A boat is a significant financial investment, and if you choose to finance it with a loan, you’ll need to understand what goes into your monthly payments. The key factors include your credit score, the amount you borrow and the term of the loan.
When comparing loan rates, keep in mind that the most competitive terms are reserved for well-qualified borrowers who can demonstrate that they’ll be able to manage the monthly payments. If you don’t fit the bill, try to improve your eligibility by paying down debt and boosting your credit score.
The type of boat you want to buy is another key factor, and some lenders have specific requirements. For example, Trident Funding and Southeast Financial only finance boats that are less than 20 years old. They also have minimum credit scores and income requirements, and they look at your debt-to-income ratio to make sure you can afford your boat loan payment.
Choosing the right lender for your boat loan will help ensure that you’re able to get approved at competitive rates. A reputable lender will consider your entire credit profile, including the types of accounts you have, your history of making payments on time and the number of new loans you have. They’ll also review your financial situation, including the amount you can afford to spend on a boat, and the amount of available equity in your home or other assets.
To qualify for the best boat loan rate, you’ll need to have a solid credit score of at least 720. In addition, you’ll want to have a stable source of income and a substantial down payment on the boat. If you don’t meet the requirements, you might still be able to obtain a loan from a credit union or other non-bank marine lender. These lenders often have lower requirements than banks, and they may offer perks to members such as interest rate discounts or payment relief options.
A boat is a fun and exciting way to spend your free time, but it’s important to understand the costs involved before making a purchase. You can compare boat loan rates and terms from a variety of lenders online, but be sure to research the fine print to find out about additional fees and conditions.
You can use our interactive tool to get a fast, personalized boat loan quote from several top-rated marine lenders. You’ll be able to see which lenders are best suited for your needs, and you can even apply for approval. If you’re approved, you can usually receive funds in as little as a day. This enables you to shop and purchase your boat with confidence. You can also save time by using our mobile app, which lets you apply from anywhere and track your application status. If you need more information, contact one of our member service representatives at any time. We’re always happy to help. *APR=Annual Percentage Rate. Terms up to 240 months, depending on amount financed.