A Guide to Financing Your First Boat

When you have done your research and found the perfect  boat for your needs, the next step is lining up the financing to make it your own. There are great options when it comes to getting a boat loan of any size, from small, $5,000 short-term loans to longer loans for yachts. Here at Shoreline Boat Center in Green Lake, Wisconsin, we serve Oshkosh, Fond Du Lac and Ripon and we have a network of lenders ready to finance your purchase. 

Getting Financing for Your Boat

The Budget

Many people look at the sticker price of the boat, decide whether it works for their budget and start to make a purchase decision from there. There is more to owning a boat than just the monthly payments. You will need to factor in the cost of insurance, taxes and maintenance on the boat. In addition, you may have costs associated with storing and docking the boat. Finally, you may have to modify your vehicle to be able to tow your boat. Take all of these elements into consideration when it comes to creating a realistic budget for your boat. 

The Down Payment

Once you have decided on a price that is comfortable for your purchase, you can start the finance process. Expect to pay about 10-20 percent of the price of the boat as a down payment. The more you put down, the lower your overall payments and interest rate. You will also have more options when it comes to lenders who are available to extend you a loan. 

Check Your Credit

Boating lenders tend to have tighter credit restrictions than car lenders, so it helps to check your credit when you're ready to apply for a loan. As with most other loans, the higher your credit score, the more lenders available and the better terms you will enjoy. Checking your credit will allow you to negotiate from a place of knowledge, allowing you to carefully consider all of your options before making a choice. 

Get a Pre-Approval

Getting a pre-approval from the lender is the best way to get the best possible deal on your boat. With the pre-approval, you will show the dealership that you are serious and that you have the buying power to get the boat you want. You can also get a pre-approval directly from the dealership's lending network at the same time you shop for your boat. 

At Shoreline Boat Center in Green Lake, Wisconsin, we serve Fond Du Lac, Oshkosh and Ripon, Washington, and we work with a team of lenders who can get you in the boat you want. Stop in and talk to one of our finance specialists today.