Financing Options

Ed Watkins Marine Finance Department

Many people finance boats, and there are many choices for those wanting to buy one. Our knowledgeable finance staff is here to make the process of purchasing a new boat easy, so don't postpone your dreams.

At Ed Watkins Marine, there's nothing we enjoy more than helping our customers find the kind of fun and adventure that a quality boat can bring to your family. If you're considering financing a new boat from one of our brands like Sea Pro, Stingray, G3, SunCatcher Pontoons, Vexus, or Xplor Boats, you're in good hands.  Ed Watkins Marine gladly partners with Epic Finance. They can provide several options with multiple lendors. Select APPLY NOW at the bottom of this page, and they will contact you about available financing options.

Here are some common ways to finance a new boat:

Marine Lenders and Banks:

  • Many financial institutions offer boat loans specifically designed for purchasing watercraft. These loans may have fixed or variable interest rates and varying repayment terms. The interest rates and terms will depend on factors such as your credit score, the loan amount, and the length of the loan.

Credit Unions:

  • Credit unions often provide competitive financing options for their members. If you are a member of a credit union, it's worth checking with them to see if they offer boat loans.

Boat Dealership Financing:

  • Some boat dealerships offer in-house financing options. They may have relationships with specific lenders and can help facilitate the financing process. Be sure to compare these rates with other options to ensure you're getting the best deal.

Online Lenders:

  • Online lenders and peer-to-peer lending platforms also provide boat loans. These platforms often streamline the application process and may offer competitive rates.

Home Equity Loans:

  • If you own a home, you may consider using a home equity loan or line of credit to finance a boat. Remember that using your home as collateral has risks, so think about how it could affect your home's value.

Personal Loans:

  • You can use unsecured personal loans for various purposes, including buying a boat. However, interest rates on unsecured loans may be higher than those on secured loans.

When financing a boat, consider the following tips:

  • Check Your Credit Score: Your credit score will play a significant role in determining the interest rate you receive. Check your credit report and score before applying for a loan.
  • Shop Around: Compare interest rates, loan terms, and fees from different lenders. This will help you find the most favorable financing option.
  • Down Payment: If possible, consider making a substantial down payment. A larger down payment can reduce the loan amount and, in turn, lower your monthly payments.
  • Loan Terms: Consider the length of the loan. Longer loan terms mean lower monthly payments, but more interest paid over the loan's lifetime.
  • Total Cost of Ownership: Remember to consider all costs, like maintenance, insurance, and storage fees, when planning your budget.

Before deciding, consult financial advisors and carefully read loan agreement terms and conditions. Additionally, ensure that you can comfortably afford the monthly payments without compromising your overall financial well-being.

Our knowledgeable finance staff is here to make the process of purchasing a new boat easy, so don't put off your dreams. To get a quote, apply now. Our staff will contact you about our available financing options.