Tips For Financing A New Boat

Financing a new boat doesn’t have to be a difficult process! With the right information and prep, financing a boat can be a quick and easy process. However, figuring out how to prepare to take out a boat loan can be a bit trickier, and we recommend reading over our tips below to ensure you’re up for the task. 

Raise Your Credit

Because boats fall under the umbrella of recreational vehicles, it can be difficult to qualify for financing. While there are a few lenders on the market willing to offer you a loan with subpar credit, these are often offers that don’t work in the buyer’s favor. Before you begin filling out applications for boat financing, we strongly recommend taking some time to raise your credit score to at least 600-650—however, a score over 700 is likely to get you the best offers. 

Make a Large Down Payment

Your dealership or lender will likely make it a requirement to place a down payment on your new boat. Depending on your seller this can range anywhere from 10 to 20 percent of your model’s total sales price. However, the higher your initial down payment is, the better your loan is likely to be, and we strongly advise saving up as much as possible to ensure you have more than enough for your down payment. 

To take advantage of convenient and affordable boat financing, we recommend visiting us here at Anderson Powersports Lake Havasu City North. Our location here in North Lake Havasu City, AZ not only offers amazing financing services, but a wide selection of top-of-the-line boat models for you to browse through as well, and we encourage those nearby in Borrego Springs, CA to stop by anytime to care for all of their important boating needs!