Tips for Financing a Boat

If you’re thinking about buying a boat, you're probably thinking about a boat loan, too. Most people will finance their purchase and pay off their loan over a set amount of time. Although this is a great option, it’s important to know how financing works and what to expect. Our team at 72 Marine Sales is here to help.

Available Loan Types

The loan terms will be the most important aspect of your financing journey! It is critical that you understand the requirements you’re agreeing to. Along with the small details, there are also different loan types to choose from.

Secured loans utilize the boat you’re buying as a form of collateral in the event of a loan default.
This means if you’re unable to make payments you will lose possession of the boat. Unsecured loans do not require collateral, but they tend to have higher interest rates.

The type of loan you qualify for and the amount of interest you pay will be heavily dependent on your credit score and your down payment.

Run the Numbers First

Before you agree to any final deals, make sure you completely understand what the monthly payments will be, including interest. Evaluate how the payment will factor into your entire budget! Even with a significant down payment, the monthly payments can significantly change your current monthly expenses.

As you evaluate how this purchase will affect your budget, you can also consider other factors like depreciation and additional boating costs. Don’t forget to include these considerations in your final decision!

Financing a boat isn’t a complicated process, but it is very important to understand all the fine details. Visit us in Elberton, GA, to view our selection and speak with our team about your options. We proudly serve the Athens and Augusta communities.