Boat Loans

Boating enthusiasts absolutely love their boats and love to be on the water, whether it is a small
boat to spend the weekends fishing or a large yacht to spend the weekends on as a home away
from home, they can take advantage of boat financing offered by  various boat dealers when they
purchase their new or used boat. Boat dealers know that if they can interest you in a boat, and
then arrange for financing it makes it easy for you to buy the boat and attain financing. Boat
dealers can offer a one-stop shop, the boat of your dreams and financing in terms of a boat loan.

There are many lenders who have boat loans available for all types of boats and if you are
contemplating the purchase of a larger boat, you might be able to find a better boat loan by
surfing the Inernet and filling in a few applications to see what type of boat loan offers are
available to you. Generally you can submit an application online, making it very quick and easy to
apply for your boat loan.

There are several different types of boats and also depending on whether you are purchasing a
new boat or a used boat, the boat lender may want to have an appraisal completed as well as be
show the appropriate insurance documentation.

Some boat loan lenders specialize in marine financing, while others will treat the loan like a
personal loan with a short term. As mentioned above, there are several different types of boats
that you could consider purchasing and as a result need a boat loan. Sail boat loans, house boat
loans, yacht loans, motor boat loans, fishing boat loans, speed boat loans and many more
different types of boats will require specialized financing. You should look for a lender who is
familiar with all the different types of boats as well as the gear they require to run them. Finding a
lender that is familiar with boats will make it that much easier to negotiate a boat loan that will
include the various electronic gear that you might need.

Boat Loan Sources – Find a Boat Loan Specialist
Not too long ago, finding a lender that made boat loans was a difficult task. Today the more
difficult task may be to decide which lender to use. When lenders discovered that most boat
buyers were excellent clients for loans, many added boat loans to their more traditional offerings.
Some of these lenders decided to specialize in boat loans. Many of these lender specialists are
members of the National Marine Bankers Association. In any active boating market, there will be
several sources for boat loans. It's a good idea to compare rates and terms offered by several
boat loan sources to determine the financing best suited for the intended purchase. Lenders may
include:

Banks - Many local, regional, and national banks are members of National Marine Bankers
Association and offer boat loans directly to their customers. Inquire about rates and how long a
loan term is available for the boat you are considering. Some banks advertise in on the Internet. 
They seek your business and will have boat-savvy people available to address your boat loan
needs.

Financial Service Companies - Financial service companies maintain relationships with local,
regional, and national lenders, giving them broad access to finance programs. They are experts in
the marine lending field, and many are members of the National Marine Bankers Association.

Credit Unions - Some credit unions make boat loans. They usually have attractive rates and
many are interested in making boat loans. If they have marine lending specialists on staff, they
should be able to offer a competitive loan rate.

Boat buyers have many choices when it comes to paying for their purchase. Here are a few of
the advantages of financing your boat. 

Lower down payments - the down payment is based on the age, type and price of the boat you
are buying, as well as your own credit profile. In today's market, marine lenders offer financing
with down payments typically in the 10%-20% range, but often there are programs available
through various manufacturers that could allow you to qualify for less, or zero-down on new boat
specials.

Faster credit decisions - because you are working with professionals in the marine industry, those
lenders understand boats and their buyers. You can apply for a loan this morning and be boating
this afternoon.

Longer financing terms - marine finance specialists recognize the value of a well-maintained boat,
so terms generally will be more attractive than those offered by local banks and credit unions.

Lower monthly payments - because marine lenders extend longer terms on boat loans than local
banks and credit unions, your monthly payments are likely to be much lower than you have
expected.

More electronics and extras - marine lending specialists will allow you to finance optional
equipment, electronics, extended service plans and life/disability insurance coverage with your
purchase.

By financing your boat purchase you can usually afford a newer, larger or more powerful boat, a
better trailer and all the gear that it takes to make boating safer and more enjoyable!

The Loan Guide provides access to free information about Boat Loans.