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Summary: If a prospective speed boat buyer doesn't have the cash, they may want to think about financing the boat. Learn about financing speed boats and loans in this free boating video from a speed boat salesman.
"Boat financing is something that we do offer as a dealership and in the marine industry. It's something you want to look into if you're just not looking for a cash purchase. Typically the loans, anywhere from twenty-five to fifty thousand dollars finance, they're going to offer you a fifteen year loan. If you go from fifty to a hundred thousand dollars, they'll offer you a twenty year loan. If you go up from two hundred to three hundred thousand dollars on up, they might offer you a thirty year loan. If you go down from twenty-five thousand dollars, you're going to find anywhere from an eight to twelve year loan. So the higher volume and price range you finance, the longer-term you're going to be able to go. Interest rates on a boat is definitely going to be a little higher than car or a house, and the reason why that is, is because any time you have something that you don't need or necessary like an automobile is a necessity, a house is a necessity, a boat, an RV, a motorcycle, their rates are a little higher because it's something that you don't need every day. Typically with good credit nowadays we're finding customers getting anywhere from seven and a half to eight percent rates on financing."
eHow Article: Financing Speed Boats