Boat Financing Tips

If you’re in the market for a new boat, you may be considering financing your model. However, while financing a boat is common practice, it can be intimidating to buyers who aren’t familiar with the process. To help you get the most out of your loan and learn the basics of applying for a loan, we’ve written up the helpful tips below.

Gather Documents

Because boat financing requires you to take out a personal loan, you’ll need to gather quite a few different documents to begin your application. Before you head to the dealership, be sure to have your social security card, bank account information, and a few tax documents or pay stubs on hand. If you’re planning on financing a used boat, you’ll also need to get a marine-grade survey of your model and present a copy of the survey to your lender.

Raise Your Score

While there are lenders on the market willing to finance buyers with low credit scores, these loans often come with a variety of stipulations many shoppers would prefer to avoid. That’s why we advise raising your score to at least 680 before you begin submitting loan applications.

Save Up

While financing will cover a majority of your boat’s upfront costs, don’t forget that you’re still expected to put forward a down payment out of pocket. On average, this is 10 to 15 percent of the model’s total sticker price. However, the more you save toward your model’s down payment, the better your loan terms are likely to be.

Here at Bob Hewes Boats, we offer amazing financing services to all of our clientele and carry an enormous selection of top-quality models for you to browse through. If you’re located nearby in Fort Lauderdale, FL, and on the hunt for a new boat, we recommend stopping by one of our many convenient locations in North Miami and Pompano Beach, FL to find the perfect model for you!