Our experience for obtaining a loan with Trident Funding was exceptional, all things considered. That’s a huge amount of money that could be invested or even used to buy another boat! That means that a borrower with a higher credit score will have spent $108,423.26 less than the borrower with the lower credit score. You will have paid a total of $431,868.46.
Now, let’s assume your credit score isn’t great, and you get a 9.0% interest rate on the same $200,000 loan.
This only includes principal and interest and is only applicable if you have a fixed rate loan. Assuming that you have a high credit score, and get a 5.25% rate on a $200,000 boat loan, with a term of twenty years, you will have paid a total of $323,445.20 for the boat over the twenty year term. However, the main way that you save money on a boat loan is with a lower interest rate. You may also be able to choose your loan term, and your down payment requirements may be lower.įor example, if you can afford the higher monthly payment of a seven year loan term, instead of a twenty year loan term, you can potentially save thousands of dollars in interest because you will be paying off the loan over a shorter period of time. Firstly, you will get access to the best rates, terms, discounts, and the lowest-fee boat loans. Having a high credit score to finance a boat will save you money in a few different ways.
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