Getting a boat loan: What you need to know

Before you set sail in a new boat, educate yourself on boat loans, so you don’t sink yourself with a bad loan. (iStock)

Setting sail on the water is a dream for many Americans. And in 2020, that dream became a reality for many new boat captains, as recent powerboat sales increased by 12% compared to 2019, according to the National Marine Manufacturers Association. With an average price of $37,000 for a traditional powerboat, many of these new boat owners likely needed a boat loan to purchase their vessel.

If you’re looking to hit the water, read

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