Question 1

When is the Best Time to Buy a New Boat?

Accepted Answer

The best time to buy a new boat is whenever is the right time for you. You need to decide if you’re financially ready for this large purchase and if you will have the time to enjoy it. Keeping those things in mind, the best time of year to buy a new boat is usually in the fall. This is when many boats start to be taken inside or out of the water in cooler climates and the boasting season usually wraps up in the fall unless you live somewhere that is warm year round.

Question 2

What are the Interest Rates on New Boat Loans?

Accepted Answer

Interest rates on new boat loans are constantly changing based on changing market conditions and factors like inflation. These rates also vary based on the type of loan you get, the loan term, the loan amount, and the borrower’s financial qualifications including their credit score. As of August 2023, expect new boat loan rates to start around 6.74% and go up from there. A well-qualified borrower with a credit score over 800 can expect a rate from around 6.74% to 6.99%. Check out Trident Funding to see what rates we offer. Our rates are always competitive and we have been a marine financing leader for more than 30 years.

Question 3

Where Do You Get the Best New Boat Loans?

Accepted Answer

The best new boat loans can be found at Trident Funding. We’re a trusted financing partner that offers competitive rates, concierge level service, and terms up to 20 years. We finance new boats, used boats, recreational vehicles, and we also refinance boat loans. You can check out our boat loan calculator to get an idea of how much a new boat loan will cost you. Then apply online. We treat each client like family and we walk you through each step of the process; starting with the new boat loan application to scheduling Coast Guard inspections, marine surveys, and all the way to the closing table. No detail is too big or too small for them to handle and we make the entire financing process smooth sailing.

Question 4

What is a Good Credit Score for New Boat Loans?

Accepted Answer

A good credit score for new boat loans is anything over 680. Sure, you may get approved for a new boat loan with a lower score, but you won’t have access to the best rates and terms. Typically, the higher your credit score, the lower your interest rate. If you have a credit score over 800, that’s considered top-tier or excellent credit and it will afford you access to the best boat loan products and the most competitive rates.

Day: April 13, 2023

Categories

New Boat Loans

How to Find the Best Boat Loan Rates