You can finance the acquisition of your boat in various ways. The financing method may vary depending on the amount of the loan sought, the type of seller you wish to transact with, your own assets, and the type of boat you are interested in.
- Financing available when purchasing a boat from a dealer:
Generally, the dealer will offer you financing solutions, at fixed or variable rates, that they have already negotiated with certain financial institutions. In most cases, they will offer you a conditional sales contract. This solution allows you to amortize the repayment of this financing over a period of up to twenty years, often allowing for early repayment at any time without penalty.
This type of financing allows you to borrow significant amounts while benefiting from an amortization period of the loan repayment of up to twenty (20) years. It should be noted here that only registered boats can be subject to a maritime mortgage.
- Financing available when purchasing a boat from an individual:
In this case, it is a sum generally less than $30,000, with repayments amortized over a period of sixty (60) months. Generally, the interest rate, fixed or variable, is higher than if you were to provide a mortgage guarantee.
The lending institution may offer you a personal loan secured by a mortgage line of credit on your residence. This solution allows for a repayment period of up to twenty (20) years with a very competitive rate. This loan can be open at a variable rate.
This type of financing allows you to borrow significant amounts while benefiting from an amortization period of the loan repayment of up to twenty (20) years. This solution is available for both the acquisition of a new boat and a used boat. It should be noted here that only registered boats can be subject to a maritime mortgage.
If you wish to acquire a boat and are looking for marine financing, Notaire-Direct can direct you, free of charge, to financial institutions specialized in this type of financing.