Boat Financing Tips

Looking to buy a boat? Then you’re likely considering financing your new model. Boat financing is the quickest and easiest way to get your hands on your boat in a short amount of time, and is one of the most common ways people choose to purchase their models. However, before you begin applying for financing, we recommend reading over our helpful tips below to ensure you get the best loan available.

Raise Your Credit

Boat financing isn’t as easy to qualify for as a house or vehicle. As a result, you’ll need to take some time to raise your score as much as possible in order to get a good loan. We recommend waiting till your score is at least above 670 to begin applying for financing. To raise your score, try to use and pay off your credit cards regularly, remove paid debts on your credit history that may be lowering your score, and be sure not to close any open lines of credit. 

Save Up

While a loan will cover the majority of your model’s sticker price, you will be expected to put down at least 10 to 20 percent of your model’s sticker price as a down payment. Typically, the larger this payment is, the better your loan will be, so make sure to save up as much as you can in advance. 

Apply with Multiple Lender

In order to ensure you’re getting the best financing offer available, we recommend applying with several different lending institutions. This could include your bank, dealership, credit union, or an online financing agency—just be careful not to submit more than 6 applications at a time. Once you have your offers, you can directly compare them to see which options work best for you. 

Looking for a reputable lender to help you finance your boat? Then be sure to visit us here at East Coast Flightcraft Inc to take advantage of our amazing financing services! We have a number of convenient dealerships located all over the East Coast for you to visit—including the states of Massachusetts and Rhode Island— as well as an amazing stock of high-quality boats for you to browse through.