Boat Loans in Washington

Boat loans are widely available in Washington. You just have to choose the best option for your needs!

Find the Right Boat

Before you do anything, you have to find a great boat! The best place to buy a boat in Washington is at your local dealership. There are numerous well-respected local dealerships in Washington, so visiting one is a very common way to purchase a boat. The dealership can provide professional advice and assistance throughout the entire process. Some dealerships even offer financing at the dealership, along with extended warranty options.  Whether you’re looking for a luxurious pontoon, a high-speed wakeboarding boat, or a state-of-the-art fishing boat, you can buy the perfect boat and head out to any of the fantastic lakes and rivers that Washington has to offer!

You can also find a boat at an excellent local boat show! Shows like the Seattle Boat Show and the Spokane Boat Show invite some of the best dealerships in the state with incredible boats to choose from. You can always expect to find a great watercraft to buy from any of the boat shows in Washington.

More options to find your perfect boat if you don’t have a dealership nearby include Boat Trader or BoatUS. Either of those will have thousands of listings from all over the country, making it easy to find the perfect boat at an affordable price. Additionally, BoatUS has various financing options once you find the vessel you’re looking for. 

Credit and Down Payment Requirements

When applying for a boat loan in Washington, lenders will consider your credit score, income, debt-to-income ratio, and the value of the boat. The interest rate you receive will depend on these factors, as well as the loan term and down payment. You may still be able to get a boat loan with bad credit, but you’ll likely face higher interest rates and stricter loan terms. 

Most boat lenders require a down payment of at least 10% to 20% of the boat’s purchase price. The more you can put down, the lower your monthly payments will be. Depending on your credit, some lenders may offer terms with zero down payment. First Approval Source can help pair you with these lenders in this circumstance. 

Figure Out Your Budget

After you’ve found the boat that’s calling your name, it’s best to find a boat loan calculator. A loan calculator allows you to plug in different values and determine the best terms for your budget. Once you’ve determined your desired terms, you can compare different quotes from lenders once you apply. Boat loans typically have longer loan terms than other types of loans, with repayment periods ranging from five to 20 years. Longer loan terms can mean lower monthly payments, but they also mean paying more interest over time. Shorter loan terms can save you money on interest, but they may also mean higher monthly payments.

Find the Lender That Best Fits Your Budget

The Pacific Northwest, and Washington in particular, has some of the most underrated views in the country. There are so many places to take your boat out and go fishing or just enjoy a beautiful day, from Lake Chelan to the Pacific Coast. The views could cure any headache. Since the boating experience is so wonderful, you don’t want the boat loan process to be a hassle!

It’s important to shop around for the best boat loan rates and terms and find the best boat loan provider for your needs. Check with local banks and credit unions, as well as online lenders. These could include credit unions such as Seattle Credit Union and Waterfront Credit Union, among several others. Credit unions could be a good option, but most of the time, they aren’t experts in boat loans. Most don’t have a dedicated recreational loan expert who understands the industry’s best practices. This could lead to you not receiving the most favorable rates and terms that you could. 

While most of these national banks can provide decent terms, you don’t have to take the time to apply to each of these banks. First Approval Source works with several different lenders and credit unions, and we have access to and knowledge of all of their various programs. We evaluate your credit profile and match you with the best lenders that best fit your credit profile. We even work with several subprime lenders, so we can even help you find a boat loan with bad credit. 

Getting a boat loan in Washington is a great way to achieve your dreams of owning a boat of your own, and First Approval Source can make the process hassle-free. All you have to do is fill out our easy-to-use, secure credit application online, and we’ll do the rest. We even offer same-day approvals for those with qualified credit. 

Our specialists are experts in their field and can help you make the best decision for you and your boat. They are passionate about helping you and getting you out on the water so you can have fun. When you’re ready, please visit www.firstapprovalsource.com and fill out our credit application! Check out our blog to read more about tips and tricks for boat loans.