Whether you like to ski, fish, or simply cruise the local waters with your family, purchasing a boat may be a great idea. Some buyers have the financial strength to buy a boat with cash, using their savings to make the purchase. Many others, however, will need a boat loan. The process is just as easy as many other forms of financing, but a little research on the subject will go a long way. Here’s how to get a boat loan.
Know Your Options
The first step is to understand the main options for obtaining a boat loan. When you are shopping for a boat, you can choose loans from a boat dealer, your local bank, or a lender who specializes in marine financing.
Organize Your Financial Information
Next, you need to organize your financial information so lenders can make a faster decision on approval. Take an afternoon to organize bank statements and information on your existing debt load. Any paystubs or tax records will also help, as these verify your income. It’s useful to pull your credit and make sure you have strong enough score for a boat loan.
Define Your Budget
When shopping for a boat, it’s easy to let the price get out of hand. If you don’t define exactly how much you can afford, you may end up with a much larger boat payment than you can comfortably fit into your budget. Decide on a maximum monthly bill for the boat loan and don’t let it go over this number.
Shop for Boats
Next, you get to head to the dealerships and start looking at boats. This is the fun part, so enjoy the process and take your time to find the exact craft that works for you. When you meet with a dealer or seller, be sure to inform them that you will need financing to make the purchase.
Shop for a Boat Loan
Once you have selected the boat and come to an agreement on price, you can start to shop for a boat loan. Whether you finally choose a loan from a bank, credit union, or directly from the manufacturer or dealer, you owe it to yourself to shop for rates and secure best possible terms.
Apply for the Loan
Once you have a boat in place and a loan selected, you can make the application. Assuming you are approved, you can start enjoying your boat right away!
Purchase a World-Class Vessel from Scout!
We hope you better understand how to get a boat loan. If you need a high-quality boat loan to purchase a Scout, let one of our excellent dealers help. We are dedicated to working with only the finest dealerships in the country, ensuring that when you buy a Scout, you also receive a world-class experience!
