Is it hard to get financed for a boat?
Fact #1: Getting a boat loan is harder than getting an auto loan, but easier than getting a mortgage. Yes, securing a favorable boat loan can be tricky, and it’s certainly not as easy as financing a car purchase at your local bank or credit union.
Can you borrow money to buy a boat?
Taking out a boat loan could be a great way to finance your boat purchase without breaking the bank. There are several things to consider before choosing a boat loan lender, including loan terms, interest rates, and eligibility criteria. Your credit score will play a major role in determining the terms you qualify for.
How long can you mortgage a boat?
Boat loan terms, unlike car loan terms, can stretch up to 20 years, nearly as long as a home mortgage.