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Financing Your Boat

The Role of Sellers: Boat Dealers & Brokers

If you're buying a new or pre-owned boat from a dealer you will likely get a helping-hand with the loan process. Many dealers have a Finance Manager on staff who can handle the whole transaction, from assisting with the application, vessel titling and through to the loan closing. 

Other dealers may not have a finance specialist on their staff, but they may employ an outside loan service company that handles all the same tasks, and it will arrange all of the details. 

Some dealers may simply send you to a bank or financial service company they refer business to, to have them handle the transaction. 

There may be advantages to financing your boat through dealers:

  • They usually have established relationships with several finance sources
  • They have access to extended warranty programs that can be included in your financing
  • They may have special finance programs on certain brands or models because of their relationship with boat manufacturers. These programs can be advantageous to you, such as a delayed first payment, no interest for several months, or lower rates for a limited time

Boat brokers are typically involved to connect a seller of a pre-owned boat with a buyer.

Many individuals employ a broker to help them find the perfect boat, negotiate the sale, and complete the purchase process. Since their goal is to complete the sale transaction, brokers will be aware of finance programs and available resources.