Tips for Financing a Boat

Boats can be a luxury purchase, but they can also be an essential part of your life! Our team at Hampton Watercraft & Marine is here to help you with the buying process and ensure you get the exact model you need. Now is a great time to finance a boat!

1. Set a Budget

Even if you’re planning to finance your purchase, it’s crucial that you take the time to set a budget for yourself. You don’t want to head to the showroom only to fall in love with a model outside of your price range!

Your budget should include the asking price, insurance, registration fees, and a general amount for maintenance and storage. Your loan will typically include the total purchase price and the registration fees, so you’ll have to be prepared to cover the other expenses separately.

2. Check Your Credit

Once your budget is decided, you’ll want to check your credit scores to make sure you are in good standing to qualify for the amount you’ve decided on. Loan approvals are highly dependent on good credit, especially if you want a decent interest rate or are asking for a large sum. Knowing your scores before you complete the application can make the process much easier and low-stress.

3. Understand the Terms

When you’re ready to apply for a loan, make sure you take the time to understand the terms associated with your agreement. How long is the loan? Is it a set interest rate? Knowing these answers will make you a more confident borrower and ensure you are prepared to meet the repayment expectations.

Our team looks forward to working with you! Visit us in Hampton Bays or Eastport, NY, to browse our selection and speak with our team. We proudly serve Eastern Long Island.