Quick Answer: How Long Can I Finance A Pontoon Boat?

How many months can you finance a boat for?

While you can technically obtain a boat loan anywhere from 12 months to 20+ years depending on the lender…the average boat loan is between 2-15 years.

Boat loans, unlike home loans, are typically going to be less than $100,000 which means the payoff period will be shorter than say a 30 year mortgage..

Is it hard to finance a boat?

There are quite few factors that determine whether it will be hard to get a boat loan, however in the current boating and financial markets, securing one has never been easier. With solid credit and a boats under $100,000, it can be incredibly easy to secure a lender including many same-day options.

What is the average interest rate on a boat loan?

Boat Loan Interest RatesLoan AmountRateTerm$25,000 – $58,3006.86%Up to 15 years$58,301 – $74,9995.49%Up to 15 years$75,000 – $499,9994.49%Up to 20 years$500,000 +4.74%Up to 20 years1 more row

Where can I get a used boat loan?

You can take out a used boat loan from banks like U.S. Bank and Wells Fargo. With U.S. Bank, you may be able to land an interest rate as low as 5.74% (as of August 30, 2019), while Wells Fargo gives interest rate discounts to those who have qualifying checking accounts and sign up for AutoPay.

How long will Bass Pro finance a boat?

Know the payoff terms. Typically, lenders will reserve the longer terms of 180 or 240 months for boat loans of $25,000 or more. Longer terms mean lower monthly payments for any given purchase price.

How much should I pay for a pontoon boat?

Brand new pontoon boats cost between $18,000 and $60,000, depending on size, engine, features, and build quality. The most popular pontoon boats on the water cost about $35,000 new for a 22′ boat with a 90 or 115hp engine.

How many years is a typical boat loan?

So, to recap, typical boat loans range from 5 – 20 years. Some other benefits of using a boat loan include not tying up your cash or pulling money out of investments.

Who has the best boat financing?

SunTrustBest for High-Value Boats: SunTrust Winning our pick for the best high-value boat loans is SunTrust, which offers financing up to $4 million for as long as 240 months, with interest rates starting at only 4.74% APR.

How much is a boat per month?

The annual tab for upkeep, including insurance, winter storage, and maintenance comes to $4,300. That’s $358 per month. Neither of these estimates include taxes, registration, and mooring or dock fees so the real cost of owning a boat is even higher.

Should I finance a boat?

Some lenders offer lower interest rates for higher down payments. Why financing your boat makes sense. – Financing can make boating more accessible, which is why the majority of boat buyers seek a loan from a marine financing company using the boat itself as collateral.

Does Capital One do boat loans?

Capital One will work with you to find the best loan structure and type of financing that is most appropriate for your business. … Their services include lines of credit, term loans, finance leases, and ABL facilities. You can choose to get the boat on a lease and finance it with a loan.

What do I need to know before buying a pontoon boat?

When shopping for a used boat make sure to inspect:The Hull: The most important thing on any boat is the hull. … Pontoon Tubes: You will want to make sure your pontoon tubes are straight. … The Engine: The engine is very important when it comes to buying a boat. … Interior:

How much is a cheap pontoon boat?

Most used pontoons can range from as cheap as $5,000.00 to as expensive as hundreds of thousands of dollars.

Do boat loans require down payment?

You can get a boat loan from banks, credit unions or online lenders. The application process is typically fast, and approval is largely based on your credit score and ability to repay. While some lenders require the loan to be secured by the boat, they don’t require a down payment.

Are boat shows the best time to buy?

WINTER, AKA BOAT SHOW SEASON The winter might seem like an odd time to buy a boat, but many people feel that this is the absolute best time. … Even dealers in warm climates are trying to sell their year-end inventory, so there is usually a chance for a quality deal even if there is no off-season for boating.

How much is a monthly payment on a boat?

Boat Loan Payment Calculator. Believe it or not, boating can be more affordable than you think! In some instances, you can buy a brand new boat for around $250 a month, while a new personal watercraft (PWC) may be purchased for around $125 a month.

Can I get a boat loan with a 550 credit score?

Boat lenders typically look for higher credit scores because they are considered luxury items, not necessities like a home or even a car. “Bad” credit for a boat loan may be around 550.

Can you finance an older boat?

It’s possible to finance a charter boat, but there are specialty lenders and rules for this process. Since over 85 percent of boats sold in the U.S. are pre-owned, it’s good that used boats can be financed too. … Some lenders may finance a boat that is up to 20 or 30 years old.

How many years can you finance a pontoon boat?

An average loan term is going to range from eight to 12 years, and a long loan term is going to be 12 to 15 years. Here’s why boat buying comes with longer loan terms.

What are typical boat loan terms?

Types of boat loans Term length is usually 15 to 20 years; for example, if you have a loan in the $25,000 range, you may be able to finance it for 15 years. Higher loan amounts often equate to longer boat loan terms. Keep in mind that a down payment is typically 15-20% and is required by many lenders.

Is a pontoon boat a good investment?

With any big purchase, buyers want to know they’re making a good investment. A “good investment” can mean a lot of things, though. … That perfectly describes a pontoon boat investment. You probably won’t be able to sell one for more than you paid for it, but you will get your money’s worth.