Tips on Financing a New Boat

Looking to finance a boat? While the process may seem intimidating at first, there’s no need to panic. Check out our helpful tips below to learn the basics of boat financing and how to get started, then visit us here at Tommy's Boats to start filling out your application or receive the helpful advice of one of our financing experts.

Set a Budget 

While financing a boat can give you a bit of wiggle room in your budget, that doesn’t mean you should walk onto the dealership lot and buy the most expensive model you see. Instead, try to set a loose budget for your upcoming purchase by subtracting your monthly income from your regular expenses to see what you can afford toward monthly loan payments. 

Loan Type

While all boat financing will fall under a personal loan, you may be offered the choice between a secured or unsecured loan. Secured loans are typically easier to qualify for and have better interest rates, but will have you put up your new model as collateral if you miss too many payments. Unsecured loans won’t require any sort of collateral but will have slightly higher interest rates and require you to have a higher credit score.

If you’re located in the states of California or Michigan, we want to encourage you to stop by Tommy's Boats for all of your boating needs! On top of our amazing financing services, we also offer an impressive selection of new and used boats for you to browse through, and offer a number of convenient locations all over the U.S.