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Simple Requirements for a Boat Loan

June 20, 2017

Covering the Right Boat

A Boat Loan can be used to finance boats of many sizes, from tracker, ranger, and bass boats up to inboard or outboard motor boats, runabouts, pontoon boats (party barges), and yachts. For a smaller craft, like a kayak, canoe, or even a jet ski, a Recreational or Personal Loan is recommended. Our staff can talk to you about which loan matches your needs.

Determining the Length of Your Boat Loan

Boat Loans come in a variety of terms and rates that depend on the length of the loan as well as your credit and financial standing. For new and late model boats (2015-2017), terms can be from 12 months to 180 months (1 to 15 years). For 2014 and older craft, terms can range from 12 months to 120 months (1 to 10 years). Interest rates generally rise as the length of the loan increases. If you are approved for financing, we can help you work out a length of loan and terms that match your financial and budgetary needs and capabilities.

Figuring Out if You Qualify

The answer depends on the loan you are trying to obtain—the amount, length, and any other specific needs you have. Generally, you’ll want good credit standing, an income that is compatible with your loan amount, and good financial footing. Your individual life circumstances, finances, and credit standing will help determine if you are qualified. We’ll cover them when we meet with you, explain how financing works, and see if you qualify for the terms you need to fit your budget and lifestyle.

What if You Don’t Meet the Requirements?

If an analysis of your financial and credit standing reveal that you do not yet qualify for the Boat Loan you want, we can make recommendations for different loan amounts or terms, and help you make a plan to improve your credit-worthiness.

You can get an idea of what your payments would be under different repayment lengths and interest rates by checking our Boat Loan rates page or using our Boat Loan Calculator.

Learn More

Visit our Boat Loan page to learn more about how Boat Loans work, then set up an appointment with one of our friendly representatives to discuss your needs. 

 

 

 

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