Frequently Asked Questions

1. What's the loan process?

To get started you will need to complete our secure online loan application. Our team of experts will reach out to you at the phone number provided. Once we’ve established communication and expectations, we will obtain the necessary boat information and submit your loan to our lending partners. Once approved, our team will contact you to go over the loan terms and obtain any additional information that the bank may require. Next, we contact the seller to determine where the funds need to be sent. The last step is to complete all closing documents at a time and place convenient for you.

2. How do boat loans work?

Boat loans are similar in nature to car loans or mortgage loans.  Lenders have loan to value requirements based on the book value. Boat loans are simple interest loans, meaning every month there is a portion of your payment that is applied to principal and interest. As the balance decreases, more is applied to the principal and less to interest.

3. What information do I need to apply?

You will need basic demographic and employment information to complete the application.  Some bank approvals do not require any proof of income.  In the event it is required, our team will communicate to you what’s needed.  You will be required to obtain a sales agreement from the seller/dealership.  CLICK HERE  for a PDF sales agreement.

4. How long will it take to get a loan decision?

Most applicants can expect to have a decision within 24hrs.

5. Can you pre-approve me?

Pre-approvals are based on many factors.  To best assist with any pre-approval, you will need to apply online.  Your credit DOES NOT automatically get pulled.  Our team will review with you, your application.  Best practices would be to have the age, length, and price range of the boat you want.

6. How many years are boat loans?

Boat loans vary from 5 to 15 yrs depending on the price and year of the boat.

7. What credit score do you need?

Credit requirements vary by lender.  Some of our lending partners have a minimum credit score requirement of 570.

8. How does the closing process work?

Once the bank has issued a “cleared to close”, all parties pertinent to the transaction will be required to sign.  Signing DOES NOT need to take place at a bank or other financial institution.  It can take place at a determined location provided by either the buyer or seller.  All executed documents must first be emailed to your loan team, and then followed up with originals via mail.  Funds will then be dispersed by wire transfer or ACH.

9. How much can I afford?

Please use our online loan calculator to determine a monthly payment you feel comfortable with.

Please Click here to use our loan calculator

10. How can I check the value of the boat I'm interested in?

Please access NADA here (hyperlink)

11. Who handles the title work?

You will be required to obtain the following, which is typical in any transaction: Title (copy of front and back), Seller contact information (name, address, and phone #), Lien pay-off information (if applicable).  Your loan team will then reach out to the seller and lienholder to handle the title work.

12. What are the available loan terms?

  • Year – 5 to 15
  • Amounts – $3500 to 75,000
  • Collateral age – Up to 12 yrs old

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