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Whether you are looking for a shiny, new car or boat, The Bank of Glen Burnie has the right loan for you. Explore your vehicle and boat loan options below and call one of our lenders for more information at 410-766-3300. Become a BofGB loan customer today:
Vehicle / Boat Loan Programs
8 Advantages of Owning a Boat Slip vs. Renting
2 – Building equity by owning as opposed to leasing.
3 – If the boat and slip can qualify as a second home, the interest could be tax deductible.
Additionally, the real estate taxes paid in connection with the slip could also be tax deductible. Always consult with your tax advisor.
4 – The after-tax cost to many boat owners will be less than the rental rate they would be paying for the same period. After the loan is paid off, the ongoing cost of owning the slip is a small fraction of rental.
5 – Ownership of a slip protects a boat owner from the consistent increases in
rental rates. The slip becomes an asset instead of a cash drain.
6 – The boat slip can be sold, transferred, or passed by inheritance.
7 – If an owner is not using his slip, the slip could be rented for income.
8 – Increasing governmental regulation limiting the number of marinas which can be built, coupled with the consistent demand for boat slips, create the potential for an appreciation in your slip’s value.