you can take your boat back or have the money. With pawning, you have choices. It is advisable to protect your boat and ensure you’re not getting ripped off by a shady pawnshop dealer.
Most boat owners know the reference acronym for B.O.A.T.—Bust Out Another Thousand. The normal yearly costs for a boat are 10% of the buying price. Indicating, if you purchase a boat for $10,000, you pay $1,000 just to have the boat moving. Most boats require much more than this, and maintenance can get costly. Not to mention the cost of gas to drive the boat on the water, marina slip fees, or warehouse yard fees.
Having a boat has the drift to ‘make holes in the pockets.’ If you’re in a financial condition where you want cash quickly, it may be natural to pawn your boat instead of letting your boat remain to be a financial strain.
Easy Process to Get Cash Now
When you pawn a boat at a reliable pawnshop, expect instant cash. It is a very easy process to handle. Never hesitate to ask any questions. It is your right to know everything!
Shreyashi is a software engineer in the US. Along with her work schedule, she has managed to travel all the 50 States of the country and wants to pen down her experiences, journeys, and joys through her write-ups and share them with the world. You can find more details on https://www.travelthefoodforthesoul.com/about-me/