Get Financed For the Boat of Your Dreams

Whether you're looking for a powerboat, sailboat, or a big yacht, it's important to explore your financing options before you start shopping. In the beginning, you'll need to assess your financial situation and then research lenders and loan options. Reeder-Trausch Marine is here to take the mystery out of financing a boat.

How Much Can You Afford To Borrow?

Before you get any kind of loan, it's important to assess your financial situation. Review your credit score and ensure that you don't have any errors on your credit report. Next, take a look at your current income, bills, and existing debt to determine your overall budget for taking on another payment. A clear picture of your financial situation will help you set realistic expectations for how much boat you can afford.

Consider Your Loan Options

Once you have a clear financial picture, the next step is to find out what your loan options are. Some types of boat loans include conventional boat loans, FHA loans for boats, VA loans for boats, secured loans, and unsecured loans. Most buyers get conventional boat loans, which can be procured through banks, credit unions, and marine lenders or dealers. These loans usually have fixed interest rates and loan terms between five and 20 years. Once you get pre-approved for a boat loan, you'll know how much boat you can afford.

Boat Loan Finance Terms

Most boat loan term lengths will be 10, 15, or 20 years. Boating has become more popular in recent years, and boats have become more durable. This has led to lenders being more flexible in loan terms. Previously, lenders expected that boats would lose too much value before being paid off and would be reluctant to lend. Loans for used boats are similar to new boats and range between 10 and 20 years. As with new cars, sometimes it's easier to get loans for new boats vs. used.

Is It Difficult To Finance a Boat?

It's actually easier than ever to finance a boat. Most lenders know that boat owners are responsible when it comes to making payments on time and interest in boat ownership is increasing daily. Sometimes it's a bit harder to finance a boat than a car, but that's due to cars being a relative necessity to most people, while boats are usually owned by a more niche demographic. Both cars and boats depreciate similarly, but cars will always be in demand.

How Much Are Boat Payments?

How much your boat payment will be depends on the price of the boat, your down payment, the interest rate on the loan, and the loan term. You can get an idea of how much your boat payment might be if you use a loan calculator.

Can You Finance a Boat Through a Boat Dealer?

Boat dealers often offer financing for boats. At Reeder-Trausch Marine, we have an experienced marine finance team that is dedicated to helping you get financed for a boat. You can request a quote on our site and apply for financing. We can put an extensive range of boat financing options at your fingertips.