About Boat Loans

Frequently Asked Questions

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

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

2. How long can I finance a boat?

Fixed rate program Term limits vary based on loan amount. Typically loan amounts over $100k can go to 20 years and loan amounts under $100k can go to 15 years.

3. How long does the approval process take?

Once your loan officer has a complete package including a signed loan application and financials, a bank decision will take 2-4 days.

4. How long are rates locked?

Most lenders lock rates for 30-60 days.

5. Do I have to have a boat or can I get a pre-approval?

Most lenders require a boat for an approval decision, however, we can provide pre-approval based on financials and credit analysis.

6. What is your best rate?

Rates are based on several criteria:

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