Boat Loans
Get a competitive rate on the loan you need to buy a boat or yacht.
Sail away with a great rate.
With competitive rates, a variety of repayment periods and a speedy approval process, our boat loans are focused on your needs. It’s dependable service from a financial institution you can trust.
Loan Amount and Loan to Value
- Minimum: $10,000
- Maximum: $250,000
- Value for a new boat or yacht is calculated by purchase sales price, plus taxes, title and license
- Value for a used boat is calculated by the lesser of the National Automobile Dealers Association (NADA), average retail price, or purchase sales price, plus taxes, title and license
- Value for a used yacht is the lesser of the marine survey value or the purchase sales price, plus taxes, title and license
- Delayed Purchase: Only allowed for applicants who purchased a new boat from a dealer for cash and want to reimburse themselves through financing. Processed as a new boat if submitted within 60 days of the invoice date
- Finance up to 90% of the value
Terms and Repayment
- Minimum term: 12 months
- Maximum term:
- ≥ $10,000 – Up to 60 months
- ≥ $20,000 – Up to 180 months
- ≥ $100,000 – Up to 240 months
- Equal monthly payments to fully amortize the loan for repayment
Collateral
- Boat: A vessel measuring < 30 feet in length and weighing < 5 tons
- Yacht: A vessel measuring > 30 feet in length according to its “Certificate of Origin” and weighing > 5 tons
- New: A vessel which has never been titled and model is not > 4 years old
- Used: A vessel previously titled and model is not > 4 years old
- No high-performance/speed/racing boats, no charter use, no commercial vessels, no floating homes/house boats, no barge or dredge boats
Notes
- Individual-to-individual purchase transactions for boats are not allowed
- Purchase or refinance (no cash out) is acceptable
- Warranties, extended maintenance contracts and dealer-sold GAP insurance are not financeable
- Add-ons allowed if specifically outlined in the dealership sales contract
- Bill of sale should show separate sales price for each item being financed
- Boats and motors may require additional UCC filing. If a trailer is financed, different fees may apply for the trailer
- Boats and yachts over 30 feet and/or 5 tons may require a preferred ship mortgage and may need to be closed by a vessel documentation company with additional fees
- Hazard insurance required, with bank listed as loss payee
Fees
- Fees may apply
