Boat Buying Tips

5 Questions to Ask When Financing a Boat Infographic

What Questions Should You Ask When Financing A Boat?

When financing a boat, there are many things to consider. What type of boat do you want? How much can you afford to spend? What will the monthly payments be? These are all important questions that need to be answered before signing any paperwork. At Diverse Offerings Financial, we understand that boat financing can be confusing. That's why we have created this helpful guide to answer some of the most common questions people have about boat loans. Keep reading for more information!

Two people have a picnic on a boat

Why Do You Want a Boat?

Before financing a boat, it is important to ask yourself why you want one. Do you want a boat for fishing? Relaxing? Water sports? There are many different types of boats on the market, so it is important to know what you will be using it for. This will help you narrow down your options and make the financing process much easier.

birds-eye view of boat

What Type of Boat Are You Looking For?

There are many different types of boats on the market, from small fishing boats to large yachts. The type of boat you choose will affect the price, so it's important to have an idea of what you're looking for before starting the financing process. If you're not sure what type of boat you want, our team can help you figure it out.

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How Much Can You Afford?

The next question to consider is how much you can afford to spend on a boat. This includes the purchase price, taxes, and fees associated with boat ownership. It's important to create a budget before starting the financing process so you know how much you can realistically afford to spend.

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What Are the Monthly Payments?

Once you know how much you can afford to spend on a boat, you'll need to find out what the monthly payments will be. This is important to consider because it will affect your budget. The monthly payments will be based on the purchase price of the boat, the interest rate, and the term of the loan.

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How Much Should You Put Down?

The amount you put down on a boat loan will affect your monthly payments and the total cost of the loan. A higher down payment will lower your monthly payments, but it will also increase the total cost of the loan. The best way to determine how much you should put down is to speak with one of our boat financing experts.

What Is the Interest Rate?

The interest rate is the amount of money you will be charged for borrowing the money to purchase the boat. The interest rate will affect your monthly payments and the total cost of the loan. It's important to shop around for the best interest rate before financing a boat.

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What Is the Loan Term?

The loan term is the length of time you have to repay the loan. The term can range from 24 months to 240 months. The longer the term, the lower the monthly payments will be. However, the total cost of the loan will be higher with a longer term.

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What Are Your Options?

At Diverse Offerings Financial, we offer a variety of boat financing options to meet your needs. We have boat loans for both new and used boats, and we offer competitive interest rates. We also have a team of boat financing experts who are ready to answer any questions you may have.

Marine Financing FAQs

What could prevent me from getting the loan for my boat?

While there's no need for good credit or any credit at all, those with credit scores above 700 may be preferred. We should be able to work out a financing plan for you if your credit score is below that, however.

What documents will I need to provide?

In order to complete the marine financing process, you will need to complete a credit application, photo identification (driver's license or passport), and Purchase agreement or bill of sale for the boat you intend to purchase is helpful. If you intend to finance over $150,000.00 a common requirement would include a full proof of income.

What is an acceptable down payment?

Down payment requirements are normally around 20%, but can be as low as 10% depending on credit score, and other factors pertinent to the boat transaction.

How long does marine financing last?

The maximum term for boat loans is 20 years or 240 months on an amount financed of $50,000 and above. There are also short-term loans options available at 10, 12, and 15 years.

For more information on our marine financing services, contact us today. We would be happy to answer any questions you have and help you get started on the process of financing your new or used boat. With our competitive rates and terms at Diverse Offerings, it has never been easier or more affordable to own a marine vehicle.

Finance Your Dream Boat With Diverse Offerings Finance Today!

Now that you know what to consider when financing a boat, it's time to get started. Our team at Diverse Offerings Financial is here to help you every step of the way. We offer a variety of boat financing options and our experts are always available to answer your questions.

Contact us today to get started!