Tips on Financing a New Boat

Financing your new boat is a great way to make your initial purchase a bit more affordable and allow you to quickly get your hands on the model you’ve been dreaming of. However, while more convenient than paying out of pocket, financing a boat will still take a little time and preparation, and we recommend checking out the tips below to ensure you’re ready for the process. 

Set a Budget 

Whether you’re purchasing your model out of pocket or applying for financing, it’s incredibly important that you have a budget set for your new boat. If you’re taking out a loan, this means you’ll need to examine your monthly expenses and income to see what you can afford towards monthly payments. Make sure these payments don’t exceed what you can afford on a monthly basis, or you may fall into some serious debt and risk your boat being repossessed. 

Raise Your Credit 

Your credit score can affect the type of loans you’re offered, your interest rates, and whether or not you qualify for boat financing at all. To ensure you get the best loan available, we recommend taking at least a month to try and raise your credit score as much as possible. This is often as simple as paying credit cards and various other bills on time and making sure not to add any outstanding debt to your credit report. 

Save Up 

While financing your boat will cover the majority of its sales price, it’s important to remember that you’ll still be expected to pay at least 10 to 15 percent of the model’s sticker price as a down payment. Before you begin applying for financing, make sure you have enough funds saved up to cover your model’s expected down payment. 

If you’re located nearby in Albany or Amsterdam, NY, we encourage you to visit us here at Snug Harbor Marina, INC for all of your boating needs! On top of our amazing financing services, we also offer an impressive selection of high-quality boat models for you to browse through, and two convenient locations you can visit in Ticonderoga and Silver Bay, NY.