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This calculator is intended solely for general informational purposes and to provide a rough estimate based on the information you have provided. You should not base your decision on this estimate alone. Please note that title, registration, tax and other fees, and personal circumstances such as. Or, if you know the cost of the boat you want, put that amount in the total window to determine monthly payment. Above you will find our Boat Loan and Yacht Financing Payment Calculator and it will help you to determine your monthly boat loan payment.
Calculate Payments With Our Boat Loan Calculator & Apply Online Today
Working with leading marine lenders, BoatUS is able to offer competitive rates and terms to help you purchase a new boat or refinance your existing boat loan. We offer loans for powerboats, sailboats, multi-hull boats, pontoon boats and even personal watercraft. Loans are available from $15,000 for boats model year 1999 and newer as well as loans from $25,000 for boats model year 1990 and newer. Please review all information below before filling out a free online application.
Loan Amount | Rate | Term |
---|---|---|
Rates, terms and required down payment can vary depending on the lender, loan amount, boat type, and model year. | ||
$15,000 - $24,999 | 6.79% | Up to 12 years |
$25,000 - $57,200 | 7.25% | Up to 15 years |
$57,201 - $74,999 | 5.50% | Up to 15 years |
$75,000 - $349,999 | 4.99% | Up to 20 years |
$350,000 + | 5.12% | Up to 20 years |
Boat Loan Calculator
Monthly Payment Examples
- A $15,000 loan, after a down payment of 10%, at a fixed APR of 6.79% would have 144 monthly payments of $135.00
- A $30,000 loan, after a down payment of 15%, at a fixed APR of 7.25% would have 180 monthly payments of $273.86
- A $65,000 loan, after a down payment of 15%, at a fixed APR of 5.50% would have 180 monthly payments of $531.10
- A $200,000 loan, after a down payment of 15%, at a fixed APR of 4.99% would have 240 monthly payments of $1,318.81
Vessel Documentation
BoatUS has decades of experience working with the National Vessel Documentation Center and offers a service to help boaters document their boat. BoatUS charges a fee for our service above what the Coast Guard charges and working with BoatUS does not expedite your documentation request with the Coast Guard. Get started with the BoatUS Boat Documentation Worksheet.
Boat owners are able to work directly with the Coast Guard's National Vessel Documentation Center to document their boat or renew their Certificate of Documentation. Their website has instructions, forms, pricing, FAQs and contact information to help boaters understand the documentation process.
For boats that have not been previously documented, owners will generally need to submit form CG-1258 (application for documentation), form CG-5397 (Application for Simplified Measurement) and proof of ownership (i.e. state title, state registration, form CG-1340 Bill of Sale, form CG-1261 Builders Certificate).
For boats that have been previously documented, owners will generally need to submit CG-1258 (application for documentation) and proof of ownership (i.e. state title, state registration, form CG-1340 Bill of Sale, form CG-1261 Builders Certificate).
Renewing a Certificate of Documentation can be done on the National Vessel Documentation Center's website.
Frequently Asked Questions
How do I get a boat loan?To get started, you will need to complete our online loan application. Our team will do an initial review and credit inquiry then send your application to one of our lending partners. Our lending partner will then make a credit inquiry and likely will request additional financial information such as tax returns or bank statements to help them make a decision. Once approved, the lender will list any additional items needed prior to closing (for example, a marine survey and executed sales contract). Next, either our finance department or our lending partner will collect information from the seller(s) to finalize the loan closing paperwork. Once readied, our finance department or our lending partner will send closing documents to the buyer(s) and the seller(s) for completion. Lastly, our lending partner would send the loan proceeds to the seller(s) in accordance with the funding instructions.
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How do boat loans work?Boat loans share some similarities with both vehicle and home mortgage financing. You will need to complete a loan application for our lending partner to underwrite. Similar to a home mortgage, the bank can ask for your personal federal tax returns, proof of assets, and may ask for additional financial information depending on each situation.
Similar to a vehicle loan, the lender has a loan‐to‐value guideline that is based on the book value for used boats and the contract price for new boats. All of the lender's underwriting criteria must be met to offer approval, and these guidelines tend to be more rigorous than vehicle financing. If approved, the lender would outline any additional items needed prior to closing and closing paperwork would be prepared once all of the necessary information has been collected.
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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.
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How long will it take to get a decision?Most applicants can expect to have a decision on their application in 2-4 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 2017 and 2018 tax returns and a copy of the sales contract after completing your application.
Can I get a mortgage on a boat?Typically, our lenders will require a boat to be documented with the United States Coast Guard if it meets the Coast Guard's net tonnage standard. If the boat you wish to purchase is eligible to be documented, our finance department or lender will prepare a First Preferred Ship Mortgage as part of the loan closing paperwork and file it with the Coast Guard as the instrument that secures the bank's lien on the vessel. If the boat is not large enough to be documented with the Coast Guard, a formal mortgage would not be prepared; however, the lender would still record its lien against a state title or equivalent document. In either event, the lien would be released once the loan has been repaid.
Do you offer pre-approvals?Our lenders do not issue pre-approvals that are similar to what you get when purchasing a house. You are 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 the one you are interested in purchasing, 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.
![Loan Loan](/uploads/1/2/4/8/124866180/586378906.jpg)
Credit requirements vary by lender, but our lenders generally require applicants to have a credit score above 680 with no major credit issues such as a bankruptcy, foreclosure, settlement or charge-off within the past 3 – 5 years.
Can I get a boat loan with bad credit?Generally, marine financing is subject to higher credit and other underwriting standards than that for vehicles or even home mortgages. Our lenders look for applicants with better credit, but there are other companies that will consider individuals with past credit issues.
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, and verify your net worth and 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 by using third-party valuation guides like NADA, BUC and ABOS.
What is the duration of a boat loan?The loan term available will largely depend on the boat you select. We work with banks that can offer terms up to 20 years, subject to the age and type of boat, as well as the loan amount available from the lender.
How does the closing process work?Once our finance department or lender collects all the required information from the buyer and seller, both parties will receive 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, our lender will disburse the funds directly to the lienholder to pay off the loan, otherwise, the funds will be paid to the seller by check or wire transfer.
Can I finance a yacht?BoatUS partners with leading marine lenders that consider various types of collateral, including larger, more expensive vessels. Some restrictions do apply — for example, we cannot accept applications for steel‐hull boats at this time.
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How much can I afford?Use our online loan calculator to determine your monthly payment or enter the desired monthly payment to see the loan amount. to determine your monthly payment or enter the desired monthly payment to see the loan amount.
How can I check the value of the boat I'm buying?BoatUS offers a free Boat Value Check program for Members.
What are the available financing options?- Loan amounts from $15,000 for boats model year 1999 and newer
- Loan amounts from $25,000 for boats model year 1990 and newer
- Multi Hull Boats
- Pontoon Boats
- Powerboats
- Sailboats
Important Information About These Products
Subject to credit approval, eligibility and credit qualifications.
1 You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.
2 Your actual rate may vary based on a number of factors, including loan term. Available rates may change without notice. Property insurance required. Loan approval and final terms are subject to review of your credit history, income and other factors. Rates effective 04/01/2019.
3 Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. If your application is approved, your credit profile will determine whether your loan will be unsecured or secured. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
* LightStream Payment example: Monthly payments for a $10,000 loan at 4.04% APR with a term of 3 years would result in 36 monthly payments of $295.42.
4 Payment example: Financed loan amount of $75,000 after a down payment of 15% with a 20-year term at a rate of 5.25% Annual Percentage Rate (APR) would result in 240 monthly payments of $505.38.
5 Consult a tax advisor regarding deductibility of interest.
6 The U.S. Coast Guard charges documentation and lien recordation fees that vary based on details of the transaction. SunTrust does not mark up or profit from these fees.