How Long Can You Finance a Used Boat?
Other People Are Reading
-
Used Boat Loan Terms Are Usually Shorter
-
Conventional new boat loans usually run for a term of seven to 20 years, depending on the lender. Typically, used boat loan terms are for a shorter period (seven to 10 years is common), depending on your credit rating and the value and condition of the boat.
-
Some Online Lenders Offer Longer Terms
-
Many online creditors are willing to offer longer loan terms for boats. Some offer loans for up to 30 years, even on used boats. Blue Water Finance, a national marine lender, works with a large network of lenders. EBoatLoans is another online boat and marine loan specialist that promises good terms.
Bottom Line
-
Explore your finance options in the used boat market. While you may find favorable terms through an online lender, there is a higher risk of fraud, so check the reputation of any online provider. If you have good credit and can get acceptable terms from a reputable lender, this is your safest option.
References
Resources
- Photo Credit boat image by pearlguy from Fotolia.com
