Tips for Financing Your New Boat

Financing a big purchase isn’t always easy. It takes some time to prep your finances and to find the right lender and loan. To help make this process just a little easier we here at Nisswa Marine have written up this guide to help you! Once you’ve got everything in order stop by our location in Nisswa, Minnesota to start browsing for your new boat.

Budget

The first thing you want to do when financing a boat is set a budget. Consider how long you’re willing to pay off a loan and what you can afford to put toward monthly payments. An easy way to do this is to subtract your monthly expenses from your monthly income and separate what’s left over into 3 categories. Spending money, emergency savings, and finally, your monthly boat payment. 

Finances

If you’re worried about high-interest rates or want to be able to pay off your loan fairly quickly, you’ll want to organize your finances beforehand. Your interest rates, or APR, will be based on your income, credit score, and the amount of debt you have. If your credit score is below 650 we advise taking some time to raise it. An easy way to do this is to regularly pay off credit cards and other monthly bills on time, as well as work on paying off any debts you may have. 

Apply

A great way to find the best loan available to you is to apply with multiple lenders. Lenders typically consist of banks, credit unions, online institutions, and dealerships. Just be careful, as you put in applications with your preferred lenders, to keep your submissions below 5 or they may negatively impact your credit. 

While financing your boat isn’t a simple process, it’s one of the easiest ways to get the ship of your dreams without breaking the bank! If you’re still looking for your dream boat, feel free to stop by Nisswa Marine. We proudly serve the nearby cities of Minneapolis and St. Cloud, Minnesota, and even offer helpful financing services.