Financing

Why Finance with The Boat House?

  •   Interest rates are at an all‐time low!

  •   Keep your cash! Use your cash to invest or use it in case of an emergency!

  •   Low payments & longer terms!

  •   Use your trade‐in towards a down payment!

  •   A small down payment puts you in your dream boat! You deserve it!

    Multiple Financial Lenders!

Perhaps the most important reason to finance with The Boat House is because of our wide financial outreach. The Boat House is proud of the strong relationships we have established with a wide variety of financial lenders. It is no secret that different banks have different tiers, rates, and terms. Let our Finance Managers shop the rate market for you! By comparing multiple banks side by side, we can guarantee our customers competitive rates. We have also built trust with these lenders which has allowed us to secure financing for customers that otherwise may have struggled. Just take a look for yourself at all the different financial institutions we work with directly! 

Ensure Worry Free Boating - Available Protective Products and Plans

ECP – Platinum Protections

Protect your boat from life’s little accidents! This product is applied to the fiberglass and vinyl of your boat to protect against environmental and personal damages not covered by warranty. Protects against weather induced fading & chalking of your paint, UV damage, stains, mold, mildew, and much more. Even covers rips & tears up to 6’’ and punctures or burns up to 1’’. Watch the video or check out the brochure! 


FPC – Extended Service Contract

Further protect your boat or engine for up to an astounding 8 years! FPC offers extended service agreements that will overlap your factory warranty and give you up to an additional 3 years of coverage. These agreements can help save you from large out of pocket expenses down the road. Watch the video or check out the brochure for more! 


Guaranteed Asset Protection

This is a great product for those of our customers that intend to finance their boat. In case of a total loss, Guaranteed Asset Protection will insure you the difference between what your insurance will provide you and the amount left on your loan. If you are still slightly confused watch the video to the right for a great explanation and check out the brochure for more information.


Tire & Wheel Insurance

Customers will receive comprehensive coverage for both their trailer and the vehicle towing their boat! Coverage includes damages caused by road hazards – metal, nails, potholes, glass, and debris – and roadside service 24 hours a day, 7 days a week, 365 days a year. Watch the informational video to the right or check out the brochure for more information. 


Vantage Wrap Protection

Vantage wraps are a great way to protect your boat and make it look sleek at the same time. Choose from an array of colors and further customize your boat to make it the best looking one out on the water! Check out the brochure below or watch the informational video for more information! 


Sharkhide Metal Protectant

If you are looking to protect your pontoons while making them look great at the same time, look no further! Sharkhide Metal Protectant is applied to your pontoons to form an air tight film over their metal surface and will protect them against environmental damage. Watch the informational video or check out the brochure for more information! 


Educate Yourself!

The financing process can be confusing at times but The Boat House takes pride in educating our customer base so that we can determine the best options for you. Take some time to read the information below if you are unsure about your credit score and financing.

What is a FICO Credit Score?

Lenders use credit scores to determine a borrower’s creditworthiness. Your FICO score is the most commonly used metric by today’s top lenders in the US. In fact, 95% of the largest financial institutions in the US use FICO scores. Although other metrics have been created to measure consumers’ credit scores, your FICO score is by far the most relevant in the eyes of prominent US lenders. Under the FICO system, individuals are given a numerical value between 300 and 850. A higher number represents a more credit worthy borrower. If you would like to learn more about FICO’s history, check out their “About Us” page at: http://www.myfico.com/credit‐education/credit‐report‐credit‐score‐articles/.

Do I Have More Than One FICO Score?

The simple answer: Yes – you do have more than one FICO score. However, the explanation behind this answer is relatively simple as well. The US has three national credit bureaus – Equifax, Experian, and TransUnion – that collect and record credit history information. Typically, all three of the credit bureaus will have similar records but may not be totally identical. So although each of the credit bureaus use the FICO algorithm to determine a credit score, your scores among the three bureaus may differ slightly. Here at The Boat House, we use Experian to determine credit scores but it doesn’t hurt to know all three of your FICO scores!

How Does FICO Determine My Credit Score?

As mentioned in the above portion, FICO uses information from credit reports in their algorithm to determine credit scores. Although FICO does not release the specifics behind their algorithm, they do let consumers know the five components used to calculate credit scores. The five categories are: payment history, amounts owed, length of credit history, new credit, and credit mix. Check out the graphic to the left to see how FICO breaks down the importance of each of these five categories.


Ranking Your FICO Credit Score

According to Experian, the credit bureau that The Boat House utilizes, most credit scores fall between 600 and 750 [3]. In terms of recreational financing, The Boat House loves to see credit scores of 720 or above. Within this range, The Boat House is capable of offering aggressive rates for our customers. However, if your credit score is not quite where you thought it was, do not worry! We have established and maintained strong relations with certain financial lenders that will generally work with all tiers of credit scores. Check out the chart to the right for a general ranking of credit scores.


How Can I Improve My Credit Score?

For those of us that are not happy with our credit score, it can be fixed! Although it takes time – typically a few years – your credit score can be improved upon substantially if you take the proper steps. Consult the list below provided by FICO to see how you can improve your credit score.


Pay your bills on time

If you have missed payments, get current and stay current

Keep balances low on credit cards and other types of revolving credit

Pay off your debt – don’t just move it around

Don’t close unused credit cards as a short‐term strategy to raise your score

Only apply for and open new lines of credit as need – opening unnecessary lines of credit could potentially hurt your credit score

If you still feel like repairing your credit is a daunting task, we recommend that you see a credit counselor. Seeing a credit counselor does not affect your credit score. A credit counselor can be used as a useful tool to get your credit back on track! 


Factors Affecting Your Payment

A borrower’s payment is calculated by using the total amount financed, the term of the loan, and the interest rate. Check out the table below to see how changes in each variable will affect your monthly payment. Or play with our payment calculator to see what it takes to reach the payment you are looking for. 


Determining the Right Financing Plan for You

 At The Boat House, we want to work hand in hand with our customers to ensure your financing plan fits your needs. Our Finance Managers are always will to work with our customers to secure the perfect payment to fit your budget. We have the ability to secure long term loans for our customers which will keep your monthly payments low. Keeping your monthly payment as low as possible will give you the benefit of flexibility. If you are strapped for cash, making the minimum payment will keep you on track with your financing plan. Alternatively, if you would like to make additional payments and save on interest, that is perfectly fine as well. The choice is entirely up to you! Our Finance Managers would be happy to work with you and secure a financing plan that fits your style. 


Apply for Financing