South Florida Yachts Blog
South Florida Yachts Blog


If you’ve found your dream boat and are ready to make it yours, perhaps it’s time you need to start looking into boat financing options. Compared with auto loans, financing boats is a much bigger investment but doesn’t necessarily mean the process is more complicated. What type of boat loan you end up choosing is one of the biggest factors that will determine how much you end up paying to finance your boat. 

Why You Need a Boat Loan

With times progressing, the nature of boat loans has also been rapidly evolving. Financing a boat helps you acquire one that you may have thought wasn’t within your reach. With terms of more than 10 years available along with low interest rates, there’s never been a better time to start looking into what financing method would suit you best.

Popular Ways to Finance a Boat

The three most typical ways you would finance your boat are either through your boat dealer or arrange a loan from your bank or take out a loan with a lender who specializes in marine financing. 

Working with a boat dealer is usually a popular choice as dealers have a lot of experience and knowledge when it comes to arranging boat loans. They also want to make sure that the process is seamless so that you can acquire your boat without too much hassle or delays. 

The other option would be to take out of a personal loan from your bank. This may make the process a little more complicated with additional paperwork but remains a choice many potential boat owners prefer considering.

The third choice would be working with a lender who specializes in boat loans. These lenders help arrange deals with lower down payments and a quicker decision-making process and potentially lower monthly payments.

How Boat Loans Work

Once you apply for a loan amount through your preferred method, you wait to hear from your lender for your approval. If approved, your lender will offer you rates based on how strong your credit is. Depending on the loan amount and lender, you can apply for a term up to 20 years for a secured boat loan. Your boat loan lender will also expect a down payment that ranges between 10 to 20 percent, depending on the cost of the boat. 

To look at choices for offshore fishing boats and learn more about boat financing options, talk to our team of experts at South Florida Yachts. Through our experience and knowledge, we can help the process very simple and smooth for you!

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