Boat Credit & Financing in Charleston, SC
Since we finance more boats than anyone else, we understand your specific needs. Our goal is to get you out on the water a few hours after picking out your Robalo, Chaparral and EdgeWater boat,, so we want to make the process as simple as possible! With a minimum down payment and approved credit, you can arrange credit financing with us and you can add in all your parts and accessories, extended service plan and more. You'll have everything you need and you only have to make one monthly payment! Apply for your boat credit and financing below!
F.A.Q.'s of Financing
How do your rates compare to my bank?
We shop the 10 banks that we work with to get you the best rate possible.
Is filling out your credit application a long process?
It only takes 5 - 10 minutes to complete the necessary information needed.
How long can I finance a boat for?
We offer extended terms up to 240 months.
Can I lease a boat?
Because we offer extended terms up to 240 months, your payments are like a lease. Since we do not offer leasing as an option, we strive to make your dream boat as accessible as possible.
How long does the approval take?
We offer same-day financing and minimal paperwork.
I have heard that I can actually save money by financing instead of paying cash, is this true?
Yes. Please see below on how you can save money by financing and letting your cash work for you.
Paying Cash vs. Financing.
Assumptions:
- Balance to Finance: $110,294.00
Term of Loan: 15 years
Interest Rate on loan: 7.25% - Balance to Finance: $110,294.00
Term of Loan: 15 years
Interest Rate on loan: 4.00% - Total Cost of Boat when Financed: $181,229.40
Total Cost of Boat when paying cash: $200,100.00
Total Savings achieved through financing: $18,870.60
Because the boat loan is a simple interest loan, interest is paid only on the outstanding balance. As the principle balance decreases, the amount of interest that is paid decreases. With each payment, more money goes toward principle and less toward interest. As interest accumulates in an investment, interest is earned on the additional interest. Due to this compounding, the investment value continues to grow quickly. With the decreasing interest on the loan and the increasing interest on the investment, a substantial difference in the TOTAL COST is created. Even if the boat is owned for only a few years, it is still substantially more advantageous to finance rather than pay cash. In the short term or the long term, it is always more advantageous to finance rather than pay cash.
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