Five Advantages of Financing with Sterling

Let’s face it, buying a boat is a luxury purchase. No one absolutely needs a boat in the strict sense of the word, but for true boat lovers, owning a boat is an essential part of their life’s happiness. All you boat owners out there, you know what I mean.

For those yet to dive into boat ownership, the purchase of a boat can feel daunting. But guess what, it doesn’t have to be a painful process, and it’s much easier to find a boat that fits your budget with the help of Sterling Associates. Many people can own a boat with a monthly payment that is less than a new car payment. For entry-level boats, you could pay less than $250 per month.

The fact is, you don’t have to be rich to buy a boat. According to the National Marine Manufacturers Association, 72 percent of American boat owners have household incomes of less than $100,000. But it is crucial not to go it alone when securing financing.

Here are five advantages to working with a Sterling representative:

1. More Down Payment Options
Although down payments are usually between 10 and 20 percent and are based on the age, type and price of the boat, along with your credit history, we can locate programs through our vast network of lenders that will help you qualify easier and perhaps even find zero-down payment specials on a new boat.

2. The Trust Factor
We have developed relationships in the marine industry, so we can get you approved on a loan quicker and easier. We are one of the largest marine lenders in the United States, with offices in Massachusetts, California, Florida, Michigan, Maryland and Texas, and more than $4 billion in boat loans since 1991.

3. A Variety of Financing Terms
With an entry level first boat, you might want a more flexible boat loan that gives you the option of an early payoff through a private party sale or trade-in. However, if you’re purchasing a boat you expect to keep for a long time, a fixed rate loan makes more sense. Once again, we can use our long-term relationships with a multitude of lenders to find the bank that best suits your needs. We represent 16 lenders, both national and local, and because of our established reputation for quality service, lenders are often willing to offer marine loans for 15- or 20-year terms.

4. Lower Monthly Payments
Longer terms mean lower monthly payments, which means you won’t be stressed every month when the bill comes due. Therefore, you can enjoy your boat instead of having it be a source of anxiety.

5. More options
We can steer you toward financing that includes optional equipment, electronics, extended service plans and life/disability insurance coverage. We will also organize the closing and work with the title company in clearing all leans.