Financing Your Boat
Purchase
Boat
buyers have many choices when it comes to paying for their purchase. A few
advantages of financing your boat purchase include:
Lower
Down Payments
Different
lenders have different requirements for down payment amounts based on the age,
type, and price of the boat you are buying, as well as your credit profile. Many
marine lenders commonly offer financing with down payments in the 10%-20% range.
However, when purchasing a new boat, there can be special programs offered by
the manufacturer that qualify you for less or even zero-down on new boat purchases.
Faster
Credit Decisions
When
you work with marine lending professionals, you're dealing with lenders that understand
boats and their buyers. Many buyers can apply for a loan in the morning and be
boating that afternoon.
Extended
Payment Terms
Marine
finance specialists recognize the value of a well-maintained boat so terms
generally will be more attractive than those offered by local banks and credit
unions.
Lower Monthly Payments
Because
marine lenders extend longer terms on boat loans than local banks and credit
unions, your monthly payments are likely to be much lower than you expect.
More
Extras
Marine
lending specialists also allow you to finance optional equipment, electronics,
extended service plans and life/disability insurance coverage with your
purchase.
By
financing your boat purchase you can usually afford a newer, larger or more
powerful boat, a better trailer and all the gear that it takes to make boating
safer and more enjoyable!
Click
Here
to apply for a boat loan today!
Content
courtesy of National
Marine Bankers Association