The Miami International Boat Show, February 15-19 at six locations including Tropical Park, will offer over 1,000 vessels for viewing and more than 1,000 brands. Open from 10 a.m. to 6 p.m. or 7 p.m. the first four days, it will give you many opportunities to find your dream boat and finance it.
Before heading to Florida’s biggest boat show, first download our free Boat Buying Checklist. It will inform you on what to look for in a boat and how to negotiate price.
What’s the right way to borrow for a new boat? The similarities to an auto loan make the terms easy to understand:
You finance for a set time period which varies by price and lender.
While you are picking out what to wear to the Miami boat show, also review your finances. A lender like Tropical Financial Credit Union will examine your credit rating, debt-to-income ratio, employment status, mortgage payment history and personal net worth.
Lenders will crunch the numbers to determine whether you can afford that sleek vessel you would love to sail, or whether your budget is better suited to a more modest boat.
How can you tip things in your favor? Several ways. First, make a larger downpayment to shorten the loan term or improve the interest rate. A lender could offer a lower number because its risk is less.
Compare rates based on the amount borrowed. You may find that the larger the loan, the lower the rate.