You’ve found the perfect boat, and you’re ready to make it yours! But the big question is: Will you buy it outright or choose to finance it? At 50 North Yachts, we not only help you find the boat of your dreams, but we also facilitate boat financing options to make ownership more accessible.
How Does Boat Financing Work?
Boat financing is similar to an auto loan. A bank provides the funds to purchase the boat, and you repay the loan over time, in many cases up to 20 years with interest. Key factors that impact your loan terms include:
- Credit score: Lenders assess your credit score to determine your creditworthiness when applying for a boat loan. A higher score (usually above 700) will help secure better loan terms and interest rates.
- Debt-to-Income Ratio (DTI): This measures the proportion of your monthly debt payments compared to your total gross monthly income. Banks want to ensure that you have the financial capacity to handle a boat loan in addition to your existing obligations.
- Loan Amount and Boat Type: The loan amount and the type, age, and condition of boat (new vs. used) can also influence the boat loan approval. Banks are more willing to finance new or relatively new boats that hold their value better than older ones.
At 50 North Yachts, we give you the tools to help make the financing process simple! Check out the new financing tool on our website , which allows you to get pre-qualified in just minutes—without affecting your credit score.
What You Need to Know Before Applying for Boat Financing
To get started with your boat loan, you’ll need the following information:
- Credit score
- Desired loan amount
- Boat details along with your residence, employer, and financial information
Quick, Easy, and Flexible Financing Options
The financing tool gives you access to top loan offers, helping you find the perfect fit for your needs.
At 50 North Yachts, we’re committed to making the boat-buying process as seamless as possible. With our wide range of services—from boat sales to yacht management and financing tools —we’re here to help you every step of the way.
Start your boat financing journey today by visiting 50 North Yachts Financing Resource Page. Let’s make your dream of owning a boat a reality!