Buying Your Dream Boat: What Are Your Financing Options?


No matter what the reason might be for you to be considering buying a boat, it’s a decision that’s usually met with a sense of achievement and happiness. Trips to the harbor or out to the sea with your loved ones are some of the best memories that one can have in life. However, it must be said that buying a boat is one of the most challenging financial decisions there can be for most individuals. If you’re someone who falls in that boat – pun intended – you must make every possible effort to ensure that you’re financing your dream boat in the most affordable way possible. We’ll be taking a look at some of the financing options that you should consider as someone planning to purchase their dreamboat.

Finance Through A Dealer

One of the options you will have available to you is to obtain financing through the help of a specialist dealer like Credit One boat financing. Not only is it a process that ensures financial flexibility for you, but it’s also one that is quite easy to pull off too. How this works is that dealers act as middlemen between the boat dealership and you, helping you, the buyer, connect with them, the sellers, who are ready to offer their financing services. This option usually ends in a win-win situation for both the dealer involved in ensuring that the deal smoothly goes through and yourself, the beneficiary. The dealer gets a part of the sale value in the form of a commission while you enjoy the hassle-free process of purchasing boats for sale in the UK.

If you’re willing to spend some extra time researching a considerable number of dealers in your area and negotiate with them, it’s likely that you will find a great deal with an interest payment that’s quite easy to adjust in your financial schedule. Buying a boat is a significant and pretty expensive decision. Maybe you should first rent a boat Toronto for a week, like the one you want to purchase, and try it out and then make a decision.

Credit Unions and Banks

Many people somehow fall victim to the false notion that credit unions, for some odd reason, have stopped offering boat loans. This, however, could not be any farther from the truth.

In order to scope out the best deals in terms of the lowest interest rates, it is recommended that you speak with other banks and financial institutions apart from your own bank and evaluate which option gives you the most favorable terms. However, there are some rules and regulations that your or any other bank would hold you liable against if you fail to adhere to their terms. Getting a bank involved if you’re looking for the cheapest boat finance options and feel that you’re not the best with numbers and need a professional and reliable outlook on the matter. If you ever find yourself in a situation where you’ve missed one of the installments that you owed to the bank, you can expect to be in a lot of trouble. Missed payments result in higher rates of interest, meaning even higher payments. Such a hefty monthly financial commitment can prove to be very taxing on your overall financial condition, resulting in the boat eventually costing you a lot more than if you had paid for it outright.

Consider A Marine Financing Option

If you, like many of us, haven’t always made the best financial decisions in life, it’s somewhat probable that your credit score isn’t great. This is not something you necessarily need to worry about.

Going for a marine financing option can allow you to obtain a boat loan even if your credit score is relatively low. There are plenty of marine lenders that accept candidates that have a FICO score lower than 700. This is the absolute lowest limit a bank or a credit union would allow as criteria to be considered for a boat financing option. Anything lower than that and you will have to go with the marine finance route. This isn’t at all a bad thing though. Marine lenders tend to be a lot more lenient with their terms if you draw a comparison with other types of lenders. The cherry on the cake is the fact that they often offer a flexible loan structure with lower than average interest rates. If you still feel that the interest rates are high then you can go for party boat rental and also can go on a memorable boat trip with friends and family.


Nowadays, we live in a world where opportunities can exist in unexpected places; by taking informed risks, you can truly live out your marine dreams one day. All you need to do is make an accurate assessment of what your current financial situation looks like and start planning from there. Wherever you lie on the scale, there are bound to be suitable options you can consider relative to your circumstances and financial position. Making the correct choice, however, could prove to be critical and one incorrect decision has the capacity to land you in quite an unfavorable position, so be careful and ask for advice before making big decisions.

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The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.