Fishing boats for saltwater, freshwater, or sports fishing often have a hefty price tag, so many turn to boat loans to help with financing. From cuddy cabins to bass boats: here’s what to consider to get the best loan depending on your fishing boat.
Cuddy Cabin Boats
Cuddy cabin boats are a relatively low-cost option among fishing boats, so there are many types of loans you can use to finance them. Whereas larger boats may require down payments and specialty loans, you may want to consider a personal loan for fast approval and flexible financing. On the other hand, secured loans for cuddy cabin boats will likely offer lower interest rates, making them among the most cost-effective options for getting a no-frills fishing boat.
Flybridge Sportfishing Boats
Flybridge sportfishing boats tend to cost more than other offshore boats. While this bumps up the total cost of your loan, it also may prompt lenders to require a down payment to finance them. The amount of the down payment as well as the interest rates associated with the loan will likely depend on the borrower’s credit score, income level, and in the case of a secured loan, the value of the boat itself. Unsecured loans typically come with higher interest rates, but do not require down payments or collateral.
Dual Console And Side Console Boats
Dual console and side console boats come in a wide range of sizes and power options. You can generally find one to suit any budget, which is great for first-time buyers. It’s worth noting that many owners of dual console boats like to customize these vessels for speed, towing, and other activities. It can be good to get a loan that helps you cover these additional expenses, whereas many manufacturer or dealership loans are restricted to financing the unmodified boat itself.
Bass boats can be costly, and more expensive boats often require a down payment. The advantage of a down payment is that it can help reduce the overall cost of paying for the loan, but down payments often leave you with less money upfront for other expenses. Unsecured personal loans can help take care of the down payment as well as financing the rest of the boat, but it can be difficult to find a personal loan in the amount that you need to finance such a large expense.
The Bottom Line
When it comes to financing your fishing boat, there are no right or wrong answers and no one single best method. Think about what other expenses you might need to cover with your loan, and whether you’re comfortable with down payments or using the vessel as collateral for the loan.
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