Financing Your Boat Purchase

Get Pre Qualified

We compare the top lenders to get you the best rates and terms on your boat. 
Our experienced financing staff will provide customized financing to meet your unique needs. 

How Boat Financing Works

If you're new to boat financing, understanding how boat loans work is essential.

Boat loans are similar to auto loans but typically have longer terms, ranging from 10 to 20 years. The loan term depends on factors like your credit score, the boat's age, and its cost. More expensive boats usually have longer terms to make monthly payments more manageable. For example, a $1 million yacht might have a 20-year term, while a $50,000 fishing boat could have a 10-year term.

Choose a loan term that fits your budget and goals. Consider any associated fees such as origination fees and pre-payment penalties. If you have a good credit score, you may have flexibility in choosing your loan term. Opt for a shorter term with higher monthly payments to pay off the loan quickly and minimize interest, or select a longer term for lower monthly payments.

We make it easy to get pre-qualified and calculate your monthly payments by helping you determine your budget and preferred terms. When you're ready to apply, we streamline the process to secure your boat loan. Boat loans are straightforward if you have a good credit score, steady income, and can afford the boat.

Interest rates are a crucial aspect of boat loans. These rates vary widely, so we'll compare rates from multiple lenders to find the best deal. Your down payment size also affects the loan's overall cost and monthly payments.

Boat loans use the boat as collateral, meaning the lender can repossess the boat if you default on the loan. Loan rates depend on market conditions, the boat's age and price, and your credit score and financial profile.

To apply for a boat loan, you'll need:

Pre-qualify for a loan by providing basic details about yourself, your desired loan amount, and down payment.

Complete the application with additional information about your income, employment history, and, if applicable, your co-borrower's details.

To finalize your loan application, you’ll need to provide your social security number and contact information.

To expedite your funding, have the following documents ready as PDFs or images to upload via our secure document portal:

• Purchase agreement (signed by you and the seller)
• Seller’s contact information (name, email, phone number)
• A copy of your driver’s license
• Proof of down payment (copy of down payment check or wire receipt)