Research boat financing and boat loans, and you’ll discover that financing a boat is faster and easier than many people think. Buying the world-class aluminum boat manufacturers in Canada isn’t nearly as difficult as one might guess, and arranging boat financing is usually not very different from financing a new car.
To finance a boat, you can go in one of three directions:
- Arrange financing through your boat dealer.
- Get a loan from your bank.
- Take out a loan with a lender specializing in marine financing.
- Most people simply work through their boat dealer, since dealers have plenty of experience setting up boat loans. Plus, it’s in the dealers’ interest to make sure the process is smooth, fast, and painless. Still, some other buyers will opt for financing the boat by taking out a home equity line, second mortgage, or a personal loan from their bank.
This can lead to a lower interest rate but the downside to this option is that it can also add paperwork and make the transaction a bit more complex. It may be worth considering, however, because you might also enjoy some tax benefits by structuring the deal this way.