How to Pay for your New Yacht

How to Pay for your New Yacht

You have decided to purchase the vessel of your dreams, absolutely beautiful and with all the features you have been craving. Congratulations! Now comes the hard part: figuring out how to pay for your new yacht. Fortunately, there are financing options available for a boat purchase that are similar to those available for other vehicles. The trick is deciding which is right for you and your financial situation. This guide should help you choose the method of payment that will ensure you are comfortably enjoying your yacht for years to come.

Personal Loan
If you have good credit, a personal loan may be your best option, but this loan may be difficult to obtain. Get a quote from several banks and credit unions, as interest rates on personal loans can vary greatly. A large down payment can lower your interest rate and improve the terms of your loan.

Boat Loan
There are marine lending specialists at many banks and credit unions offering boat loans at reasonable interest rates. Their terms and conditions will vary based on the age, type, cost, and condition of your boat as well as the amount of your income. Many of these lenders will require a down payment of 10% to 20% for a boat loan, but you may be able to put less down on a new vessel.


Dealer Financing
Dealer financing can be easier to obtain, because the dealer is motivated to make the sale, and often has less stringent borrowing guidelines. You enjoy the convenience of purchasing and financing your vessel at a single location with no hassle, while the dealer expends the effort of securing the loan for you, but you face a higher interest rate.

Home Equity Loan
This can be the least expensive way to finance your yacht, and may be your best bet. This route offers two big benefits: you can deduct the interest from home equity loans from your federal taxes, and you may have up to 20 to 25 years to pay off your loan. Run the numbers to be sure you can handle both payments with ease, though, so you are not caught short.

Credit Card
Paying for your yacht with a credit card is a practice that is best avoided because the interest rates for cards are generally much higher than for loans. However, if your credit score is low and your credit card limit is high, you may want to consider this option.

Now that you have a better idea of how to pay for your new yacht, Atlantic Yacht and Ship is here to help you find the perfect vessel! We offer a large selection of new and preowned boats for sale, in every size and price range. We will find the deal that fits your finances, such as this beautiful 2004 61′ Viking Sportfish for sale, which is the lowest priced Viking Convertible on the market!


This desirable vessel clearly illustrates why the top fishing circuit performers choose Vikings, with touches like the top of the line electronics, custom mezzanine seating, and an extended fly-bridge that provides shade on hot days for enthusiastic anglers. Perfect for extended fishing trips or weekend family outings, she features the popular three stateroom, three head layout. Bring your trade and come see this lovely Viking Sportfish for sale today, at her convenient location at Atlantic Yacht and Ship’s headquarters in Fort Lauderdale, or contact Chris Carroll at 954-303-5604 or

For more than 53 years, Atlantic Yacht and Ship has been a leader in the South Florida yacht and ship brokerage industry. Whether you are interested in selling, trading, or buying a yacht, our experienced yacht brokers can help you with every step of the transaction. Contact Atlantic Yacht & Ship at 954.921.1500, click here, or chat with us by clicking the link in the lower right corner of the screen!