How long can you finance a boat for?


Occasionally here at the Wealthy Idiots, we delve into the sorrows of the more questionable purchases within the personal finance realm. In today’s episode, we’ll cover boats. And even more specifically, how long you can finance them for. So if you’ve ever wondered how long you can finance a boat for and are possibly in the market in 2023 or beyond, look no further as we have the answer!

Where to obtain boat financing

According to Consumer Affairs, the best boat financing for 2023 is offered through Lightstream, Mountain America Credit Union, OneMain Financial, Trident Funding, and SeaDream. Note that this list isn’t all inclusive, as nearly every bank and credit union offer some type of boat loan. We recommend checking with your preferred institution to try and get the best rate and terms available. It’s worth noting that OneMain Financial has terrible interest rates, so proceed with caution on that front.

Length of financing for your boat purchase

Based on our review of the five lenders mentioned above, the loan terms range anywhere from 1 to 300 months! 300 months is 25 years. This is nearly the same term as your traditional home mortgage in America. Crazy. So if you’re trying to buy the wife that luxury yacht she’s always wanted, you might be able to finance it over a period of 25 years, making an otherwise unaffordable purchase affordable. Now, as shown in the chart below, you will want to keep an eye on the ever-rising interest rate environment that could make your payment a little more than bargained for!

Where to get started

Before doing anything, you’ll need to assess your goals with boating and identify the type of boat that will suit you best. Once you do this, you can then begin formulating a budget and start identifying some lenders that may meet your borrowing goals. Once all of this is complete, it’s time to start shopping. Go get on the water and enjoy some sea trials!

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