Financing A Boat as a Business Owner

Article details provided by Chrystal Petersen AVP, Marine Finance Specialist

Boat shows, and dealership open houses are in full swing. That means it's time to start thinking about your options for purchasing a boat so you can be out on the water!

"Any time is a good time to start looking for a boat," said Chrystal Petersen, AVP, Marine Finance Specialist.

Chrystal has spent 12 years of her two-decade banking career working in boat lending and shared her tips for applying for a marine loan from Croghan.

The process of applying for a boat as a business owner is similar to any other individual. You'll begin with a phone or in-person consultation to discuss the specifics of the vessel and potential loan opportunities.

Here's some information you'll need to provide:

• Purchase agreement with the make and model of the vessel
• Cost of the vessel and how much you'll put down
• Personal and business tax returns from the last two years and a business debt schedule if self-employed
  
  

Chrystal said working with Croghan to finance a marine purchase provides each customer with personalized service and easy access to essential information.

"Here at Croghan, we look at potential boat owners a little differently, making loan decisions based on individual characteristics and unique circumstances." Said Chrystal

She will work with you from application to closing and handle all the paperwork in between.

Interest rates vary depending on the age of your vessel, credit score, and amount financed. We offer marine loans starting at $10,000 with fixed interest rates and flexible lending periods based on your boat's model.

Contact Chrystal to get started!