Frequently Asked Questions.

In order to better assist you, we have put together commonly asked questions and the answers that come up during the loan process.

What kind of boat can be financed?

We specialize in boat loans for sail and powerboats used for pleasure purposes, but we do have lending sources for houseboats, limited chartering, RV's and aircraft.

What will my interest rate be?

Rates vary and are determined by your financial and credit history, loan amount requested, age and value of the boat or RV, and down payment amount. We believe in providing our customers a qualified rate quote based on the applicants credit profile and loan request. Don’t fall victim to bait and switch tactics used by other lenders, who may quote you a lower lead in rate, and switch the rate before closing.

Why is my interest rate higher than what other lenders are advertising?

Lenders who advertise low rates use the lowest rate available on a specific loan program to gain a customers interest. In order to receive this rate, your loan request and credit rating must meet certain requirements: most customers are unaware of the requirements and/or do not meet the requirements, therefore are quoted a higher rate than what is advertised. When applying for a loan, don’t ask what is the lowest rate available for a boat or RV loan; ask what rate does your loan request and credit profile qualify for.

How much will I need as a down payment and what loan terms are available?

As a basic guideline for down payment terms for a boat or RV:

Loans under $100,000 require a down payment of 10% to 15%
Loans over $100, 000 require a down payment of 15% to 20%

100% financing programs are available; inquire if your loan request qualifies.

As a basic guideline for terms on a boat or RV loan:

$25,000-$49,999 – Terms up to 15 years
$50,000 to 74,999 – Terms up to 20 years
Loans $75,000 or more – Terms up to 20 years

What will my monthly payment be?

Use our boat loan calculator to estimate your monthly payment.

How long will the application take to process?

With a completed application and appropriate income verification, we can usually respond with a credit decision the same day we receive your loan package.

What is Coast Guard Documentation and will I be required to document my boat?

Coast Guard Documentation is generally required by lenders for vessels that are approximately 26’ or larger and is how lenders secure their lien on the vessel at the federal level. Coast Guard Documentation will provide the buyer protection that the vessel will be free and clear of any previous liens when the title is passed on to the buyer.

Why do I need a survey done before I buy a used boat?

Some lenders will require a survey on a boat loan if the boat is 3 or more years old. A professional survey is essential in determining the condition of the boat and can uncover information about the boat's condition that you may not have known otherwise. A survey generally costs around $12-$18 per foot depending on the vessel and is well worth the expense considering it could save you thousands of dollars down the road.

Once approved for a loan, how long is an approval good for?

Once your application is approved by the bank; rates and terms are generally good for 30 days, but can be longer depending on the lender.

What paperwork will I need to provide in order to get a loan?

A complete loan application is necessary to obtain an approval for all loans. For larger loans, you may be required to provide a personal financial statement and 2 years of current tax returns (including supporting schedules.) This will also ensure you get the best rate possible. Once an approval is received from the bank, contracts will be sent to you for signatures which must be returned and processed for funding. See loan process for more detailed information.

 

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