What You Need to Finance a Boat Purchase at Buxton Marine Lewisville, Texas

Buying a Nautique boat is exciting for many boat enthusiasts. You can enjoy numerous relaxation cruises without the hassle of renting. Today, we are going to explore financing options that can help make your purchase stress-free. At Buxton Marine Lewisville, Texas, our goal is to make your potential boat financing easy and this post examines the requirements as you prepare to land your dream Nautique.

You May Need to Make a Down Payment 

While our lenders at Buxton Marine are happy to provide the bulk of the funds you need in advance, you'll also need to show commitment. If you are not paying for the boat in full, you will need to make a down payment between 10 and 20% of the total boat price, after which your lender will cover the rest.

You Need to Be Creditworthy 

Financial responsibility is a significant factor that influences lenders' decisions. So, to finance a Nautique purchase at Buxton Marine Lewisville, Texas, you must demonstrate you’re financially responsible through your creditworthiness. Your creditworthiness indicates that you can repay your boat loan promptly, as initially agreed. The minimum credit score required to get boat financing is 600 or higher. 

You Need to Show Proof of Employment 

You also need to show that you’re employed. Your employment is proof you have a steady source of income which will provide the funds to service your loan. You can submit your job employment letter, most recent pay stubs, W-2 or 1099 tax forms, or tax returns over the years. 

You Need to Meet Income Requirements 

You'll agree that it's difficult, almost impossible, for a person without a source of income to repay loans. This is why Buxton Marine needs buyers to meet specific income requirements. The idea is to ensure you make enough money to service the loan as and when due without hardship. 

You Need to Meet Debt-to-income (DTI) Requirement

Your debt-to-income ratio is derived from your earnings compared to existing debt obligations. The idea here is that a higher DTI represents a higher risk for lenders, reducing your chances of financing your Nautique purchase from Buxton Marine Lewisville, Texas. For example, if your monthly earnings are $15,000 and you're servicing loans totaling $8,000, your DTI is 53%. Most lenders require you to have a DTI of 30% to 35% or lower. 

Explore Buxton Marine’s Financing Option for a Nautique Boat

Buxton Marine is happy to help you land your dream Nautique boat, whether you want a new or used one. we are happy to provide you with as much information as you need to make an investment decision you'll be proud of.  All you have to do is contact us now to get information about our finance options that will help you land your dream Nautique boat!