Can you finance a used boat?

Christiana Kuvalis asked a question: Can you finance a used boat?
Asked By: Christiana Kuvalis
Date created: Sat, Jul 10, 2021 4:06 PM

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FAQ

Those who are looking for an answer to the question «Can you finance a used boat?» often ask the following questions:

❓ How long can you finance a used or new boat?

If you’re buying a new boat—which we’d certainly encourage as opposed to buying used, since new boat-buyers report a much higher level of satisfaction—and your credit score and debt-to-income ratio are up to snuff, you should have no problem financing a boat that meets a lender’s minimum loan amounts for up to 20 years.

❓ Is it easier to finance a new or used boat?

Additionally, understand that while a used boat loan may come with a slightly higher interest rate than a new boat loan, it is not any easier or harder to finance a used boat loan. Before you take out a used boat loan, get pre-qualified.

❓ How do you finance a boat?

  • How to finance a boat: Determine the down payment amount you can afford for your boat. Determine the amount you can afford to pay monthly for your boat loan. Check your credit score. Compare loan offers. Get pre-approved. Make an offer on a boat that fits your budget and the amount your lender pre-approved.

9 other answers

Used Boat Age Financing Cutoff While it certainly becomes tougher to finance an older boat, most anything 15 years old or newer should be easily financeable. If you think of it from the lender’s perspective, they have to be able to assign value to the asset they are loaning against…so a 25 year old 18 foot boat will be tough to sell on ...

According to NerdWallet, used boats will generally need to be financed with some variation of a personal loan. You can expect to pay off this loan in installments, typically between two and 15 years. There are two main types of boat loans: secured and unsecured. A secured loan will use your boat as collateral.

If you have good credit, you may be able to finance a used boat with an unsecured personal loan with a low interest rate. With a personal loan that’s unsecured, your boat will not be at risk of repossession if you don’t repay your loan, though your credit will take a serious hit.

It’s possible to finance a charter boat, but there are specialty lenders and rules for this process. Since over 85 percent of boats sold in the U.S. are pre-owned, it’s good that used boats can be financed too. It is, however, more complicated and often more expensive to secure a loan for a used vessel.

Yet financing a used boat brings with it challenges beyond those of financing new boats. The age of the boat that can be financed depends upon the value of the boat, the source of financing and type of loan. Loans for boats can be obtained through several sources: the boat dealer; banks; marine specialty lenders. Most of these loans work similarly to car loans. The lender holds an interest in the boat as collateral. If you make all your payments, the boat is yours free and clear at the end ...

U.S. Bank provides loans of up to $150,000 for new or used boats, as well as refinancing. To qualify for the bank’s best rate, you’ll need to finance a new boat with a loan greater than $25,000 (no more than 100% of the boat’s value) and a term of 48 months or less.

If you do decide to buy a used boat, it’s important to make sure you’re paying what the boat is worth. Consult an industry resource, such as NADAGuides to research values and prices in your area. Used or new, as you’re determining which financing path works best for you, it’s crucial that you comparison-shop to compare rates and boat loan terms from a variety of lenders.

Today, many lenders will finance a boat for 20 years. Obviously, that can bring down your monthly payments quite a bit; you can use our Boat Loan Calculator to figure out exactly how the monthly payments would differ between a 10-year term and a 20-year boat loan. Use our Boat Loan Calculator Factors that Effect Boat Financing Terms

Whether you need financing for a new or used boat, or you want to refinance your current boat loan, you’ll get the boat financing you need at Mountain America. Our new and used boat loans come with flexible terms and some of the lowest interest rates around. That means you can get a lower boat loan rate or monthly payment.

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