HOW DOES BOAT FINANCING WORK? is it similar to an auto loan?

SO BUYING A RUNABOUT BOAT FOR AROUND 25,000, IS LIKE BUYING A CAR FOR 25,000 THE INTEREST SHOULD JUST BE LETS SAY 8% IS THAT A ANNUAL THING THAT HCGES WITH WHAT I OWE OR IS IT JUST A FLAT 8% OF THE AMOUT I FINANCED??? HOPEFULLY I EXPLAINED MY QUESTION ALITTLE BIT BETTER, THANKS

Public Comments

1. Depends on the boat. For large expensive boats it is similar to a mortgage. Where if you are looking at a ski boat it is like a car loan.
2. Similar, but while a car can looked at as a necessity, a boat is strictly a luxury item, you don't need it to get you back and forth to work, so the loan requirements will be a bit stricter.
3. buying a boat is alot like buying a car, boats have longer financing time like 10 yr note and the interest rates are usualy very low.lets say you buy a 10,000.00 boat at 10 yr your payment are very low
4. yes, they will definitely but looking very closely at your income and situation due to luxury item. remember if you cant pay, they want to unload that boat as fast as poss.
5. boat financing is like a car loan except for length of term as to how much is being borrowed. one thing differs and that is you can write off the interest as you would a second home providing you have three criteria. 1--a head 2--a stove and 3--acooler or frig.and of course a place to sleep..(hey i guess that means four things )
6. Yes I do believe it's like buying a car but actually the interest rates will be higher because it's a luxury item. As said before though, the terms will be more strict.