Financing Tips for Boaters

While financing is the most common way to purchase a boat, it isn’t always an easy process. There’s quite a bit of prep involved in the process, and it’s easy for buyers to get lost in all of the professional jargon and buzzwords. For helpful tips on how to prepare for your upcoming boat loan feel free to read through our article below, or visit us here in Pasadena, Maryland to speak with one of our expert staff.

Raise Your Credit Score

If you’re interested in applying for financing, the first thing you’ll need to do is take a good look at your finances. Your credit score will have a big impact on your loan rates and approval odds, and it’s not unlikely your application will be denied if your score is below 650. Before you start filling out forms, take a month or so to build up your credit to help improve your chances.

Set a Budget

Just because you’re financing your boat doesn’t mean you won’t have to set a budget. It’s important to note exactly what you can afford in monthly payments to be sure your loan doesn’t exceed your income. Without a pre-set budget, it’s easy to overspend, resulting in missed payments or even repossession.

Research Your Lenders

Not all lenders are created equally, and it’s very likely that some may offer you much better rates than others. Before you decide to apply with a lender we strongly advise researching them beforehand. Once you have a few favorites in mind, you can apply with multiple lenders, then directly compare their offers in order to choose the best one.

If you’re located nearby in Annapolis, Maryland we encourage you to visit us here at PYY Marine for all of your boating needs. Not only do we offer helpful financing options, but a wide variety of boats for sale, as well as helpful accessories and gear!