Did you know that 80% of exhibitors and boat dealers in this year’s Toronto Boat Show anticipate a shortage of inventory in the near future? The recent pandemic sparked a demand for boats of all kinds. If you have been thinking about getting a boat, now is the time. Many people hesitate to make this purchase because of financing, but there are solutions you can turn to. To get boat finance in Ontario that works for you, read on.
Boat Finance in Ontario via Bank Loans
Financing a boat via bank is similar to the process of financing a car. You have to get approved first, which can depend on numerous factors. Your credit score is a big component of approval, but do not despair if it is lower than you would prefer.
A lower credit does not mean that you cannot get a loan, but it does mean that your interest rates will be higher and that you will end up paying more for the boat in the long run. There are tips that can help you raise your credit score.
Once you are approved for the bank loan, the bank may send the money directly to the dealer or may even give you a check. In this instance, the boat is the loan’s collateral.
Consider Marine Dealership Financing
Another option for boat financing in Ontario is to go to the dealership and apply for the loan there. The dealer will be able to give you all of the details of the process, though you will have to depend on your credit for this, too.
Marine financing is a large industry and there are qualified lenders listed in national databases you can turn to. If you are not sure which one to choose, you can request a recommendation right from the dealership. It is important to take time to check out the lenders and see what their ratings are.
As with a bank loan, a loan through the dealership will require the boat as collateral.
Personal Loans and Online Lenders
The third of the Ontario boat financing options is to go for a personal loan through an online lender. With these loans, the interest rates can vary and it does not always depend on your credit score.
The interest loans for an unsecured loan will be higher, with shorter repayment times, but this is because you will not have the boat as collateral.
Of all of the options for boat financing in Ontario, this is the only one that will not end with the boat getting repossessed if you miss payments. Do keep in mind, however, that missed payments will still impact your credit score.
Buy the Boat You Want
Join the surge of people getting the boats they have always dreamed of owning.
Get approved today from a leading expert in boat finance in Ontario.