Explore Different Boat Financing Options in Canada

Research boat financing and boat loans, and you’ll discover that financing a boat is faster and easier than many people think. Buying the best-rated fishing boats in Canada isn’t nearly as difficult as one might guess, and arranging boat financing is usually not very different from financing a new car.

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To finance a boat, you can go in one of three directions:

  • Arrange financing through your boat dealer.
  • Get a loan from your bank.
  • Take out a loan with a lender specializing in marine financing.

Most people simply work through their boat dealer, since dealers have plenty of experience setting up boat loans. Plus, it’s in the dealers’ interest to make sure the process is smooth, fast, and painless. Still, some other buyers will opt for financing the boat by taking out a home equity line, second mortgage, or a personal loan from their bank.

This can lead to a lower interest rate but the downside to this option is that it can also add paperwork and make the transaction a bit more complex. It may be worth considering, however, because you might also enjoy some tax benefits by structuring the deal this way.

Even if you have the cash to buy a boat on the spot, it’s important to consider your loan options. Financing can help you maintain liquidity, but more importantly, it might also help you get into a more expensive “dreamboat” that might otherwise seem out of reach. 

Remember, however, that if you can swing shorter terms and higher down payment, you’re likely to get even more favourable interest rates. Larger loans often get a more favourable rate, too—so in some ways, buying the more expensive boat can actually “save” you money. 

At least, that’s one way of looking at it. But in our humble opinion, all of these aspects of boat financing and boat loans are a lot less important than the bottom line: you, friend, get a brand-new boat—and life is about to become a whole lot better. Now that’s what we call “favourable terms.”