If you want to have a good time with your family or friends on the open water cruising rivers, oceans and lakes, maybe you are thinking to buy a boat. Traveling by boat it is definitely one of those unique experiences you can have in life. Whether you plan to buy a new or used boat, you have options available to finance it today. With such options, having your own boat can be a few steps away. Getting a loan is a really good option; that is why here, we present you with some boat loans sources, in order you consider them and choose the most appropriate for you. We also present you with more detailed information in our subsections, so let's start!
Financing a boat
Don't let the worries about financing, stopping you to have an awesome trip by boat. If you know more about it, you will be ready to choose the best option and enjoy of trips by boats.
Financing a boat it is just like financing a new car. Similar than car dealers help you to buy a car, boat dealers can help to you to get financing and buy your own boat. We want to provide you with a brief, but comprehensive introduction about boat loan in order you have a better idea of this kind of financing
This financial help is offered to people who are interested in purchasing a new or used boat. As a boat enthusiast maybe you intend to buy a new or used boat of any kind, such as a sailboat, a yacht, a motorboat, etc., so you have to research and choose a reliable loan provider. Then, the following are just some basic things you must look for in a boat loan provider:
- Good boat loan interest rates and also extended terms.
- Low monthly payments.
- Option to choose fixed or variable interest rates.
- Flexible repayment terms.
- Credit decisions at the same day, among others.
Nowadays, finding a lender that made boat loans it is not difficult as years ago, the only thing you have to do is deciding for one of them. In such active boating market, you must compare rates and terms offered by the following loan sources:
- Banks. You can check the website of your bank in order to know if it offers financing for boat purchasing. Some banks are members of National Marine Bankers Association (NMBA), so they offer loans. In case they offer this kind of loans, ask about rates and how long boat loan terms are.
- Credit Unions. If you are a member of some credit union, you can get great rates for boat loans. If they work with marine lending specialists, it is for sure they can offer you competitive loans.
- Financial Service Companies. These companies maintain relationships even with national lenders, and give them access to finance programs. Many of these companies are members of the National Marine Bankers Association.
How you see there are different options to consider when deciding for financing a boat, but one of the best things you can do is deciding to finance it with a boat dealer or National Marine Bankers Association Marine lender.
Some companies that provide this kind of loans.
The following are just some of the companies that provide loans in United States, but there are plenty of them worldwide, so with a research you can find a reliable company in your country.
- Intercoastal Financial Group, Inc. It is a marine lender or marine finance company in The United States that fund all of their own boat loans. This company is providing loans and refinancing since 1989.
- BoatUS Boat Finance. Since last 30 years, they have made that boat loans happen easily and quickly. They offer loans as low as $25 000 and also refinancing for your boat. In addition, they offer the low cost boat insurance.
- Eboatloans. They offer boat loans, yacht financing and also refinancing in an easy way. The minimum amount for a loan they offer is $25 000. You can check the list of current boats rates that are APR (Annual Percentage rate), those are subject to change.
Would you like to read more about boat financing?, then we invite you to read the following sections:
Boat Loans Advices and TipsNow that you know more about loans, reading some tips can be really useful. You must bear in mind different things and factors such as thinking the time you want to keep the boat, the initial payment, loan rates, among others. Read some tips here.
Boat FinancingGetting a boat can be one of the best acquisitions you do in your life. Fortunately, you can get finance to buy your boat. In this section, you can read about sailboat financing, yacht finance and houseboat loans. Whether be the boat you want to get, find info here.
Now that you know more about boat loan, then we recommend you to read some info about boat insurance. If you want to get plenty of information about this subject, we recommend you to visit an insurance guide.