Boat Financing Tips

If you are ready to purchase a boat but aren’t sure what you need to know before you start your search, then check out some of these tips! You’ll be sure to find your perfect boat in no time.

Lending Options

There are a lot of lending options available but some will work better for you than others. Financial institutions like banks and credit unions are common options, particularly if you’re already a member there. Credit unions in particular tend to offer high loan amounts at lower interest rates. Some dealerships like us also have boat financing options, and you can consult with our financial experts to get all your boat financing questions answered.

Boat Models

There are a ton of different boat options out there and it’s important to know what you want. Consider where you’ll be taking your boat, how often you’ll go boating, and how many passengers you’ll have along for the ride. These are all important considerations that will help you decide what model is right for you, as well as the various features it will need to have. One of the most common buyer mistakes is overspending on a model that has too many unnecessary features.  Don’t forget to look up reviews for both the marine dealership and the boat model you’re considering purchasing. 

Budget

Once you know what type of boat you’re interested in and you know which lending option you would like to work with, you can begin to create a budget.  During this step, it’s important to be completely honest with yourself and realistic about what you’d like to spend.  While creating your budget, remember to include additional costs like insurance, accessories, and maintenance. 

Factoring in these costs will help you manage ownership costs more effectively after the initial purchase! Setting a budget for your purchase will help you narrow down your search, but it also helps you avoid falling for a model outside of your price range. Be strict with your boat financing budget once you make it!

Are you ready to purchase a boat? Then visit the team at German Brothers Marina in Canandaigua, New York. We proudly serve those in Rochester, Syracuse, and surrounding areas.