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Boat Financing Tips

Jun. 7 2023 Buying Guide By West Hawk Marine

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There’s no doubt that boats are an expensive purchase. Because they are such a big-ticket purchase, most people can’t afford to fork over 100% of the cost up-front. That’s where financing comes into play. When combined with a smart budget, financing can be an excellent way to get your dream boat. Read on to learn more about the steps you can take to finance your purchase.

Establish a Budget

Get ready for plenty of number crunching. Start with establishing what you can afford to pay every month. Your boat is about enjoying a fun outing with friends or family on the water, and you don’t want that to come at the cost of hurting your finances. Some important payments you’ll need to think about are the down payment, as well as monthly payments with interest.

Qualifying for a Loan

As with any loan, there’s a qualifying process you’ll need to go through to be approved for financing your boat. And, as you might have guessed, this will involve your credit score. It’s important to note that many boat financing plans will require a slightly higher score than you might need for a standard loan. However, that’s not the end of the story. There are several things they’ll probably ask for, but every step is crucial to ensure you’re getting the best financial plan.

What to Expect?

Remember that this is probably going to involve a little bit of research. If you go with the first boat financing program you find, you might miss out on a better offer from a different lender. You can also try to work with a particular program you like to receive better benefits that suit your budget, like extending the loan period.

To help prepare you for what you might encounter, we’ve got a handful of basic boat financing facts that are standard for the whole industry:

  • Most boat finance tenures fall somewhere between one and six years.
  • You can get financing through dealers, manufacturers, and even credit card companies or banks.
  • Interest rates can vary from four to over ten percent.

Here at West Hawk Marine, we offer flexible boat financing options, so while you’re collecting quotes, make sure you contact us about what we can offer you! You can also ask about the available models at our dealership in West Hawk Lake, Manitoba. We proudly serve all those in Winnipeg and White Shell.