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Bennington pontoon cruising on a lake

Pontoon Boat Financing


Owning a pontoon boat is a fun and worthwhile luxury, but before you get a pontoon boat of your own and hit the water, you need to be prepared to finance your boat.


Buying a pontoon is a large purchase and can be overwhelming if you’re not prepared. Let’s dive into what you need to know about how to finance your Bennington pontoon boat.


Pontoon Boat Loans


Pontoon boat loans are a must if you aren’t paying the full amount outright. There are a few ins-and-outs you want to be aware of when it comes to boat loans.


How Do Boat Loans Work


Boat loans work a lot like other loans. When you finance a boat you pay a down payment, borrow money from a lender, and pay it back over a fixed timeframe. Like other loans, you can get pre-approval for your boat loan as long as you have good credit.


How to Get a Boat Loan


To get a boat loan, you can apply the same way you would for an auto loan or other personal loan. Start by finding a lender, such as your bank or credit union. If your current financial institution doesn’t offer boat loans, make sure you pick a reputable lender.


You can use Bennington’s boat financing forum to ask other boat owners what route they took to finance their pontoons. Then, you’ll need to provide your lender with the cost of your pontoon boat, the age of the boat, and information about your finances like assets and debts.


Boat Loan Pre Approval


Getting pre-approval for your boat loan will help you shop for boats with a realistic budget and will show your boat dealer you’re serious about your purchase. What you’ll need during your boat loan pre-approval process depends on the lender, but you’ll likely need details about current debts you’re paying off, proof of income, and proof of other financial assets.


How Long Can You Finance a Boat


How long you can finance your boat depends on your lender and how large your loan is. Here’s what you can expect out of your boat loan terms and payments.


Boat Loan Terms


Boat loan terms vary, but a typical boat loan term is 10 to 20 years. Unsecured boat loans typically come with shorter terms and higher interest rates. For a secured loan — a loan in which your boat is collateral —- you can usually apply for up to a 20-year loan term. Typically, the larger the loan, the longer it can be financed.


How Much are Boat Payments


The cost of your boat loan payments depends on the length of your loan term and the cost of your pontoon boat. Design your dream Bennington pontoon boat and talk to your local Bennington dealer to figure out an idea of your boat cost.


Keep in mind that the longer your boat loan term, the more total interest you’ll pay. Unsecured loans don’t require a down payment, while secured loans might — that means you’ll borrow less overall. Most of the time, a boat down payment is between 10-20%. Put more down to reduce your monthly boat loan payments.


Making Boat Payments


Making boat payments can easily become part of your routine. When you know what your boat payment will be, add the amount to your budget. Staying organized ensures you’ll keep on track with making payments.


Calculate Boat Payment


To calculate your estimated boat payment, use our pontoon boat payment calculator. All you have to do is plug in your Manufacturer's Suggested Retail Price, rebate amount, down payment, estimated interest rate, and loan term.


Take Over Boat Payments


If you’re taking over boat payments from someone, make sure the loan is transferable. Not all lenders will allow this to happen. If the contract allows for loan assumption, you can try to negotiate the interest rate.


Before you take over boat payments, make sure the loan is less than what the boat is worth. Determine what makes the most sense financially, whether that’s taking over the payments or buying the boat outright.