A typical down payment is 15%- 20% - however, each lender varies based on loan amount and collateral value.
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.
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.
Most lenders lock rates for 30-60 days.
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.
There are many different lenders and their rates will vary. Most lenders base their rates on factors such as:
Click here to view the rate sheet.