Your Guide to Boat Loans & Financing Your Boat Purchase

Boat loans are a type of financing that can help you purchase a boat without having to pay the full amount upfront. These loans are similar to car loans, where you borrow a specific amount of money from a lender and then make monthly payments over a set period of time. Here’s what to know.

Check Your Credit Score

Lenders will look at your credit score to determine your eligibility for a loan and the interest rate you will receive. Make sure your credit score is in good shape before applying for a boat loan.

Do Your Research

Look for lenders that specialize in boat loans, as they will have a better understanding of the unique aspects of boat financing. Compare interest rates, terms, and fees from different lenders to find the best option for your financial situation.

Establish a Budget

Before applying for a boat loan, calculate how much you can afford to borrow based on your income and expenses. This will help you determine the loan amount and monthly payments that fit within your budget.

Gather Documents

Lenders will require documentation such as proof of income, employment verification, and personal identification. Have these documents ready to speed up the loan application process.

Apply For Your Loan

Once you have chosen a lender, submit your loan application. The lender will review your application and credit history to determine if you qualify for a boat loan. If you are approved for a boat loan, review the terms and conditions carefully. Negotiate the interest rate, loan term, and any fees to ensure you are getting the best deal possible.

Once you have agreed to the terms of the loan, sign the necessary paperwork to close the loan. The lender will then disburse the funds to the boat seller, and you can take possession of your new boat.

Ready to buy a boat in Wisconsin? Drop by our Green Lake dealership to take a look at our fantastic inventory of new and used boats for sale. Let us know if you’d like the assistance of our financing department when it comes to funding your boat purchase. Shoreline Boat Center serves our customers in Oshkosh, Fond du Lac, and Ripon, WI.