Most people compare purchasing a boat to buying a car because that’s familiar. Yes, the process is very similar. And today, there are dozens of boat models that can be purchased for a monthly payment under $299. By comparison, that’s below the typical auto payment.

With today’s record low interest rates, there’s never been a more attractive time to finance your boat purchase. In addition, for a hassle-free experience, every dealer can handle the entire process for you. Of course, you can always apply directly to your bank but most people simply work through their boat dealer.

Basically, if you qualify for a car loan, you’ll likely qualify for a boat loan. Lenders usually take the same factors into account: Credit rating, Debt to income ratio, Job and homeownership stability, and Net worth. It’s not complicated.

Typically, the down-payments required these days can range anywhere from no-money-down to 20-percent. It really depends on the lender, the buyer’s credit history, loan amount and similar considerations.

Boat loans are actually preferred loans by many lenders. In fact, depending on the total loan amount, most will offer longer terms of up to 10 years or more so buyers can set a monthly payment that fits their budget. It’s a win-win.

Unlike autos, boats depreciate at a much slower rate than, for example, a car. So, the boat provides actually provides stronger loan collateral for the lender.

A boat show is like a marine supermarket. All the major boat brands and dealers are in one location, the great place to shop. Dealers likely have discount pricing and financing deals available at early-season shows like this one.