Boat Financing Tips

Financing a boat is one of the most common ways to purchase a new vessel. However, figuring out the ins and outs of applying for a boat loan isn’t always easy, and qualifying for financing often takes quite a bit of preparation and patience. To ensure you get the loan you need for your new boat, we recommend reading over our helpful financing tips below. 

Prep For Financing 

Qualifying for boat financing can be tricky, so it’s important that you take the time to get your finances in order beforehand. To start, you’ll need to take some time to get your credit score up—preferably to 700 if possible. This can easily be done by making regular charges and timely payments with your credit cards and removing old debts or errors that are present in your credit history. While you’re working to get your score up don’t forget to also begin saving up for a down payment for your new boat. This expense won’t be covered by your loan, even if you qualify, and will typically amount to around 15 to 20 percent of the boat’s total cost. 

Compare Your Offers 

When comparing loan offers it’s incredibly important that you pay close attention to the interest rates, term lengths, and loan type outlined in the contract. Boat financing will typically fall under personal or recreational vehicle loans, and you may have your choice of secured and unsecured contracts—depending on your credit score. To ensure you’re picking the right option for your needs, be sure to research your options beforehand so you can make a more informed decision. 

Looking for convenient boat financing near St. Louis or St. Peters, MO? Then be sure to visit us here at Big St. Charles Motorsports! We offer amazing financing services for you to take advantage of, as well as a simple and straightforward application process, and an enormous selection of boat models for you to browse through here at our location in St. Charles, MO.