Marine Financing: Get Out on the Water

Yes. Marine lending often requires specific collateral verification, such as hull identification number (HIN) validation and proof of coast guard documentation. We specialize in these requirements to ensure a clean transfer.

Yes. We specialize in financing both new and pre-owned marine vessels. Whether you are buying from a certified dealership or through a private party sale, we have the expertise to facilitate the loan and navigate the necessary title work.

Absolutely. Private party boat purchases can be complex, but we make it simple. We assist with the lien documentation, title filings, and closing process to ensure that the transition of ownership is secure for both the buyer and the seller. Please see our private party resource hub.

We finance a wide variety of vessels, including center consoles, pontoon boats, fishing boats, bowriders, yachts and sailboats. If you have a specific type of vessel in mind, reach out to our team—we are happy to confirm eligibility based on the vessel’s specifications.

We use industry-standard valuation tools to determine the “book value” of the vessel. Most valuations are based on J.D. Power, though BUC is utilized in certain instances. This ensures the loan amount is appropriately aligned with the vessel’s market value, which helps protect your investment.

Terms generally range from 5 to 20 years, depending on the finance amount, age and value of the boat, as well as your credit profile. The most important aspect is the finance amount, which drives the available term options. Longer terms can help lower your monthly payment, while shorter terms can help you save on total interest costs over the life of the loan.

Our standard requirement is 10% down. However, for applicants with excellent credit (typically 700+), we offer $0 down financing options for both RV and Marine units.

While your credit score is important, the final decision depends heavily on the Loan-to-Value (LTV) ratio. This means the loan amount must be supported by the unit’s current market value. If the sales price is higher than the appraised value of the boat or RV, a down payment will be required to cover the difference, regardless of your credit score.

Yes. Because your boat serves as collateral, lenders require proof of adequate marine insurance. This typically includes coverage for hull damage, liability, and total loss. We recommend securing a quote early in the process so that you are ready to hit the water as soon as your loan closes.

Just like our RV and trailer loans, our marine loans are Simple Interest with no prepayment penalties. If you have a successful season and want to make an extra principal payment or pay the loan off early, you can do so at any time without being charged a fee. You only pay interest on the principal balance as it decreases.

Yes, we offer financing options for just the boat, or both the boat and trailer together. However, we cannot finance a boat trailer alone—it must be bundled with boat financing. We also cannot finance a boat from one dealership alongside a trailer from a different dealership. We can help you customize a plan that fits your needs.

Yes, refinancing is an option. If you are looking to secure a better interest rate, adjust your monthly payment, or change your loan term, refinancing your current boat loan may be a great way to better align your financing with your current financial goals.