• How much do I have to put down on my boat?
    Typically, 10% to 20% is standard depending upon the size of the transaction.
  • Can I get pre-approved for my boat loan?
    Yes, absolutely. Initial loan approval commitments can be valid for 30 to 180 days from the date of pre-approval.
  • How long does it take to get approved?
    Usually we have a decision in 24-48 hours, often less.
  • Can I finance the sales tax on my boat purchase?
    Yes, lenders will often consider sales tax in the total price of the vessel.
  • How long is my boat loan approval good for?
    Approval commitments are generally valid for 30 to 180 days (varies by lender) and rate commitments typically range from 30 to 60 days.
  • Do you offer stated income boat loans?
    Yes, up to $150,000.00.
  • Is US Coast Guard Documentation required?
    Boats of documentable size and/or loans over $100,000 typically require USCG documentation (some exceptions apply).
  • Can you assist with US Coast Guard documentation? Insurance options? Title and Registration?
    Yes, wherever possible we will help with these services or recommend a qualified professional to meet your needs.
  • How long can I get a boat loan for?
    Twenty years is typically the maximum term offered but, with a larger down payment, a 25 year term may be an option.
  • What is the oldest boat you finance?
    We can finance boats up to 30 model years old, or older in some exceptional cases.
  • Are refinance rates the same as boat purchase rates?
  • Is a marine survey required?
    Most used vessels will require a survey. In some cases, when a boat is only a few model years old and/or is a smaller purchase – lenders may not require a survey.
  • Are boat loans tax deductible?
    For a qualifying boat, typically interest on the loan can be tax deductible but you should consult with your tax professional to be certain.
  • Can I own the boat in an LLC or Trust?
    In most cases it can be owned in a Trust or LLC – check with your attorney and tax advisor for more detail.
  • Can I finance my boat if I am a Non-US Citizen?
    Yes, we do have some options for non-US citizens. Additional documentation and restrictions may apply.
  • Do you finance live aboards?
    Not currently.
  • Can I fund my boat while it is overseas?
    Yes, with additional requirements.