Boat Loans For Older Boats

Other Lenders We Considered

• US Bank: This lender’s loan interest rates weren’t the most competitive, starting at 5.24% for a new boat. The bank states that rates may be higher for private party boat purchases, loans under $25,000, and used boats. Ultimately, lower rates may be available elsewhere.
• USAA: USAA is only available to people with military affiliations, limiting the number of people who can access these loans. However, even those eligible could get a better rate from one of our top picks interest rates start at 5.25% with USAA, about a percentage point higher than a LightStream loan.
• Navy Federal Credit Union: Like USAA, membership with this credit union is only available to certain people. However, a starting interest rate of 5.95% for new boats and 7.45% for used boat loans mean there are better deals to be found elsewhere.
• Boat US: This online boat loan marketplace didn’t beat interest rates offered by other lenders. A high minimum loan amount of $25,000 also may be more than many borrowers need.

Whats The Longest Loan Term For A Boat

Types of boat loans Term length is usually 15 to 20 years for example, if you have a loan in the $25,000 range, you may be able to finance it for 15 years. Higher loan amounts often equate to longer boat loan terms. Keep in mind that a down payment is typically 15% to 20% and is required by many lenders.

Can You Get A Boat Loan On An Old Boat

Getting approved for a boat loan on an older watercraft can be tricky, but it is certainly possible. Some lenders will offer used and refi loans on boats as old as 19 years. If the boat is of high value, you may even find lenders willing to finance a watercraft as old as 25 or 30 years.

Expect that interest rates for old boat loans may be higher than those for newer boats, and you may even encounter higher down payment requirements.

If youre unable to find a lender willing to finance your old boat purchase, consider taking out a personal loan instead.

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Best Boat Loans Of 2022

• Best for Bad Credit: Southeast Financial
• Best Unsecured Loan: LightStream
• Best Commercial Loan: Coastal Financial

Essex Credit is our choice for best overall boat loan because it offers multiple types of loans, including loans for borrowers who plan to use the boat for recreation or as a residence. It has a simple online application process and specializes in long-term loans from five to 20 years for borrowers with good credit, defined as a minimum FICO score of 700.

Loans have fixed rates starting at 4.74% and no prepayment penalties. However, there are loan processing fees that vary depending on the type of loan. Additional fees that you will incur when purchasing a boat include taxes, title, registration, and licensing fees. These can be rolled into the loan as long as your loan-to-value ratio meets their guidelines.

Essex performs a credit review within one to three business days of when you apply for a boat loan online, but funding times vary based on the vessel and loan type.

Essex Credit will not provide loans for boats manufactured after 2002 or for those that go over 99 mph.

Essex Credit is a division of Bank of the West and has been in business since 1981. In addition to new loans, the company offers refinancing options, as well as RV loans.

• Multiple types of boat loans

• Long history in the marine industry

• Live-aboard loans which not all lenders offer

• Loans unavailable for boats manufactured before 2002

• Some negative customer reviews

Fallen In Love With A Boat Compared With Auto Loans Financing A Boat Can Be A Much Heftier Investment

Boats can be more expensive than a car, which means loan amounts can be higher and terms can be much longer.

Just how much you pay to finance a boat depends on a number of factors, including the type of boat loan you choose, the loan terms, your down payment and your credit.

Lets take a look at the different types of boat loans, your financing options and how to apply for a boat loan.

• How to apply for a boat loan

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Boat Loans For Old Boats

When attempting to attain a boat loan, most people tend to automatically seek to purchase new boats for sale since the process for getting the loan is rather more straightforward. However, depending on your financial situation and the boat type of your choice, purchasing a secondhand boat could be a better boat buying option for you. There are several alternatives that people neglect to consider, such as buying an old boat or a customized one. Some boating aficionados prefer an old boat for its sentimental value or its vintage aesthetic. If any of these circumstances apply to you and you are having trouble getting a loan, we at Vessel Vendor are here to help. Weve decided to gather the most useful information we could find to give you a full run-down of a potential alternative to getting you boat loans for old boats.

Getting Boat Loans for Old Boats

Other Options for Boats Loans for Old Boats

How Did We Choose The Best Boat Loans

Personal Finance Insider’s goal is to help smart people make the best decisions with their money. We combed through the fine print of many boat loans and lenders so that you don’t have to. We considered the factors that are the most important to boaters, including:

• The type of boats financed: We searched for lenders that offered loans for the most shapes and sizes of boats, from houseboats to sport boats.
• Interest rates: We compared the starting points of interest rates from many banks, and compared ranges where available.
• Few or no fees: We looked for lenders that offered boat loans with the fewest amount of fees on each loan.
• Loan amounts: We chose lenders with the widest variety of loan amounts available to help everyone find a loan for their boat-buying budget.
• Widespread availability: Lenders we considered have loans available in almost all 50 states, if not all.

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Youre Our First Priorityevery Time

We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.

Best Marine Lending Specialist: Trident Funding

Trident Funding

Our choice for the best marine lending specialist is Trident Funding because they offer competitive rates, specialize in custom marine financing, and have been in business since 1996.

Trident has worked with over 40 banks and lenders so you can rate shop to offer the most competitive rates and terms which vary based on the type of vessel, down payment amount, loan type, and borrower qualifications.

They offer fixed- and variable-rate loans and both short- and long-term boat loans up to 25 years. Typically, they approve loans within 48 hours and a down payment of 10 to 20% is standard. They finance new and used boats that are no older than 25 years and only used for recreational purposes.

Trident Funding has positive customer service reviews and a solid industry reputation. Customers raved about the excellent service, timely responses, and marine industry knowledge.

Trident Funding was founded in 1996 by boat enthusiasts for boat enthusiasts with the goal of connecting borrowers to lenders so they can finance their passion. It is the U.S.s largest independently owned boat and yacht loan origination company. Trident also finances RVs and provides marine resources and tips on its website.

• Dont finance boats more than 25 years old

• Dont finance live-aboard vessels

• You usually need a down payment

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Bad Credit Boat Loan Terms

• Loan Terms up to 15 years
• Simple Interest Financing with No Pre-Payment Penalty
• Standard Fixed Rate & Short Term Fixed Programs
• Interest rates vary from 9.95 17.99%

Before you apply please review the following to ensure you meet the following minimum qualifications:

1. Loan Qualifications:

• Boats May Not Be Older than 15 Years
• Units That Do Not Qualify: High Performance Boats, Commercial Vessels, & Houseboats

2. Credit Profile Parameters:

• If you are not sure what your current credit score is, click to obtain a copy of your credit report.

How Long Can You Finance A Boat

The time has finally come: You’ve done all the work of researching boats, picking out the model you want, planning your negotiating strategy, and getting ready for the trips you can take. What comes next is the actual purchasing phase, right? In reality, not quite yet.

One of the essential phases of preparing to buy a boat is understanding the financing options available to you. Unless you have a high disposable income or you’ve been saving for a while, you likely won’t have the cash to pay for the boat in fullespecially with new boat prices increasing over the past few years.

If you’ve never financed a boat before, then the process may seem intimidating. Thankfully, many aspects of getting a boat loan are similar to the lending options available for buying cars or homes. So what do you need to know about the financing process to get the best deal on your boat?

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Best Commercial Loan: Coastal Financial

Coastal Financial

Coastal Financial is our top pick for commercial boat loans because it offers a quick application process, fast funding, and finances new and used boats as well as charter boats. The company will also take care of setting up charter management and boat insurance on your behalf.

The lender offers boat loans from $5,000 to $5 million and approvals take less than 24 hours. You can apply online or over the phone.

Once the borrower and vessel are approved for a charter loan, you put the boat in your companys LLC, and you can enter it into a charter program. You can choose how often you want the boat chartered, and when you want to use it, and the company will handle the rest.

Coastal Financial has mostly positive customer reviews with customers appreciating the marine industry knowledge, easy application process, and fast funding times.

Coastal Financial, headquartered in Virginia Beach, Virginia, offers a quick application process and fast funding with some approvals taking less than 24 hours. The company finances new and used boats, as well as charter boats. Coastal also offers refinancing and RV loans.

It offers boat loans from $5,000 to $5 million and approvals take less than 24 hours. You can apply online or over the phone.

• Offers boat insurance and charter management

• You have to contact the company for borrower requirements

Working With Credit Challenged Customers Since 2002

SeaDream can assist those with less than-perfect-credit or credit challenges with flexible boat financing options. SeaDreams Bad Credit Boat Loans Department specializes in mid-tier credit score and sub-prime marine financing programs.

Our mid-tier programs will enable you to secure competitive financing even though you may not qualify for todays prime rate. SeaDream also offers sub-prime boat financing programs, which allows you to re-establish / rebuild your credit rating while enjoying the fun boating lifestyle.

With financing up to $100,000, SeaDreams mid-tier and sub prime boat financing programs offer you a variety of options to meet your needs.

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The Best Boat Loans Of August 2022

• Frequently asked questions

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective.

The best boat loan depends on your budget, the type of boat you’re buying, and the age of the boat. From financing for small ski boats to full-size yachts, there’s a loan out there for most things that float.

Down Payment May Be Required

Boat loan lenders often want to see a down payment, generally between 10% and 20%, depending on factors including the lender and the cost of the boat. Some lenders offer 0%-down loans but keep in mind that making a down payment can hedge against the boats depreciation, or loss of value over time, and help prevent a situation where you owe more on your boat loan than the boat is worth. A down payment may also lower your monthly payment and reduce the total amount of interest you pay on the boat loan.

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Ready To Secure Boat Financing

The bottom line? If youre buying a new boatwhich wed certainly encourage as opposed to buying used, since new boat-buyers report a much higher level of satisfactionand your credit score and debt-to-income ratio are up to snuff, you should have no problem financing a boat that meets a lenders minimum loan amounts for up to 20 years.

Use our Boat Buyers Guide to help work through all the other factors that should be taken into account when making a purchase of this nature, and youll have years of fun on the water to look forward to.

Private Boat And Marine Lenders

Money Line Capital

Because we have so much accessible water, Canada can also be a good place to start a business based around watercraft, like a fishery, retailer, or tour company. In that case, any vehicles you want to buy or lease may qualify as business equipment. Luckily, equipment financing and leasing is exactly what Money Line Capital specializes in.

Money Line Capital is an alternative business lender based in Ontario. They have a 95% approval rate on their commercial equipment loans and leases, which come with:

• Fast funding times
• Financing amounts starting at $5,000
• Flexible payment terms of 18 84 months
• Interest rates of 4.99% 24.99% APR

Sparta Finance

Headquartered in Victoria , Sparta Finance is an alternative lender that specializes in financing for used recreational and marine vehicles. Their entire inventory is listed on Kijiji and they work with many different charities to collect donations for less privileged Canadians, such as the BC Cancer Foundation and Edmontons Foodbank.

Sparta Finance is also partnered with a number of popular sports vehicle retailers and financial institutions, like CanAm, Capital One, Yamaha, Refresh Financial and Kawasaki. Through their partnerships Sparta Finance is able to offer:

• Interest rates between 0% 29.9%
• Terms between 3 months to 240 months
• Open-ended loans

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Where Can You Apply For A Boat Or Marine Loan

Many of Canadas largest financial institutions provide boat and marine financing. Some borrowers prefer to apply with their bank or because they offer higher security, lower interest rates and better payment plans than private lenders. Plus, as members, applicants could score the odd in-house benefit.

The only problem is that banks and credit unions have tougher loan requirements. So, if you have bad credit, a low income or lots of debt, youll likely be rejected. Thats when an alternative lender or private lender can help. They typically have more flexible requirements in comparison to traditional lenders.

However, due to the added risk they take, they may charge higher rates and fees for smaller loans. During your search for marine vehicle financing, its important to take your time and shop around to find the best deal possible.

How To Apply / Next Steps:

A) If you meet the Credit Profile Parameters please apply here. If you have any questions please call 949-515-0055 for more information on our mid-tier and sub-prime marine financing programs. Our service-oriented and friendly staff of experienced boat finance professionals will work with you, one-to-one, every step of the way to get you the boat of your dreams and get your credit rating back on track. * B) If you have not met the Credit Profile Parameters noted above you may not qualify for our sub-prime marine loan financing programs. We strongly suggest that you not apply for a loan unless you are relatively sure that you have met the general Credit Profile Parameters as it will place an unnecessary inquiry on your credit report that may lower your FICO score. Instead we recommend that you start monitoring your credit score and apply for a SeaDream loan once it has reached 550 or above.

To learn more about increasing your chances of securing boat financing SeaDream has put together a series of boat financing tips. After you have taken measures to increase your chances of being financed SeaDream will work with you to get the best possible boat loan.

You may always contact one of our loan representatives to further investigate your current scenario.

* Disclaimer: The credit profile parameters are only a general guideline and do not guarantee a loan approval.

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