| You're ready to buy a boat, but you are new to | | | | locations. |
| the world of boat financing. Don't worry! There | | | | 2) Credit unions – If you are already a |
| are lots of ways to make your dream boat | | | | member of a credit union, I encourage you to |
| purchase a reality. | | | | contact it first. They often offer the best rates |
| Boats vary in price depending on the size, make, | | | | and deliver excellent service to their members. |
| and shape. A new boat is a great deal more | | | | 3) Boat dealers – Talk about one stop |
| expensive than a used boat. There are many | | | | shopping! The same dealer who sells you a boat |
| different options when purchasing a boat which will | | | | can also help you find a loan. Many boat dealers |
| allow you the luxury of owning your dream. | | | | have finance managers available on staff who are |
| Remember, you don't have to buy your boat | | | | National Marine Bankers Association marine lending |
| outright. You can explore finance options which will | | | | specialists to assist you. There are benefits to |
| allow you to make a monthly payment on your | | | | financing through your boat dealer, not the least |
| boat. A monthly boat payment can actually cost | | | | of which is convenience. A boat dealer will likely |
| less than a monthly payment for a new car. | | | | have established relationships with several finance |
| Financing will allow you the option of buying the | | | | sources, and may be able to get you a special |
| boat of your dreams, rather than settling for a | | | | deal on certain boats in return for handling |
| lesser boat which may be a disappointment. | | | | financing. Some deals include low or no interest |
| Many years ago, there were very few lenders | | | | for the first several months and access to special |
| who made boat loans. It wasn't a common type | | | | warranty programs which can be included in your |
| of loan and there was some concern regarding | | | | finance package. You may be able to acquire a |
| risk. Now, however, boat financing is popular and | | | | lower down payment and longer financing terms. |
| plentiful. You can finance your boat in many ways. | | | | Marine finance specialists will often offer extended |
| Here are some options to consider: | | | | financing terms in recognition that a committed |
| 1) Banks – Many local and regional | | | | boat owner will keep up with boat maintenance, |
| banks are members of National Marine Bankers | | | | which will protect the overall value of the boat. I |
| Association and offer loans directly to the boat | | | | encourage you to talk to dealers who specialize in |
| buyer. Your own neighborhood bank may offer | | | | marine lending to gather more information. |
| boat loans, and if you are already doing business | | | | As you can see, there are many options when it |
| at that bank, it may be able to offer you | | | | comes to boat financing. I encourage you to learn |
| surprisingly good rates. You should also check | | | | all you can from your local banks, credit unions, |
| boating magazines and websites, as banks that | | | | and boat dealers so you can make an informed |
| specialize in boat financing often advertise in these | | | | decision on financing your purchase. |