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FINANCING A BOAT – HOW LONG DOES IT TAKE? | Miller Marine – Updating

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Reading FINANCING A BOAT – HOW LONG DOES IT TAKE? | Miller Marine – updating 2022

When I work with first-time boat owners, they are usually quite surprised when they find out what is considered a typical boat loan duration. If you’re wondering how long it takes to finance a boat, you’ve come to the right place.

FINANCE BOAT

There is quite a bit of flexibility in boat financing, especially when compared to car financing. It’s perfectly normal – and frankly quite common – for a boat loan to last 120 months (10 years).

A short loan term for boat financing is less than 60 months – that’s five years. An average loan term will be between eight and 12 years and a long loan term will be 12 to 15 years.

For this reason, buying a boat involves longer loan terms.

INTEREST RATES ARE TENDING TO BALANCE

Unless you opt for a short loan term—five years or less—you get almost the same interest rate on your loan. When buyers find out that an eight-year boat loan has the same interest rate as a 10- or 12-year loan, they usually opt for the longer term.

Why? Because it gives buyers a lower monthly payment without increasing the overall cost of their loan. This can make the boat purchase much more realistic for buyers on a tighter budget and gives buyers the opportunity to make additional payments for their principle.

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BOATS STAY VALUE LONGER

Financing the boat – how long does it take? Compared to other assets, boats have a much slower rate of depreciation. In terms of trade-in and resale value, boat prices remain fairly constant over time. This is good news for boat owners hoping for a decent payout if they sell their current watercraft, and it’s good news for buyers looking at older models.

It is worth noting that Bennington pontoons hold their value exceptionally well. Not only are they built from quality materials and built to last, but they also come with a warranty that is transferrable to future owners.

Curious what your payments would be if you financed a boat or pontoon? Try our payment calculator.

TO ASK? Call our Finance Department at 320.407.1900 – ask for Adam!

So the article “FINANCING A BOAT – HOW LONG DOES IT TAKE? | Miller Marine” has end. Thanks you and best regard !!!

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