Boating Tips: What Are Boat Financing Terms?

Welcome to Boating Tips with MarineMax! This week we dive into common financing terms. Ask your questions, make comments, and learn a thing or two about your favorite outdoor activity.

Loan Terms and Options:

Let's dive into the details to demystify boat financing a little bit to help you make more informed decisions. The first question often asked is whether financing a boat is similar to financing a car. The answer? Not quite. While both involve loans, boat financing offers more flexibility in terms of repayment.

1. Loan Duration:

Unlike car loans, which typically span a few years, boat loans can extend up to 20 years for amounts over $50,000. This extended duration helps in managing monthly payments, making boat ownership more accessible. For loans under $50,000, terms usually max out at around 180 months, still providing ample time for repayment.

2. Refinancing Opportunities:

There are also possibilities of refinancing boat loans if circumstances change, such as a decrease in interest rates. Refinancing allows borrowers to adjust their loan terms to secure better rates, potentially saving money over time. Most banks may require a waiting period of around a year before allowing refinancing.

3. Considering Interest Rates:

When contemplating refinancing, it's essential to assess the magnitude of the interest rate change. A minor decrease may not justify the effort, but significant drops, such as moving from 8 percent to the low 4's or 3 percent, can make a refinancing strategy worthwhile. It is smart to wait for rates to drop substantially, ideally into the low single digits, to maximize savings.

4. Seeking Guidance:

Prospective boat buyers are encouraged to consult with the MarineMax team for personalized advice. These professionals can navigate the intricacies of boat financing, ensuring customers secure the best possible deals. By leveraging their expertise, buyers can streamline the process and embark on their boating adventures with confidence.


Financing a boat doesn't have to be daunting, especially when armed with the right knowledge. Understanding the nuances of boat loans, from loan durations to refinancing options, empowers buyers to make informed decisions. So, if you've been eyeing that dream boat, don't hesitate to explore financing options with the MarineMax team so that you can hit the water into a world of adventure. We'll see you out there.

Check out more of our MarineMax Boating Tips videos and see what you can learn from Captain Keith!


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