Canada is home to some of the best fishing on the planet. But with more than three million active anglers across the country, it can seem difficult to escape the crowds at popular fishing spots.
That’s why dedicated anglers buy boats. Getting out into open water not only provides you with solitude while fishing, but it allows you to fish where bigger schools are located, increasing your chances of limiting out or catching a new personal best.
Buying a boat isn’t right for everyone, though. Most people don’t have tens of thousands of dollars in their savings account, so they opt for boat financing instead.
Financing a boat isn’t difficult, but it isn’t right for everyone. Keep reading below to learn all about boat financing today.
1. Can You Get Financing for a Boat?
The short answer is yes, you can finance the purchase of a boat. Boat loans are very similar to auto loans, or a loan you might get on an RV or a motorcycle.
Wondering how to get financing for a boat? There are many factors to consider when applying for a boat loan.
You’ll need consistent employment history to qualify. You’ll also want to make sure your debt to income ratio (DTI) is under control, to prove to lenders that you’ll be able to make your monthly payments.
While you can find lenders who will finance 100% of the purchase, most will require a down payment between 10% and 20%.
If you can check those simple boxes, then you can apply for a boat loan today to see if you qualify.
2. Know Your Boat
Before applying for financing, you should know what type of boat you plan to purchase, and how much you are hoping to pay.
There are many different types of boats that come in vastly different price ranges. Are you looking for a general fishing boat or a specialised bass boat with all the bells and whistles?
Do you just need something to cruise around on the local lake with, or will you be deep-sea fishing? Knowing this information can make it easier to apply for the right kind of loan.
3. New or Used?
Everyone wants a brand-new boat. But those come at a premium.
Buying a used boat can be a great idea, especially for new boat owners. and yes, you can get financing for used boats, though the lender may have requirements that the boat needs to meet.
Buying used can be tricky, as title research is often required to ensure there aren’t any other liens on the vessel.
4. Understand Boat Expenses
Boats aren’t a one-time purchase. Using, maintaining, and storing a boat comes with ongoing costs that you need to prepare for.
Before applying for a loan, you’ll want to know where you plan to store the boat when not in use. Will you keep it at home, docked at a marina, or in a paid storage facility?
Next, know that there may be sales tax you need to pay, registration expenses, regular maintenance, and of course, fuel.
5. Choose a Specialised Marine Lender
When you are ready to apply for a boat loan, make sure to work with a lender that specialises in boat loans. You don’t want to go to your local bank and get a personal loan, as the terms won’t be favourable for your purpose.
Instead, choose a lender like All Pro Financing which specialises in boat loans, providing you with the most flexible terms and easiest approval process.
Start Financing a Boat Today
If you can get a car loan, then you can most likely get a boat loan. Financing a boat is easier than ever before, and with the right lender, you can be on the water in no time.
Apply with All Pro Financing to see if we can help you buy your dream boat now.