Boat Canada Loans

Boat Canada loans options are plentiful and available, if you're ready to invest in a pleasure craft.

Boat Canada loans are abundant, whether you're in the market for a new boat or a used one. There are plenty of ways to finance your boat if you are not looking to spend your savings to buy it up front. Canada has a big population of boaters with its numerous lakes and rivers. There are many places to buy and sell your boat and various ways to finance it.

Loan Options

  1. You can borrow money to buy your boat from a bank or trust company. Banks will often let you borrow against investments, your line of credit, or take out a loan specifically for a boat.

  2. You can also have your boat dealer finance the boat you plan to purchase. Many large dealers offer their own in-house financing or deal with a financing company themselves.

  3. There are also a multitude of lenders that advertise in boat publications and on the Internet who will finance your boat for you. The interest rates and terms will vary depending upon many factors, including the value of your boat and your credit history.

Cost Considerations

When you decide to purchase a boat, you should consider getting pre-approved for a loan. A pre-approval lets you know the amount that will be financed. You might qualify for more than you can really afford, so take into account:

    • monthly payment
    • price of fuel
    • boat insurance
    • boat storage or docking fees
    • maintenance costs
    • potential accessories

Boat insurance fees are going to vary depending upon the type of boat you choose, and your financial situation will also dictate how much your boat Canada loan interest rate will be. Regardless of your choice of watercraft, Canadian loan options vary depending on your situation. Explore your choices while shopping around!


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