Is there an advantage to financing for a shorter vs. a longer term?

Our general feeling is that a shorter term has many advantages. However there are a number of individual factors that should be considered. Basically, a shorter term loan will build up your equity in the boat quicker. Down the road this translates into more money in your pocket when it’s time to sell. Also, a shorter term can possibly get you a lower rate. Another view point that is also beneficial is to take the longest term possible which gives you the lowest payment. You can always pay a greater amount monthly and have a smaller a payment to fall back on if you go through a period where you need extra funds.