If you’re considering buying a boat, you may be interested in exploring your financing options. After all, this is a big investment and you want a smooth and easy purchase from start to finish. The team at Aronson Boat Works would be glad to assist you with any boat financing questions you may have. Keep reading for some basic information, then stop in and see us in Tower, MN.

Depending on your needs, there are a few different loan types to choose from. A secured loan uses the boat as collateral if you fail to make payments. If you default on the loan, your boat may be repossessed. The benefits of these loans include lower interest rates, higher loan limits, and longer repayment terms. If you need a larger loan amount or you don’t qualify for an unsecured loan, this is a good choice.

An unsecured loan doesn’t require collateral, but you’ll be subject to shorter loan terms and higher rates. This boat financing option does not use your vessel as collateral, so repossession won’t be the immediate result of defaulting on the loan. However, you could be facing a big drop in your credit score, wage garnishment, and lawsuits.

Today, there are numerous marine lenders to choose from. We’d be glad to provide you with more boat financing information, so don’t hesitate to contact our staff. You’ll find us conveniently located in Tower, MN.