The purchase of a boat is a great experience and one the whole family will enjoy. Financing your purchase can be a little confusing if it is the first time you have bought a boat. There are a number of options available for financing, but two offer the best deals. Most buyers choose to finance through a boat dealer or go with the National Marine Lenders Association (NMLA). Having information about these options makes it easier for you to choose which is best for you.

Dealer Financing

According to American Marine & Motor Sports, a boat dealer can help you find financing options that match your budget. Dealers often have a specialist on their staff to take you through the entire process from the application and closing to the licensing of your new boat. When you purchase your boat through a dealer, you gain access to a number of financing sources, as well as special manufacturer finance programs. You can also take advantage of extended warranty programs, and dealer incentive programs. Ask if the dealer offers finance options with low or no interest, incentive rates on specific models, or a “90 days same as cash” promotion.

NMLA Lender Financing

The NMLA is a group of marine lending specialists, and is a national organization knowing all the ins and outs of the boating industry. According to Discover Boating, members of the NMLA include some national and local banks, as well as a few credit unions and financial service firms. Buyers can benefit from competitive financing loans when choosing to use a NMLA member. Down payments are realistic and based on your credit rating, the age, model, and price of the boat. You may also qualify for one of the special new boat finance programs the NMLA has created in partnership with various manufacturers. You will also experience the following benefits:

.   A large number of NMLA lenders are willing to finance used boats, which provides quick and knowledgeable assistance in getting a loan for a pre-owned model.

.   Working with lenders who are professionals in the boat industry means loan applications move through the system faster. You can often receive same day loan approval.

.   NMLA lenders understand boats “live” longer than cars and give longer loan times, which result in lower monthly payments than you may have expected.

When you choose the right lender, financing your boat can be easier and less expensive than you thought.