Finance Department FAQ's

How do your rates compare to my bank?

9 out of 10 times, our rates are better than your bank because we shop the 10 banks that we deal with to get you the best rate possible.

Is filling out your credit application a long process?

It only takes 5 - 10 minutes to complete the necessary information needed.

Can I lease a boat?

We do not offer leasing as an option but because we offer extended terms up to 240 months your payments are like a lease.

How long can I finance a boat for?

We offer extended terms up to 240 months.

How long does the approval take?

We offer same day financing and minimal paperwork.

I have heard that I can actually save money by financing instead of paying cash, is this true?

Yes. Please see below on how you can save money by financing and letting your cash work for you.

Should You... Pay Cash or Finance your Boat Purchase?

Assumptions:

Balance to Finance:	$110,294.00
Term of Loan:	15 years
Interest Rate on loan:	7.25%

VS.

Balance of Investment:	$110,294.00
Investment Period:	15 years
Rate of Return:	4.0%

Total Cost of Boat when Financed:	$181,229.40
Total Cost of Boat when paying cash:	$200,100.00
Total Savings achieved through financing:	$18,870.60

Because the boat loan is a simple interest loan, interest is paid only on the outstanding balance. As the principle balance decreases, the amount of interest that is paid decreases. With each payment, more money goes toward principle and less toward interest.

As interest accumulates in an investment, interest is earned on the additional interest. Due to this compounding, the investment value continues to grow quickly.

With the decreasing interest on the loan and the increasing interest on the investment, a substantial difference in the TOTAL COST is created. Even if the boat is owned for only a few years, it is still substantially more advantageous to finance rather than pay cash.

In the short term or the long term it is always more advantageous to finance rather than pay cash.