How to find boat deals and financing so you can make the most of summer boating season.

Michigan’s boating season is still some weeks off, but it’s not too early to plan how you’ll get out on the water. If you’re looking to buy a boat this year, here’s what you need to know about getting a good deal and financing.

Timing matters

For boat lovers, any time is a good time to go boat shopping. However, you’re more likely to get a better deal when you shop off-season or at the very end of the boating season. Fall and winter are when you’ll get the deepest discounts.

Even if you’re shopping during peak boat season (spring and summer), you can get a better deal if you choose last year’s model. Dealers are eager to move old inventory to make way for the new. The differences in models is generally minor and you can get more boat for your money by purchasing last season’s stock.

Look for incentives

Shopping at peak times doesn’t mean there are no deals. Dealers offer special promotions during boat shows. Spring and summer incentives will likely be limited to what they have in stock.

How does boat financing work?

There are two kinds of loans you can use to finance a boat: secured and unsecured.

A secured recreational loan means the boat is used as collateral by the bank. It works like an auto loan. You make monthly payments that include interest. Make all the payments, and you have full ownership of the boat. In the case of non-payment, the loan goes into default and the lender can take the boat in lieu of repayment.

Unsecured loans are personal loans that don’t use collateral. This type of loan is riskier for lenders since there’s no asset they can claim if the borrower doesn’t make their payments. To offset this risk, the loan will likely have a higher interest rate.

Calculate all the costs

When calculating the costs of boat ownership, be sure to include maintenance, fuel and storage costs.

Know your budget before you visit a dealer or boat show to make sure you don’t choose a boat that will strain your finances.

If you’re new to boat buying, check out Discover Boating’s How to Buy a Boat Guide.

Talk to us about boat financing

You can use a Consumers boat loan with competitive rates for new and used watercraft. Plus, there are no penalties if you prepay. Give us a call at 800-991-2221 or apply for a boat loan online.

Consumers provides banking services for more than 100,000 members, including many boaters. When you need a boat or recreational loan, call us at 800-991-2221. We make it easy to bank how you want, when you want.

Federally insured by NCUA