Greater Boat Loans
Picture this — the sun is shining, the day is warm, and you’re getting ready to take on the open water in your very own boat. Sounds picture perfect right? But what’s the best way to actually finance your new purchase? Applying for a boat loan can be a great way to help pay for a new or used boat over time, and Greater Niagara Federal Credit Union is your first mate.
What Is a Boat Loan?
Similar to an auto or RV loan, a boat loan is a type of installment payment that requires an individual to pay back the borrowed money often through monthly payments until the amount is repaid. Institutions like banks and credit unions typically serve as loan lenders and the length and interest rate of a boat loan may vary based on the amount needed, credit score, annual income, and more.
Check Your Credit Score
Your credit score plays a big role on whether or not you may be eligible to receive a boat loan. A credit score is a number associated with the history of how you pay your bills that third parties then use to determine whether or not you make a good candidate for a loan or your likelihood to pay off debts. So, as long as you don’t have any other outstanding debt, and you continue to make all payments on time your score should be in a good place. However, before diving into a large purchase It’s important to make sure your score is healthy, and your new purchase won’t lower it.
Steps for Securing a Boat Loan
Financing a boat is a bit different than financing other areas of life, so it’s important to take the necessary steps and precautions when going to a lender.
- Identify the price and model of the boat you want to purchase.
- Figure out the insurance and loan amount you’ll need to obtain.
- Initiate the purchase.
Set Sail on a New Adventure
Whether you want to sail, motor, or anchor down and cast a line Greater Niagara FCU can help finance your next great adventure at sea. We offer financing on boats and marine vehicles at affordable rates and terms of up to 15 years. Apply for a loan through Greater Niagara Federal Credit Union today.