Buying a boat is not as scary as some people make it out to be. Like buying anything really, with buying a boat, prices vary depending on size and make. But now a days, many dealers or manufacturers can help you become a proud boat owner for less than a new car payment a month! And for those who don’t know, the average monthly car payment is roughly $450. But, monthly payments for many entry-level boats can be less than $250 a month.
You have so many options of payments when buying a boat. Here are a few advantages when financing your purchase.
- Lower down payments – the down payment is based on the age, type and price of the boat you are buying, as well as your own credit profile. In today’s market, marine lenders offer financing with down payments typically in the 10%–20% range, but often there are programs available through various manufacturers that could allow you to qualify for less.
- Faster credit decisions – because you are working with professionals in the marine industry, those lenders understand boats and their buyers. You can apply for a loan and often be approved in 24 hours.
- Longer financing terms – marine finance specialists recognize the value of a well-maintained boat, so terms generally will be more attractive than those not actively making boat loans.
- 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 have expected.
- More electronics and extras – marine lending specialists will allow you to finance optional equipment, electronics, extended service plans and life/disability insurance coverage with your purchase.