Helpful Tips for Financing a Boat

Boats are pretty pricey, and the majority of boat owners choose to finance their rig rather than attempt to pay their impressive sticker price out of pocket. However, getting a boat loan isn’t always as easy as it looks, and it’s not uncommon for applicants to be rejected for a variety of different reasons. To ensure you get the money you need to purchase the boat of your dreams, we recommend reading over our helpful financing tips below. 

Raise Your Credit Score

Your credit score has a lot of influence over your loan, so you want to make sure it’s as high as it can be before you begin applying. Thankfully, raising your credit score isn’t nearly as difficult as it may seem, and can be done quite easily in as little as 1 to 3 months. To start, remember to use and pay off all of your credit cards regularly and avoid canceling any of them until after you’ve gotten your loan. It may also be a good idea to take a look at your credit history and see if there are any old debts that can be removed now that they’ve been paid off. If you still have debt you need to reimburse, making payments on-time can do a lot to raise your score. 

Set a Budget 

Many buyers assume that—because they’re choosing to finance their boat—they don’t need to set any kind of budget for their purchase. However, this couldn’t be further from the truth. In order to avoid falling into serious debt, or having your model repossessed, you’ll need to set a firm budget for your loan payment and do your best to avoid spending a penny over the mark. An easy way to calculate how much you can afford towards a monthly loan payment is to simply subtract your monthly income from your monthly expenses. Whatever’s leftover can be put towards your loan, and will help you figure out how much you can spend. 

Having trouble finding convenient boat financing services near Macon or Columbus, GA? Then consider visiting us here at The Sports Center, located just nearby in Perry, GA. We offer a wide variety of both new and used boats for you to choose from, as well as helpful financing services, free online quotes, and convenient trade-in options if you’re looking to upgrade from your old model.