What credit score do I need to finance a boat?

There are three basic steps to follow to get a boat loan:

Identify and price the exact boat you want.
Identify and price the boat insurance you need.
Initiate the purchase.

When you get your boat loan, just what will the payments be? To get a good idea of how the monthly expense for different loans will shake out, use our boat capacity calculator NSW.

Of course, there are some other variables that can come into play. Credit scores, debt ratios, and net worth may all be considered by the lender, more or less depending on your personal circumstances and the size and term of the loan. However, there are a few generalities that hold true for the vast majority of boat loans:

Interest rates generally go down as the loan amount goes up.
Interest rates generally go down as the term of the loan goes down.
Higher loan amounts can usually be stretched over longer periods of time. In most cases, boat loans range from four to 20 years.
Usually, the lender will be basing a boat loan on a 10- to 20-percent down payment. That said, there are some no-money-down deals out there.
Often, you can roll the expenses of accessories like electronics, trailers, and even extended warranties into a boat loan. Just be sure to pick out the complete package you want, ahead of time.