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If you want a boat loan, there are lots of lending sources to choose from. Like all vehicle financing the things you have to be aware of when choosing a loan for your new boat is:

- the price of the boat
- how much of your own money you are going to use
- how much do you need to borrow
- the interest rates of the loan
- the loan terms also known as 'the small print' in the loan contract.

You should compare loan offers from several sources before you choose one. On the internet this is really easy because, you'll be provided a list of different loan offers with rates and terms included. This makes it really easy to do a comparison and choose the right boat lender for you.

When you have decided which loan offer you'll go for you must apply for the loan. You loan application has to be approved and the lender will check your credit rate before he or she can do that. Most lenders will also require proof of income before they can approve your loan application. If you apply for your loan offline, you have to do some paperwork, online you just have to fill in a few boxes of info, push a button and sit down and wait for the decision.

When it comes to the loan's interest rate, you normally can choose between a fixed or variable rate. The niche thing with a fixed loan interest rate is that you will know upfront what your monthly payment will be. If this is important to you, then choose a fixed rate loan for you boat. The variable loan rate option can give you a lower rate in the beginning but normally the rates often increase after a while.

You can also choose between a loan interest calculated on a per day basis or over the lifetime of the loan. This can make a significant difference of the cost of your loan. Also be aware of and understand all penalties and fees included in the price of the loan.

You should carefully consider the loans pay back time. The longer time you choose to pay for the boat, the longer it will take you to acquire equity, which is the part you own. The loan's payback time should always be shorter than the time you plan to own your boat. Terms for boat loans usually ranges between 5 to 25 years for most boats.

Be careful to read all the loan terms, especially the part with small print. Let's take some examples of questions you may ask;

- Let's say you want to pay off your loan. Are you penalized with extra fees if you pay off the loan before time?

- Will your lender penalize you if you take the boat out of US waters?

- Does the lender charge any fee to get into the loan like for instance a small print that says that a certain percentage of the loan has to be paid as a loan origination fee?

So reading the 'small print' of the loan contract carefully, can be very beneficial for you.