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Boat Loan Essentials

With boat-shopping season in full swing and boat shows taking place across the country throughout the winter and spring, the folks at Boat Owners Association of The United States recently offered up some advice on getting a boat loan.

boatloan nordic sot

Diverse Offerings Finance principal Jody Hamilton, center, has helped customers such as Mark and Matt Asplund get loans for their boats, including the Nordic Boats 35-foot catamaran they purchased in 2019. Photo courtesy Jody Hamilton

In a press release sent out in late February, BoatUS, the nation’s largest advocacy, services and safety group, urged boaters to be smart consumers when it comes to financing a new or used boat and offered three critical tips to help you avoid common problems when applying for a loan.

“Boat buyers can help themselves by knowing three key things—how loan rates work, how much of a boat loan you can afford and your credit score,” said Rache’ Llerena, the boat finance department manager for BoatUS. “We see these same three mistakes every day. Educating yourself and being candid about the numbers make you a wise consumer and may put you in stronger position when seeking a boat loan.”

After reading through the informative release, which you can check out here here, I reached out to Jody Hamilton of Diverse Offerings Finance in Buford, Ga., who I have come to know well through interactions at several events and boat shows over the past few years, to get his take on the boat loan process since his company is a leader in the high-performance marine market.

Read more: Boat Loan Essentials