Two ways to obtain financing for a boat include financing through the dealer or financing through a lender. The best lenders for boat financing are those associated with the National Marine Lenders Association. These lenders include banks, credit unions and financial service firms.
There are benefits of obtaining boat financing through either a dealer or a lender. Benefits of a dealer include access to a number of financing options and programs, access to year-round service departments and extended warranty programs. Another benefit of using a dealer is access to dealer and manufacturers incentive programs. There may also be special financing deals, such as 90 days same as cash or no interest introductory rates.
The benefits of working with a member of the National Marine Lenders Association include realistic down payments and assistance with a used-boat loan. When it comes to down payments, members of the National Marine Lenders Association expect them to be from 10 to 20 percent of the price of the boat. This is not always the case when working with a dealership. If interested in a used boat, these lenders also make it easier for people to find a loan for a pre-owned craft. People also tend to get faster credit decisions, longer financing terms and lower monthly payments when using a lender associated with the National Marine Lenders Association.