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How to Get the Best Interest Rate on a Boat Loan

Friday, May 12, 2023

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How to Get the Best Interest Rate on a Boat Loan

Obtaining the interest rate and financing terms that fit your needs is key to successfully placing your loan with the right lender.

To obtain the best possible rate with, keep in mind the following factors:

  1. Credit Score: Know your credit score and verify the accounts are accurately reporting. Advise your IFG loan agent of any discrepancies or accounts that may have recently been paid and not yet reported to the credit bureau.
  2. Age/ Value: The amount you request to borrow, value of the boat and age are considered by lenders and will affect the interest rate. When completing your application at be sure to indicate all the details of the boat, motor, and trailer purchase, when applicable. This will ensure your IFG loan agent can determine and submit the most accurate value to the lender with your application. Boats 15 years and older typically have higher interest rates.
  3. Down Payment: Your initial investment in the boat purchase is another key factor affecting the interest rate. If you do not have a set down payment in mind, your IFG loan agent may also recommend the percentage down needed for the best possible rate after taking into consideration your credit score, age of the boat and value.

Every client is unique as well as their financial situation. Our agents will review all aspects of your application and place your loan with the right lender. It is our commitment to outstanding service and our industry expertise that will make your boat loan financing experience memorable.

It’s time to get out on the water. Submit your loan application today!

Apply for a Boat Loan with Intercoastal Financial Group

When ready, apply for your boat loan at Intercoastal Financial Group. Use our convenient and secure online boat loan application or call us at: 1 (800) 690-5626.

Our headquarters are in Ft. Pierce, Florida. Our loan agents are strategically located throughout the US and looking forward to the opportunity to assist you.

Ready to Apply? Click Here


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