Yacht & Boat Loans

Not all banks will finance yachts and boats. Here is some general information on getting a boat loan.

A good idea, when looking for boat financing, is to look on the internet for lenders and best rates. Also, try your local credit union.

Conventional banks may not offer the best rates. When making such a large purchase the difference of even 1/4% can mean some huge savings. So make sure you do your homework and get at least three interest rate quotes.

When shopping for a boat loan you should also look for any financing fees. These could be as low as $25 or $50 and up to 1% of the purchase price or more. Beware of any excessive financing fees.

The interest rates for boat loans are typically higher than auto loans by approx. 1-2%. The terms for boat loans can sometimes go as high as 10 years. When considering the length of loans on boats, always consider the depreciation rates. You don't want to be "upside-down" when you go to sell.

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