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