Boats are expensive, which is why many boat owners finance their craft. From small boats to large yachts, boats are available in every price range and for every desire. Whether you prefer to fish or cruise, or you enjoy spending your weekends and summers on the lake with the kids in tow and watersports on your mind, there is a boat for you. Finding the boat you want is what most consumers feel is the easy part, but it’s really the financing that’s simple when you consider Nationwide for your boat loan.
Nationwide is more than just an insurance company, but there are people still surprised to learn it’s a much more comprehensive financial institution. Nationwide offers loans, insurance, and banking services to consumers across the country. Boat loans are just one of the many recreational vehicle loans available to customers of Nationwide, making it one of the leading boat loan lenders in the country.
Application Process
The easiest and least stressful way to purchase a boat is to apply for a loan with Nationwide prior to shopping. Preapproval means you know what you can afford before you fall in love with a boat, and it means you can leave the dealership quickly with the boat of your dreams firmly attached to the back of your truck or SUV. Everything you need to buy the boat of your dreams is available online, including securing your funds and paying the dealer.
The approval process takes only a few moments. You’ll need your personal financial information the same as you would for any other loan application. Once the bank has this information in hand, they’ll provide you with the amount for which you’re as well as the terms and interest rate for your loan. Now you know what to buy, how much you can afford, and where to begin the search for a new or used boat.
Nationwide does not offer in-person financial help. The bank exists only online, so your entire process is made simple with the help of the internet. Everything you need is digital, and it’s all done immediately. This makes it far easier for the dealership to work with your loan and help you get your boat home as quickly as possible.
Rates and Benefits
Nationwide offers simple terms easily understandable by anyone looking to buy a new boat. Loans are available for at least $2,000 and up to anything you can afford. Nationwide finances all new and used boats for 7.11% APR. Knowing this in advance allows you to make a wise financial decision as you search for the boat of your dreams.
Nationwide also offers three financing terms for anyone looking to purchase a new boat, and each one is determined based on the amount of the boat. Loans of at least $2,000 and up to $12,000 are issued for 60-months. That’s five years to pay for a boat that costs very little money. If your boat costs between $12,001 and $24,999, you’ll finance it for 72 months. That’s six years to finance your boat. If your boat is more than $25,000, the length of time you can finance is 144 months. This helps buyers understand in advance what they can afford and how much it will cost before they apply for a loan.
Buying Your Boat
Nationwide doesn’t limit you to where you can shop for a new or used boat. Any dealer can sell you a boat, and you aren’t going to find yourself wondering where you can shop or limited to only a handful of dealers. The only stipulations are associated with the age and condition of the boat. Nationwide doesn’t finance boats built before 1960 or boats with a salvage title. Nationwide does not finance jet skis or row boats.
Nationwide might not have the lowest rates on the market, but their terms are clear. Being able to do everything online also makes things easier for many buyers. The convenience of having everything you need in one place makes it easier for many buyers to choose Nationwide as their lender when it comes to buying the boat of your dreams.
