When buying a boat you may want or need to borrow money to do so. Many people do not realize how easy financing a boat purchase is, owe simple the process is, and how affordable the payments can be. On this video we cover:
0:00 Intro
1:05 How Long Can a Boat Loan be amortized for?
1:48 Is a boat loan "closed" or "open"?
2:29 What are Boat Loan best practices?
3:19 Boat Loan FAQs
5:17 Why to not get a boat loan.
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Blogs we have written about boat loans:
▶https://blog.lenscove.com/blog/how-long-can-you-finance-a-boat-for
Check out our Boating Blog here: https://blog.lenscove.com/blog
Here is a link to a video on the most frequently asked questions when buying a boat:
▶https://www.youtube.com/watch?v=-L27LIygZzw&t=14s
Need assistance choosing a used boat? Check out our handy buyers' guide:
▶https://blog.lenscove.com/used-boat-buying-guide-resources-to-help-you-make-the-right-choices
Here are a few boat loan examples:
New 2019 pontoon boat.
Selling price is $32,000
Downpayment is equal to the taxes of 13% (in Ontario) or $4,160
No trade
Amortization is 20 years, and the interest rate is 5%
Bi-weekly payment is $97.41
Used 2014 large 25’ bowrider with many options.toyloan
Selling price is $54,000
$0 down payment
Trade of a smaller bowrider equals $19,000
Taxes on difference equal $4,550
Loan value is $39,550
Amortization is 15 years, and the interest rate is 5.4%
Bi-weekly payment is $148.07
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