Boats are not cheap. That is where the best boat loans can come in handy. Let’s start there and I would like to say you cannot put a price on fun but you most certainly can I can honestly tell you right now, boating is the most fun you are going to have. From lounging with your friends on a hot summer day to wakesurfing and wakeboarding and those early morning waterskis, you actually cannot beat it. And those are just a few of the options that you can do with a boat. Taking your friends and family out, you will be the most popular person around. The envy of your friends for sure.
Discover the Boat Financing Solutions
Finding boat loans at affordable interest rates can be quite a tough job. Moreover, individuals looking for boat financing solutions need to take care of several aspects before even filing an application. With a host of restrictions troubling the users, it is advisable to look into the nooks and crannies of loan procurement solutions.
In the subsequent sections, we offer functional and resourceful insights regarding the availability of boat loans, existing sources for acquiring the same, existing financing solutions, comparison between the lenders, loan choices, application process, funding techniques and even the escrow services.
Boat Loan Basics
Majority of modern day lenders are quite stringent when it comes to offering boat loans and other financing solutions. They prefer looking at the boat model, age of the entity and certain financial factors before proceeding with the remittance. This strictness actually minimizes the underlining risks of fraudulency and minimizes the number of individuals who actually qualify for the boat loans. As borrowers face a lot of issues zeroing in on the perfect loan provider, we have put up a detailed guide on how to minimize the hassles and find the most viable financing solutions.
Companies offering boat loans usually have a decent conglomerate of money lenders that are directly or indirectly related to the National Marine Lenders Association. Moreover, this detailed guide also enlists the most viable loan procurement solutions which aren’t only restricted to banks.
Existing Financing Options
Borrowers prefer comparing select options for determining the best solutions based on the lack of complexities and lower interest rates. Be it banking organizations or private lenders— there are several options for the individuals to work with.
These service providers function by providing a perfect relationship between national lenders and certain local money lending firms. Financial firms like these simplify marine lending by offering advertisements on select publications. Be it looking into the existing interest rates or analyzing the entire process of loan application— private financial firms offer transparent insights for borrowers.
There can be national, local and even regional banks that offer money lending services to the individuals. While borrowers should first check with their banks, they can also contact other organizations for looking deeper into the interest rates. Rate enquiries are seamlessly attended by the banks and they usually cater to diverse requirements of boat-savvy individuals. For banks however, the applications processes are quite stringent.
Deploying the services of credit unions is a functional technique for acquiring boat loans. These institutions usually provide attractive interest rates that are flexible and in accordance with the marine lending criteria.
Types of Boat Loans
Not every loan comes with the same set of requirements and procedural commitments. Unlike real-estate financing solutions, boat lending is a slightly convoluted process and has many facets attached to the same.
Simple Interest or Fixed-Rate Loans
These loans are calculated in a pretty simple manner with basic interest schemes applicable to them. The procedure is quite seamless and during the repayment, the borrower needs to pay off the principal obligations followed by the interests.
Here is a type of boat loan that caters to some of the more experienced borrowers. The interest rates float according to the diminishing principal and are adjusted accordingly. Individuals must keep a track of the adjustable period and anticipate the changes. These loans are best acquired from banking institutions as users should clearly know how frequently the rates are changing.
These types of loans are the most flexible and require the borrower to pay off the entire amount at the end of the term. The payment involves clearing off the interest and principal, all as a single amount.
The Concept of Peer-to-Peer Lending
Peer-to-peer financing is a great new concept when it comes to acquiring boat loans at extremely competitive rates. These lenders selectively connect the borrowers to the individual investors who then put in a small amount for being a part of the bigger picture. Peer-to-peer boating financing solutions therefore come forth with quick loan approval decisions while allowing individual investors to work in a risk free manner. Moreover, this form of investment also allows individuals to consider the efficiency of the boat and the associated monetary transactions.
These peer-to-peer loan remittance processes come with several perks. They offer friendly interest rates and don’t necessarily require down payments to get processed. Moreover, these boats for which the loans are being asked need not stay in the national waters. The best thing about using these loans is that one can avail finances of up to $50,000 while making the best use of short repayment periods. Lastly, the loans are applicable on new and even used boats unlike certain banks who do not take used entities into evaluation.
Loan Schemes with Pre-Approvals
Majority of boat lenders do not provide pre-approvals as there are many intricacies associated with these kinds of financing solutions. However, borrowers might still apply without the sales contract and other procedural entities. The rates and even loan term are mostly dependent on the quality and longevity of the vehicle and most investors or financers urge users to verify the condition of the same before applying. The best a loan provider can do is to offer an upper limit of 30-45 days for the rate to remain valid while keeping the application under process for as long as 6 months.
Benefits of Procuring Financing Solutions from Dealers
There are many individuals who prefer contacting specific dealers for procuring loans. This approach usually has many advantages over the conventional techniques. Firstly, this helps borrowers establish decent work-based relationships with other financial sources. Apart from that, the extended warranty on diverse programs is a great add-on for the users. Majority of dealers have customized money lending schemes which, in a way, are beneficial to the borrowers. Moreover, there are many finance programs associated with brand-specific boats which are synonymous to the dealers. Some of the best possible benefits include no penalties on delayed payments, no additional interests, no hidden charges and lower interest rates for specific time periods.
How the Loan Application Processes Works?
Majority of service providers process applications over the phone while some prefer going forward in a more categorized manner. The basic information includes income verification for procuring the loan in the first place. However, the strictness of application process depends on the net worth of the boat and what proportion of the cost is shelled out in the form of down payment. Lenders usually ask for tax return files, count of liabilities and assets and other related bits of information.
Moreover, borrowers must keep all the information ready for the application process, including the purchase price, equipment upgrades if any, sales tax figures during purchase and the overall documentation expenses. Once these documents and particulars are assimilated in the defined order, borrowers must authorize and validate the process by signing the application.
More about the Underwriting Process
It is important for the borrowers to know about the loan underwriting process, in order to look at the aspects of financing. The first aspect involves reevaluating the credit history for determining credit obligations and associated loan amounts. Moreover, there are certain lenders who look into the debt-to-income ratio for ascertaining the amount and associated safety norms. Moreover, the finance service providers also look at the net worth of the borrower and remit loans accordingly. One important aspect of boat loans is that the lenders can easily analyze the market value of the concerned vessel after being look at by a specialized marine surveyor.
The Process of Funding and Loan Closing
This process is quite similar to acquiring real-estate loans. Be it the associated paperwork or the barrage of signatures for the borrowers to work with, the boat dealer followed by the lender guides the individual perfectly towards his or her new vessel. The entire process is initiated quite smoothly and extremely professionally. Moreover, the entire process initiates within thirty minutes of putting up the papers and borrowers only need to go through a twenty minute review before the boat gets delivered.
Majority of lenders work alongside the third-party escrow service providers for protecting the associated transactions. This feature is elusive and works perfectly for both the parties. Moreover, with escrow services on-board, the lenders automatically eliminate the threats associated with monetary frauds.
Are there any Boat Loan Restrictions?
While the modern day lenders process loan applications in a seamless manner, the more conventional strategies are highly restrained and come with a host of restrictions. Usually, the boat’s age must be less than 30 years and should only be procured for recreational purposes. Moreover, the vessel should be from the concerned state and must not be registered at a distance of more than 26 feet. Not just the basic boats, there are a host of restrictions imposed on houseboats and even the multi-hulls. There are still a few lenders who do not support applications synonymous to the foreign registries. Most of these restrictions can be done away with if borrowers opt for peer-to-peer lending options. These financing solutions have recently come across as potential elixirs for the boat owners who had nowhere to go, courtesy the stringent financing policies. At present, most of the companies offer boat-centric personal loans of up to $50,000 without enforcing a lot of limitations on the borrowers.
What Information do Lenders Require before Processing Loans?
The lenders need the borrowers to furnish details regarding the boat manufacturer and even the title state in some cases. While the boat year isn’t an important assertion for now, it still needs to be provided in some places as a part of the verification sheet. In addition to that, lenders often look into the size of the boat; thereby presuming the purpose. Lastly, the borrower has to put forth the model name, number and even the material used for the hulls in place.
Procuring Boat Loans with a Bad Credit Score
Usually, it’s nearly impossible to get boat loans if the credit scores are lower than a certain threshold. Most traditional lenders won’t even entertain a loan application initiated by someone with a bad credit score. However, certain financers offer facilities even to borrowers with bad credit scores. This flexibility is usually offered by online lenders who are even willing to take risks for benefitting the borrowers. This has eventually minimized the popularity of brick and mortal money lenders who had stringent regulations in place.
There are times when borrowers with bad credit scores are pretty apprehensive about asking for loans. Most of the registered online lenders have the framework to help these individuals but they must first approach the company for a loan. Boat loans aren’t hard to get. It’s just individuals sit back and refrain from even asking for financing solutions.
Igotaboat offers a detailed, insightful layout of procuring boat loans while cutting down on the complexities. While we have an extensive conglomerate of registered online lenders to work with, we also offer solutions regarding applications and other roadblocks. On visiting our page, readers can easily gather important details regarding boat loans besides understanding the nooks and crannies associated with the same. Lastly, it needs to be understood that boat loans aren’t as complicated as they look. There are times when the process takes a bit of time if the borrower doesn’t have his or her papers in proper place. However, at the end, each one of the issues gets sorted out and the concerned individual can very easily get the boat of his or her wishes.
The reality is as mentioned above, boats are not cheap but having the best boat loan will definitely make life easier. There are lots of options to choose from with USAA boat loans, Essex boat loans, Bank of America boat loans and much more.
The purpose of this article is to weed out the risky or bad boat loan options. I want to be able to direct you to the proper boat loan options best suited for you and even your family.
As I said boats are not a cheap venture but they are a lot of fun so it is well worth it. I spend 6 out of 7 days a week on my boat and the other day I am usually on my friends ski boat for about 6 months out of the year. It is my livelihood in the summer and I really don’t know what I would do without one. It gives you the freedom to enjoy the wind in your hair (whether it be salty or fresh) and relax away from the hustle and bustle of the real world. It is great for entertaining clients and can even be a partial tax right off if you are self employed. Little perks that you can look into later come tax season. Remember they better be real clients though.
USAA Boat Loan Rates
At the top of our list USAA boat loans come in #1 in financing and customer satisfaction. They offer 100% financing and refinancing for loans up to $100,000. Up to 80% financing and refinancing for loans greater than $100,000. If you are looking to finance a Personal Watercraft you can use a leisure vehicle loan.
Just go to
And then follow the process of:
Complete the application
Receive a loan decision
Call 1-800-531-USAA (8722)
It is as easy as that!
So remember rates are subject to change but here is a rough outline on prices and APR’s (Annual Percentage Rates) are effective as of today. The rates are based on loan amount and will not take into account financed optional protection products or lien fees.
Less than 10,000
10,000 to 34,999
35,000 to 99,999
Any boat for $100,000 and over, you know you get a phenomenal boat but you will have to call for rates.
*****The rates I am giving are for excellent credit profiles and Good, Fair and Needs Improvement among credit ratings will differ so these will be the lowest rates if you have excellent credit.****
On Good Credit Ratings, rates will start from 6.19%
On Fair Credit Ratings, rates will start from 8.45%
On Needs Improvement rates will start from 12.69%
Bank of America Boat Loans
Bank of America also has competitive rates for boat loans and the reason I am giving different options is because depending on who your normal bank is you may be able to get different or even better rates if you already bank with them or have different loans.
Bank of America Boat Loans also range in varying APR that are just as easy to apply and get approved instantly. Loan Rates start at:
5000 to 9,999
10,000 to 14,999
15,000 to 24,999
25,000 to 49,999
50,000 to 74,999
Cell 6 / 1
Call for details
These are the lowest rates among excellent credit scores. For further inquiries
Call toll Free at
1.888.550.6433 (U.S.) 1.401.865.7948 (International)
Essex Boat Loans
With Essex Boat Loans there are more options available without calling so you have an idea and bigger range of APR percentages. Remember rates can change but this will give you a good idea of what ranges there are. It is always best to call to speak to someone or you can apply online to get specific rates.
There is a minimum amount or $10,000 in for all pleasure crafts and boats.
Loan Amount 48 – 60 61 – 84 85 – 120 121 – 144 145 – 180 181 – 204 205 – 210 211 – 240 241 – 360
$10,000 – $14,999 10.05% 10.30% 10.55% 10.79%
$15,000 – $24,999 5.54% 5.79% 6.04% 6.29%
$25,000 – $49,999 4.19% 4.29% 4.59% 4.89% 5.19%
$50,000 – $74,999 4.09% 4.19% 4.29% 4.49% 4.59% 4.69% 4.69% 4.79%
$75,000 – $99,999 4.09% 4.19% 4.29% 4.49% 4.59% 4.69% 4.69% 4.79%
$100,000 – $149,999 4.09% 4.19% 4.29% 4.49% 4.59% 4.69% 4.69% 4.79%
***These rates are for boats that are 2006 and newer. From 1996 to 2005 add .25% more. For 1995 and older add .75% more. The maximum loan is for 20 years and for 2013 or newer with $50,000 or more for the boat.***
There are lots of options to choose from and I would recommend looking at each competitor and find out the best rates.
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Victor 6500 12 Digit Desktop Financial Calculator Loan Calculator Mortgage Calculator for Real Estate, Cars, Boats, and Homes. Calculate payments and Interest
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