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Boat Loan Rates and Terms

For over 35 years, BoatUS has been a leader in marine lending offering outstanding customer service to make the purchase or refinance process stress-free. Working with leading financial institutions, we are able to offer competitive rates and terms and guide applicants through the steps needed to purchase or refinance a boat. Please review the information below before filling out a free online application or paper application.

BoatUS is able to offer financing options for:

  • Loan amounts from $10,000 - $4,000,000
  • Boats as old as model year 1919
  • Powerboats
  • Sailboats
  • Custom Boats
  • High Performance Boats
  • Houseboats
  • Multi Hull Boats
  • Pontoon Boats
  • Electric Boats

Rates for New Boats, Used Boats and Refinances:

Loan AmountRatesTerm
$10,000 - $14,99910.49%Up to 12 years
$15,000 - $24,9996.49%Up to 12 years
$25,000 - $54,6006.25%Up to 15 years
$54,601 - $74,9994.62%Up to 15 years
$75,000 - $349,9994.37%Up to 20 years
$350,000 +4.50%Up to 20 years

Rates and terms are subject to change without notice and vary based on boat age, boat type, down payment amount, loan amount, state of residency and other criteria. Rates may be higher and term may be reduced for boats older than the 2005 model year.

Monthly payment examples:

  • A $15,000 loan for 10 years at 6.49% would have a monthly payment of $170.25
  • A $25,000 loan for 12 years at 6.25% would have a monthly payment of $247.21
  • A $65,000 loan for 15 years at 4.62% would have a monthly payment of $501.24
  • A $150,000 loan for 20 years at 4.37% would have a monthly payment of $938.48

Frequently Asked Questions

Do you offer pre-approvals?

Our lenders do not issue pre-approvals that are similar to what you can obtain when purchasing a house. You are however able to apply without having a sales contract on a boat and you aren't locked into buying the boat that you apply with but you do need to list a boat on the application. The rates and terms are highly dependent on the boat, so we recommend applying with a boat that is similar in age, length and type to one you are interested in buying and use a realistic purchase price. If approved, the rate is valid for 30-45 days, depending on the lender and your application is valid for up to 6 months.

What information do I need to apply?

You will need to provide basic demographic and employment information, complete a personal financial statement that lists all your assets and liabilities, and provide us with information on the boat you are interested in buying or refinancing.

As part of the underwriting process, our lender will likely ask for tax returns and bank statements for non-retirement and retirement assets to verify your income and net worth, a copy of the sales contract, and a marine survey report (on most used boats.) At the end of the application, you can securely upload these documents to help speed up the review of your application.

How do you evaluate my application?

Our lender will first review your credit score and history to determine if you meet their credit guidelines then review your financial information. When evaluating your application, our lender will look to see that you currently have the funds to make the down payment without depleting your assets, ensure that your net worth at least equals the requested loan amount, and verify your debt-to-income ratio (monthly debt payments divided by monthly income) meets their guidelines. They will also review the boat to ensure the purchase price is in line with the market value of the boat. Our lenders will use third-party valuation guides like NADA, BUC and ABOS to determine the market value of the boat.

How long does it take to get a decision?

Most applicants can expect to have a decision on their application in 1-3 business days. Our lenders will often ask for financial information before making a decision so to speed up processing, please upload a copy of your 2014 and 2015 tax returns including schedules C and E (as applicable) and a copy of the sales contract after completing your application.

How does the closing process work?

Once all the required information is collected from the buyer and seller, both parties will be sent paperwork that they need to sign and notarize. Once the lender receives the paperwork back from both parties, they will disburse funds in 1-2 business days. The buyer and seller do not need to visit a bank or be in the same place to close the loan. If the boat is currently financed, the funds will be disbursed directly to the lender to pay off the loan otherwise the funds will be paid to the seller by check or wire transfer.

How expensive of a boat can I afford?

Please use our online loan calculator to determine how much your monthly payment would be or enter your desired monthly payment and see what the loan amount would be.

How can I check the value of the boat I am buying?

BoatUS offers a free Boat Value Check program for Members.

How can I locate a marine surveyor?

BoatUS offers an online Marine Surveyor Directory that you can use to locate a surveyor in your area.