How many years can you finance a boat?

How many years can you finance a boat?

FAQ
As with house mortgages, boat financing length varies from lender to lender but there are some constants within the market to consider. With any boat purchase, it is important to remember depreciation costs as well as your interest rate. Typical boat loan length: 7-10 years Wait! You might say...I know plenty of people with 15, 20, and even 30 year boat loans! Yes, these do exist but the smartest move you can make when purchasing a boat, especially new, is to go with a shorter loan so you stay above water on your vessel. You can generally find VERY competitive loan rates when shopping for shorter loans which will keep monthly payments down and have you owning that dream boat without breaking the bank. For a more in-depth guide to understanding boat…
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How long can you get a boat loan for?

How long can you get a boat loan for?

Uncategorized
This is one of the most common questions asked when it comes to boat financing. The truthful answer? It depends! However, by comparing multiple lender options...it can become clear how long of a loan you will be able to obtain. Average Length of Boat Loans While you can technically obtain a boat loan anywhere from 12 months to 20+ years depending on the lender...the average boat loan is between 2-15 years. Boat loans, unlike home loans, are typically going to be less than $100,000 which means the payoff period will be shorter than say a 30 year mortgage. However, you can still get a great rate below 4% with great credit and can hit the water sooner than you thought possible! The rule of thumb when obtaining a boat loan is the…
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