Financing a Boat- What you need to know

Financing a Boat

So you think you just can’t afford to buy a boat…..

          It’s surprising how easy it is to finance your dreams


You finance your house and your car, so why not finance something that will bring just as many years of enjoyment?

Financing a Boat |Boat Loans

Obviously, prices vary drastically in the boat market. However, your monthly boat payment can come out to be less than your car payment! Because boats tend to have longer lives than cars, you have longer terms which gives you the lower monthly payments.

Financing opens up a world of options for boat buyers. They no longer have to confine themselves to older, smaller boats. Financing a boat allows them to broaden their horizons, and actually consider that newer and bigger boat they have been eyeing for so long.

Most dealers have their choice Marine Loan Officers where they direct their customers. Experienced dealers/brokers recognize that certain marine lenders offer a variety of financial options. Secondly, the goal is to tailor a finance program that is best suited to individual needs. Here you can find a list of all registered Marine Bankers that offer boat financing.

Before you run off and start looking for the newest and biggest boat you can find, let us give you the basics of the loan process.


  • Consider how much you can afford to spend each month. This will help you figure out your new price range while boat shopping. Don’t forget to include aftermarket fees like annual maintenance and slip rent. If you aren’t sure of these costs, your boat dealer/broker can give you estimates.
  • Get a copy of your credit score- just like with most financing situations, your credit score is a huge part of your approval.  Approach the lending process knowing your credit score.
  • Fill out your application- this is your first impression for this loan company, so make sure your provide good, accurate information on the credit application. Be prepared to expedite the credit approval process with copies of the last two federal 1040 tax return (First 2 pages, Schedules A & B, and if applicable, Schedules C, D, & E); recent pay stub(s).
  • Down Payment- Many lenders offer loans with 10-20% down payments
  • Terms- Rates are at historic lows! When borrowing over $75,000, most boat loans are amortized over 15 to 20 years with no prepayment penalties.


Another benefit of financing, is the ability to finance electronics and extras along with the boat!

So, next time you see the boat of your dreams, and the price tag seems to be a little too high, don’t be discouraged. Financing a boat allows you to enjoy that boating lifestyle you’ve dreamed about, without having to put a huge dent in your pocket. Start sailing NOW!