Business & Finance Credit

The Best Way to Finance a Boat

By Business & Finance Last updated Friday, May/31/2024

1). Pre-apply for financing before you actually purchase a boat.
2). Apply through a few different financial institutions so you can compare and choose the best financing option.
3). Get a sample loan contract from each lender you applied through. Again, this will help you compare.
4). Scan the contracts looking for added fees. These fees can greatly increase the overall cost of the boat loan.
5). Look at the interest rate each financial institution offers you. The lowest interest rate is the best way to finance.
6). Avoid lenders that offer balloon payments. These involve an increased payment after a period of time or a large payment at the end of the financing term.