Boat financing: how to purchase a boat with a loan

No matter where you're sailing in your dreams, boat financing may help make that destination a reality. Whether you're looking for a used bass boat, a new ski boat or an ocean-worthy cabin cruiser, boat loans can help you get on the water faster than saving up for a cash payment. Financing a boat may help you to get the watercraft you want now so you can enjoy it for years to come.

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The benefit of financing a boat

Not everyone has the money to buy their dream boat outright. That's where a boat loan can help—keep your cash reserves intact while cruise away on the boat you’ve always wanted. A Synchrony loan offers flexible terms, allowing you to pay back the loan over a period of time and make manageable monthly payments that help fit the cost into your budget.* You can purchase your boat (new or used) from a brand you trust, including Sea-Doo, Yamaha, and Kawasaki among others.

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Why choose Synchrony for financing?

A Synchrony loan offers flexible terms, allowing you to pay back the loan over time and make convenient monthly payments.*You can also use the loan to purchase the approved accessories and gear you need at the time of vehicle purchase.

  • Banking you trust: Synchrony is a Fortune 500 bank that’s been helping consumers for more than 90 years.
  • Brands you love: We partner with 100+ powersports brands for you to choose from.
  • 4,500 dealers: Synchrony loans are offered by over 4,500 dealership partners to help you get the powersports vehicle you want with financing.*
  • Lightning-fast decision: Get a decision about your loan application in 60 seconds or less.
  • Autopayment: Never miss a payment. Call Synchrony’s customer service and set up your automatic payments.
  • Early payoff: No early payment penalties or fees if you’d like to pay your loan off early.
  • Equal payments: Making predictable monthly payments over the life of the loan may help fit the cost of your purchase into your budget.

Ready to go? Find a dealer near you that accepts Synchrony financing.

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Ski boat financing
Bass boat financing
Personal watercraft financing

The basics of financing a boat

You may already be familiar with the process of getting a boat loan. Rather than paying all the money upfront, you could borrow the money from a lender like Synchrony and pay back the amount (with interest) in monthly installments.

 

Boat loans are either secured or unsecured. At Synchrony, we offer secured loans, where the boat functions as the collateral.*

 

Since boats have a long life, they are financed for longer periods of time, like 15 years. We'll finance boats that cost up to $100,000, so we won't hold you back from your dream boat.* Just keep in mind that you could expect to put 10%-20% down, depending on the age of the boat and your credit.1

Financing a used boat vs new boat

Financing isn't just for buying a new boat. You can buy a used boat with financing too, whether you're doing a private sale or dealer purchase. Just keep in mind that the term length is tied to the age of the boat. So, a used boat will likely be eligible for a shorter loan term than a new boat. Still, since a used boat often has a lower purchase price, it's easy to find a payment that will work for you.

Finding the right boat

When you're considering what boat to buy, ask yourself:

 
  • Where will you be boating? You'll need a different setup for lakes or rivers than for bays or the open ocean.
  • Who will you be boating with? You don't want to leave friends on shore because you don't have enough passenger space. Or maybe you do.... in which case a smaller boat is a great choice!
  • What will you be doing? If you're going fishing, you might want a live well and trolling motor. If you're boating with kids, you'll need more open space. For longer trips, a bathroom and sleeping space are essential.
  • Will you be transporting the boat? Some boats are easy to trailer to new locations, while others are best left at the dock. Be sure to consider the towing capacity of your vehicle as well.

Types of boats

Here's an overview of five popular types of boats that are eligible for boat loans.

Boat type Overview Best for
boating on...		 Activities Number of
passengers		 Price when new
Bass boat2 Small, agile and quick boat designed for finding fish Lakes or rivers Fishing 2-5 $18,000-$45,0003
Ski boat4 Small to medium boat that's perfect for lounging or water sports Lakes or rivers Skiing, tubing, wakeboarding, wake surfing or just cruising Up to 8 $50,000-$150,000+4
Pontoon boat5 Flat-decked boat designed for calm water and large groups Lakes or rivers Lounging, entertainment, tubing or skiing Up to 15 $30,000-$175,0006
Center console7 Sturdy boat designed for fishing or family days on the ocean Oceans, lakes or rivers Fishing, day cruising, skiing or tubing Up to 7 $25,000-$100,000+8
Cabin cruiser9 The RV of the boat world, with sleeping, cooking and restroom space Oceans, lakes or rivers Overnight trips or day cruises Up to 10 $50,000-$100,000+10

How to apply for a boat loan

With Synchrony, getting started with boat financing is simple. Talk to your favorite dealer! When you apply using our digital application, you'll need to provide your:

  • First and last name
  • Address
  • Email
  • Social security number
  • Date of birth
  • Income information
  • Vehicle information
Read more

Boat winterizing

Read more

Powersports financing for beginners

Read more

Boat accessories, add-ons and upgrades

*Offer subject to credit approval by Synchrony Bank.

Sources

  1. Credit Karma. Boat Loan Calculator. Accessed December 11, 2024.
  2. Discover Boating. Bass Boat. Accessed December 11, 2024.
  3. Fishing Duo. How Much Does a Fishing Boat Cost. Accessed December 11, 2024.
  4. Discover Boating. Ski Boat/Wake Boat. Accessed December 11, 2024
  5. Discover Boating. Pontoon Boat. Accessed December 11, 2024.
  6. Avalon. How Much Does a Pontoon Boat Actually Cost. Accessed December 11, 2024.
  7. Discover Boating. Center Console. Accessed December 11, 2024.
  8. Yachts230. How Much Does a Fishing Boat Cost. Accessed December 11, 2024.
  9. Discover Boating. Cabin Cruiser. Accessed December 11, 2024.
  10. Quicknav. Cabin Cruiser: The Ultimate Guide. Accessed December 11, 2024.

The information, opinions and recommendations expressed in this content are for informational purposes only. Information has been obtained from sources generally believed to be reliable. However, because of the possibility of human or mechanical error by our sources, or any other, Synchrony and any of its affiliates (collectively, “Synchrony”) does not provide any warranty as to the accuracy, adequacy, or completeness of any information for its intended purpose or any results obtained from the use of such information. The data presented was current as of the time of writing. Please consult with your individual advisors with respect to any information presented.