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General Information
Home » Boating » Boat Loans » General InformationAs you might expect, boat loans are fairly conventional and similar to loans you may take out for other high ticket items. As when purchasing an automobile or a home, it is best to have a down payment when taking a boat loan. In fact, many lenders will require you to have a down payment. Their requirements differ, but most lenders will require that you have a down payment of 10% to 15% of the total purchase price before taking a loan. Some lenders will allow you to borrow the entire purchase price of the boat, but they will charge you a much higher interest rate than they would if you had a down payment. Speaking in general terms, the larger your down payment is, the lower your interest rate will be. Also, the more expensive the boat you are considering is, the lower interest rate you will be offered. They will try to entice you to purchase a more expensive boat than you may be able to afford by offering this perk. Don’t be fooled into making an unwise decision and purchasing more boat than you can afford!
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