Boat Loans in Wisconsin

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

Find the Right Boat

Finding the perfect boat is a crucial first step before you can head out to explore the scenic lakes and rivers of Wisconsin. Whether you’re looking for a luxury pontoon or a high-speed wakeboarding boat, there are several options to help you find the perfect vessel. The best place to buy a boat in Wisconsin is at your local dealership. Each dealership will specialize in specific brands or even offer high-quality used boat options. No matter where you decide to go, you can expect to find knowledgeable salespeople who can help you find the boat that best fits your needs. 

You can also find a boat at an excellent local boat show! Shows like the Milwaukee 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 Wisconsin.

If you don’t have a dealership nearby, you can also explore online options such as 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 you apply for a boat loan in Wisconsin, the lender 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. If you have a less-than-perfect credit history, you may still be able to get a boat loan, 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.

Partner With the Best Boat Loan Provider

Wisconsin features over 15,000 lakes and rivers – each one more picturesque than the next. There are miles of perfect water from the Milwaukee River all the way to Lake Michigan that you can take your boat out on and enjoy a nice day of fishing, waterskiing, wakeboarding, or even just cruising. Now that you found a boat of your own to join in the fun, you need to find proper financing. 

In Wisconsin, boat loan options aren’t hard to find. However, with all of your options out there, it’s crucial that you find the best boat loan provider that can serve your needs. You can start by reaching out to your local bank or credit union, like Landmark Credit Union or Unison Credit Union, among others. While credit unions may be a viable option, they may not always have the expertise necessary for the best rates and terms. National banks like LightStream, Bank of the West, US Bank, Aqua Finance, and Medallion Bank offer recreational loan programs that could be a better fit.

However, applying to each bank can be time-consuming and unnecessary. Some lenders may have higher credit score requirements, so it’s important to apply only to those that specialize in subprime lending if your credit is not the best. At First Approval Source, we work with a variety of lenders and credit unions, including subprime lenders, to evaluate your credit profile and match you with the best lender that fits your credit profile. Whether you have good or bad credit, we can help you find a suitable boat loan.

Boat loans in Wisconsin can be a great way to finance your dream of boat ownership, 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.