Finance Your Boat Easily

Buying a boat can be a significant investment, similar to purchasing a car or a house. You do not need to worry about financing your purchase because the process is straightforward from beginning to end. You have different options available for financing boats, so you do not need to pay everything up front for the latest model. Visit Boat Country in Everett, Washington, and our team will provide you with more details to get started on your next boating adventure. We welcome customers from Marysville and Snohomish, Washington. 

Different Finance Options

You have a wide range of options for financing. You can take out a personal loan, collateral loan, or home equity loan. When it comes to things like boats, lenders do not typically recommend home equity loans. Your home is the collateral, and if you default on your loan, it can go into foreclosure. In a collateral loan, your new boat becomes the collateral in case you default. Personal loans make great options if you have excellent credit because they do not require anything for collateral. One of the best options for financing boats is a dealer-financed loan. Dealers often can provide many different options through different lenders. 

Finding a Lender

Once you figure out the type of loan, you need to find a lender. Explore a lot of options before settling on a lender to get the best terms. Interest rates can vary from one lender to the next. Be aware of different types of loans and how the interest rates work for each one. You will be charged the same amount of interest for the entire repayment period with a fixed-rate loan. The opposite is true of a variable-rate loan. 

Pre-Approval and Loan Application

Before approaching a seller or dealer, it is good practice to have a pre-approval letter. A pre-approval lets you determine how much a lender will likely approve for a loan. Plan to spend time gathering information for your loan application. Decisions typically happen within a week. 

Marine Survey

Many lenders will ask for a marine survey if they approve your loan. This survey will assess the boat in question to confirm that it is worth the asking price of the seller or dealer. 

Closing

The lender sets a closing date after completing the marine survey and the finalization of any other details. You will have papers to sign and potentially some money due up front before the boat is officially yours.

Are you moving forward with the purchase of a new boat? The team at Boat Country is available to help you find the best option and walk you through financing options. Our dealership, located in Everett, Washington, serves Snohomish and Marysville, Washington.