Whether you’re thinking about buying your first boat or you’re upgrading to something bigger and better, you’ll want to explore the various boat financing options available to you. Whether you’re buying a new or used model, we’re confident that we can help you find the right loan for your needs. You’ll be happy to know that we offer some of the best boat financing options in the South, which includes highly competitive rates and terms. Read on for more information.
The Basics
There are different loans available depending on your needs. Let’s start with some of the basis. A boat loan is a type of installment loan, which requires fixed monthly payments. These loans usually last several years. The total interest you pay depends on a few key factors, including your credit score, income, the type of loan, the amount of the loan, and the lender.
As far as the type of loan, you’ll be looking at either a secured loan or an unsecured loan. A secured loan uses the boat you’re buying as collateral. If you fail to pay back the loan and default on your payments, your boat may be repossessed. Secured loans often have lower interest rates, higher limits, and longer repayment terms. If you’re seeking a large amount of money upfront or you don’t qualify for an unsecured loan, this is a great option.
An unsecured loan, on the other hand, does not require collateral. With that said, they usually have higher rates and shorter terms. Your new boat won’t be listed as collateral for the loan, so repossession won’t be the immediate result if you default on your unsecured loan. However, you’d be at risk of lawsuits, a major plunge in your credit score, and wage garnishment.
Boat Financing in Marrero, LA
When you’re looking for a boat loan to purchase your new vessel, the team at The Boat Yard would be glad to assist you. We offer 20-year boat loans depending on the amount financed. We know that finding the right loan can be stressful, so let us make the process smooth and easy for you.
Complete our online application and take the first step toward boat ownership. Your personal data is always safe and secure when you work with our highly experienced staff. We do more than buy and sell used boats at our dealership. We also help you find the right boat financing option for your needs without any hassle.
If you have any additional questions about financing at The Boat Yard in Marrero, LA, we’ve got you covered. Give us a call or stop in and see us today! We also serve those in New Orleans.
