Boat loan calculator:

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When I first started selling boats, fresh off the farm in a town of 964 people, I couldn’t help but look around and wander just how in the world so many people could afford such expensive boats!
Well, that was all before I learned the 4 MOST COMMON ways watercraft are financed.
VERY IMPORTANT though, boat financing, period, falls into the recreational lending category.
Recreational lending is for things that are in fact, recreational! Lending guidelines are far more open on things they feel you need such as automotive loans and mortgages. Speaking of a mortgage, the process is much different than a boat and is more like buying a car. You find the boat of your dreams first, fill out a credit application, and you’ll find out what is available for you.
So really, STEP 1 so-to-speak, is to go ahead and find the boat of your dreams and let’s dive in:

Back to the point at hand, as mentioned there are 4 most common ways boats are financed, the most popular is Marine Lending which we will start with first and discuss why it is the most effective option for you. Then we will discuss the good, bad, and ugly in regards to the other 3 options.
#1.) Marine Lending: there are 3 key reasons why roughly 95% of my customers go this route.
1.) Competitive rates: age of the boat, purchase price, and credit score will affect the actual finance rate, but a general rule of thumb to give you an idea is 1.5% over prime. At the time of making this video, prime is 5%, so rates right now are around 6.5%. Now, these rates, combined with
2.) Which is longer terms options, will make for a fairly reasonable payment. Common terms are 120, 244, 180, and sometimes even up to 240 months!
Sure, that is a long time but look at it this way: very rarely is there any type of payoff penalty and you can always pay more than your minimum payment. This flexibility allows you an affordable monthly arrangement if an unforeseen expense occurs in your life. One of the old-timers I learned very little good from did say something that makes since a long time ago- make a down payment, make small monthly payments, stay up on service, and just hope to break even when its over.
3.) Having a single point of contact, whom has a dedicated position to assist you with your financing objective, should hold considerable value. Most every dealership in the country will (and if not- SHOULD HAVE a finance person) in house. Their sole job is to help you with options that will fit within your comfort zone. You will be able to communicate directly with them via email, phone, and in person.
With all this information in mind, I’ve included a link to a free online boat payment calculator in the description below. Before plugging away at numbers though, lets quickly touch on a few more details to be aware of such as credit score.
This is one of the uncomfortable subjects some viewers will take offense to. We have to discuss it though and I can’t share false expectations so please don’t take it personally. That being said, marine lenders have programs for average and above credit score ranges, assuming your debt ratio (on paper) is below 45% roughly. Also, you absolutely can not have had a bankruptcy in the last 10 years or a marine lender will return an automatic rejection, an there is nothing I can do about that.
Now, if your credit score is 720 and over, the best of whatever finance package available at the time, will be offered to you. During fall and winter there are also programs available to defer payments for 90 days, which puts your payments out past Christmas. HINT HINT (CALL ME NOW TO BUY ONE)
Last thing before pounding on the payment calculator and shopping away. Marine lenders will require a down payment of 10-15% roughly at the time of purchase. They do not want you to be in a negative equity position when its time to sell or trade. Some people get really put off by this, but remember, it’s way better to take care of it up front than on the backend.
A Quick Bit of Bonus Info to Share With You:
I will make an entire video specifically about insurance soon, but since we’ve been discussing lending and expensive, you know the average standard cost for boat insurance is 1.5% of the boats value annually, thus, is very reasonable.

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Our website: www.HeartlandMarineBoats.com
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