Boat financing makes boating more accessible, i.e. why most boat buyers lookout for a loan from marine financing company with the boat itself as the collateral. With this, you can retain your cash and in some situations get your interest expense deducted on the boat loan. Ensure that you check the latter with your CPA (Certified Public Accountant) before you buy the boat.
In boat financing, your dealer works out the math with financing specialists and guides you through each and every step of the financing process.
Marine lenders often offer:
- Competitive terms,
- Fast credit decisions, and
- Trade-in offers because boat loans are at the heart of their business.
Most of them even allow tax and marine accessories to be included in the loan amount.
If your boat has a berth, head, and galley, thereby qualifying it as a second home for you as per the tax laws, then you can get a tax deduction. Do cross-check with your CPA, whether your boat falls under this category or not.
- Once you decide to buy a boat do conduct a comparison among them for better offers
The loan repayment term can extend up to 20 years, with down payments that are between 15 to 20% in most situations, but yes they can vary depending on the boat and loan amount.
Your boat dealer can help you get a better deal when it comes to selecting the best lender depending on your personal financial situation and the boat model you are buying.
In case, you want to know more about Do’s and Don’ts, of Boat Financing, visit your neighborhood Finance Company that issues such loans or a whole lot of companies are out there on the internet selling these boat loans and alongside, explaining to you their offerings in detail for better compliance.