For many jet boat buyers, dropping $30,000 – $100,000+ cash on a welded aluminum jet boat isn’t within their realm of financial possibility. Financing your jet boat purchase might be a more attractive option to you, but who is there to finance the boat? If you’re looking to a buy a jet boat and have been researching financing options you’ve probably found there isn’t very much information out there that is specific to jet boats.
We contacted LMG Financing, an industry leader in powersports financing throughout Canada and we asked them several questions about financing jet boats which their marketing manager Garret Morrison, was happy to answer for us in detail. Our questions are in bold and his answers are below.
#1. Does LMG Finance offer financing only through dealers or do you finance private boat buyers too?
LMG Finance will only facilitate financing for customers that are making their financed purchase(s) through a dealership that is partnered with us. We work with many leisure and recreational vehicle dealerships across Canada, when a customer would like to take advantage of the service we provide, we’re able to provide dealerships that work with us that are nearest to them.
#2. Do you finance only new or used jet boats as well?
We facilitate the financing for both new and used boats.
#2a. Is there an age limit to the boat for financing a used jet boat?
This depends on one lender to the next. Fortunately, we have the privilege of having a great working relationships with many lenders, which provides customers with the best opportunity to obtain an approval for what they wish to purchase.
#2b. Does the finance rate change if it’s an older used jet boat vs a new boat?
Yes, the interest rate increases to finance older units. This may seem counter-intuitive, however it makes sense considering that older units have depreciated in value. Dealerships have less to gain by selling older units that have depreciated in value. Dealerships have less to gain by selling less expensive units, and loans for used units often come with much shorter terms. These factors attribute to lenders recouping some value with higher interest rates for such units.
#2c. Is there a limit to the engine size/performance?
No, however should an engine be highly modified, this can negatively effect the warranty and chances of obtaining extended warranty.
#2d. Is there a down payment required?
No, customers can choose a 0 down payment option.
#3. Do you offer financing for new custom built jet boats being ordered from one of the many boat builders in BC/Alberta?
If it’s being sold through a LMG Dealership Partner and it’s built by a manufacturer that is recognized by lenders, we are able to facilitate the financing.
#4. What are typical finance rates for a jet boat?
The customers credit is the biggest contributing factor as to what the interest rate will be. For a customer with good credit, it will vary from 5.99% to 8.5% currently. (this article was written November 10th 2017).
#5. What are the available loan terms for a jet boat?
Customers will typically opt for a 10 year loan. That said, one of the great benefits of many in working with LMG Finance is our ability of customizing a customers financed purchase to meet their budgeted needs. Between their credit, what they’re purchasing, what they express they can afford, etc. our highly trained and experienced Finance Manager’s are eagerly determined to make their ownership dreams a reality.
#6. Is There Anything Else We Should Add?
As the leading F&I Outsource Provider in Canada, we’re fortunate to have relationships with the vast majority of leading lenders, prime and sub-prime. Each dealer is unique in that they have a specific retail product mix and a wide range of customer credit profiles that they sell too. LMG Finance puts together a group of lenders that will offer competitive financing and leasing rates on the dealerships product mix, as well as having access to lending programs that can yield an approval for all credit types (good, bad/challenged).
Our team is very familiar with each lender and what the probability is to gain an approval based on financial profile differences from one customer to the next. This allows for a streamlined deal submission for a quick approval while obtaining the best, most affordable deal for the customer.
Disclaimer: This is not a paid advertisement or advertorial. We reached out to LMG on our website visitors behalf so we could help shed some light on financing your jet boat purchase in Canada. Many of the dealers listing jet boats on our website are working directly with LMG for financing so we thought this would help answer some questions a buyer might have.
Current Jet Boat Dealers in BC/AB Offering LMG As A Financing Option
These dealers below were sourced through Google Searches and then organized here in this list for easy browsing. Some of them have boats listed in our inventory and we’ve linked to them for you as well.
- Captains Village | Current Listings | Outlaw Dealer
- Jones Boys Boats | Current Listings | Thunder Jet, Kingfisher
- Burnt Lake Motorsports | Current Listings | Outlaw Eagle/Marine Factory Dealer
- River City Marine | Current Listings | Thunder Jet Dealer
Are you a jet boat dealer in The Yukon, British Columbia or Alberta offering LMG Financing? If you would like to be listed on this page please contact us and we’ll get you added to the list.