The Sterling Team

The following boat-financing tip was provided by Sterling Associates, a BoatingLocal sponsor and a company that specializes in personal boat loans. Here, Sterling president Tom Smith explains why choosing a company that focuses strictly on boat loans and is intimately familiar with the marine industry can save you time and money.

Advantages of financing through a marine lender:

  • Lower down-payment:
    As Smith explains, the down-payment is based on the age, type and price of the boat you are buying, as well as your credit profile. In today’s market, marine lenders offer financing with down-payments typically in the 10% to 20% range, but there are programs available through boat manufacturers that could allow you to qualify for less, or even zero-down, on a new-boat purchase.
  • Faster credit decisions:
    Lenders who specialize in boat loans naturally have a better understanding of boats and their buyers, according to Smith. Therefore, they can often speed up the approval process. In some case, the buyer can apply for a loan in the morning and be on the water the same day.
  • Longer financing terms:
    Smith also points out that marine lenders recognize that the value of a well-maintained boat holds up over time, so the loan terms generally are more attractive than those offered by local banks and credit unions.
  • Lower monthly payments:
    Because marine lenders usually extend longer terms on boat loans than local banks and credit unions, the monthly payments are likely to be lower than expected.
  • More electronics and other extras:
    Unlike many non-marine lending institutions, boat-loan specialists will allow you to finance optional equipment, electronics, extended service plans and life/disability insurance coverage with your boat purchase. It’s one-stop shopping.

For more information on financing your boat or to get the latest rates contact Sterling Associates by CLICKING HERE.


Share this Article On Facebook Twitter More...

Follow BoatingLocal:

Like BoatingLocal on Facebook. Follow us on Twitter. Receive our Daily RSS Feed.

Don’t forget to sign up for our monthly newsletter!

Each month our emailed newsletter keeps you up to speed on the top news items, videos, destinations, reviews and fishing articles on BoatingLocal, so you won’t miss a beat. It’s convenient, it’s free, and you can opt out at any time!