About Boat Loans

Frequently Asked Questions

1. What is the typical down payment for a boat loan?

A typical down payment is 15%- 20% - however, each lender varies based on loan amount and collateral value.

2. How long do boat loans last?

Term limits vary based on loan amount. Typically loan amounts over $50k can go to 15-20 years and loan amounts under $50k can go to 12-15 years.

3. How long does the approval process take?

Once the loan officer has a complete package, including a signed loan application and financials from your customer, the lender will usually make its decision in 1-4 days.

4. How long are rates locked?

Most lenders lock rates for 30-60 days.

5. Will lenders give pre-approvals to customers who haven't decided on a boat?

Lenders require that a customers identify a particular boat before giving final approval due to the loan-to-value element, but customers may be able to obtain pre-approval in some cases based on their financials and credit analysis.

6. What are the best rates?

There are many different lenders and their rates will vary. Most lenders base their rates on factors such as:

  • Credit score
  • Loan amount
  • Down payment
  • Loan term
  • Age of the vessel

Click here to view the rate sheet. 

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