Boat Buying FAQ's
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We specialize in boat loans for Motor and sail, used for pleasure, we also have lending sources for houseboats and Commercial.
Rates vary depending on loan amount boat age and value. Our rates are always competitive within the industry.
A 15-20% down payment generally offers the lowest interest rates. We may be able to offer 10% down for strong borrowers with an excellent credit history.
Use our boat loan calculator to estimate your monthly payment.
With a completed application and appropriate income verification, we can usually respond with a credit decision in a day or so of when we receive your loan package.
Our minimum loan amount is $25,000. There is no maximum. Is this a Simple Interest Loan? Yes, every loan we write is simple interest.
We do not charge any application fees. The closing costs vary according to value added services provided. Minimum charges start at around $200 and increase subject to services provided. Vessels requiring US Coast Guard Documentation generally incur charges of about $800. We will handle all the post closing titling, registration and Coast Guard Documentation needed in order to satisfy the loan contingencies.
Once your loan has been approved and you have signed all the necessary loan documents and Coast Guard Bills of Sale have been secured, we will issue a check payable to the seller. The check can generally be sent either directly to the seller or to you for presentation to the seller.We can also arrange for wire transfer of funds.
Yes, we may also be able to provide "cash out" to be used to improve the vessel for qualified buyers.