I met one of the brokers for Walker Financial Services
at a local boat show
They shop your loan application to a couple of banks for rates. There are only a couple of Canadian Banks that service
the market so there isn't much competition.
I was advised rates were based on bond rates, with interest on loans at ~ 7.5% at the time (much higher than home loans of course). There was no problem with a 20 year term on a new, or newer boat. Boats older than 10 years seemed to be more of a problem to finance for long periods.
There was an application fee ($300ish???) and the ability to get pre-approval.
The broker advised me that one hurdle I might face is possible issues with an out of Canada purchase
when I have no intention of bringing the vessel back into the country.
If anyone has anymore Canadian specific details/experience lets hear them. Specifically, anyone financing
an out of Canada purchase