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BOAT LOAN FAQs

Our goal at Pleasure Craft Lending is to keep our clients as informed as possible before making a large monetary decision. Our most frequently asked questions are listed here.

If after your review you still have questions that we did not cover, please feel free to contact us directly by calling 1-877-885-3223.

  1. Does my credit score determine my interest rate to secure a boat loan from a marine lender?
  2. Do I need to choose the boat, or get the loan first?
  3. How do I start the process of obtaining a boat loan from a marine lender?
  4. Am I required to have marine insurance at the time of my boat purchase?
  5. Will the application information I provide be secure and private?
  6. What type of personal information will you need to collect from me once approved?
  7. How long of a purchase term will I be offered?
  8. What type of loans do you offer?
  9. Will I be required to have a down payment?
  10. What if I want to refinance my existing marine loan?
  11. Why finance instead of paying cash?
  12. What is U.S. Coast Guard Boat Documentation?
  13. Do I have to live inside the U.S. to get a boat loan?


1. Does my credit score determine my interest rate to secure a boat loan from a marine lender?

Your Fair Isaac credit score is part of the interest rate determination when a lender reviews your loan for approval. The higher your score of course, the better your interest rate, and the more lending power you have in terms of dollars. If you do not know your credit score, and would like to review it to see what the lender will be looking at when making your loan decision, please visit TRUE CREDIT prior to applying.

2. Do I need to choose the boat, or get the loan first?

You do not have to have the exact boat lined up for purchase, however, in order to have an idea of how much you will need to borrow you should shop around and get a value on the boat you are interested in purchasing. You can pre-qualify for a boat loan prior to choosing the boat to give you upfront knowledge as to what you can be approved for.

3. How do I start the process of obtaining a boat loan from a marine lender?

You simply complete an online application or print out a copy of the downloadable application using Adobe Acrobat and fax or mail it directly to the lender.

4. Am I required to have marine insurance at the time of my boat purchase?

The boat must be covered for property and liability prior to finalization of the loan stipulating the marine lender as the lien holder. There are many riders available to the insured, such as Hull Coverage, Protection & Indemnity, Watercraft Liability, All Rick, Specified Perils, Navigation Limits, Insured’s Deductible. Also available coverage includes Medical Payments, Personal Effects, Uninsured Boater, and Towing. For complete details on all of these Riders and Options please contact your insurance agent. Be sure to check out all available options and pricing prior to insurance activation.

5. Will the application information I provide be secure and private?

Yes your application will be secure. Pleasure Craft Lending and Boat Loan Locator use the most advanced secure technology available on the market today. Your data will remain confidential, safe and secure at all times. We restrict access to your personal information on a need to know basis to provide you the products and services available in the course of securing your marine loan.

6. What type of personal information will you need to collect from me once approved?

To expedite your marine loan application you will need the following information available to you: two years federal income tax returns and W-2’s, if self employed, your most recent financial statement along with proof of business ownership for 2 years via your corporate federal income tax returns, a copy of the boat purchase agreement, copy of any insurance binder, and anything else unique to your personal situation.

7. How long of a purchase term will I be offered?

The purchase term offered by the marine lender depends on several factors. A) the age and mileage driven on the boat B) the size of the loan C) your credit history. Rates and terms are determined after review of all critical information supplied by you and the seller of the boat. Terms can go up to 20 years on a purchase of $100,000 or greater, and 15 years on a loan amount of $25,000 to $99,999.00

8. What type of loans do you offer?

Simple interest loans, wherein you are only responsible for interest on the unpaid balance of the loan.

9. Will I be required to have a down payment?

A marine lender generally finances up to 90% of the boat’s selling price, to and including sales tax and extras. Larger down payments may help you a lower interest rate on the balance of your loan.

10. What if I want to refinance my existing marine loan?

Refinancing an existing loan is a great way to reduce your monthly payments on your existing loan and or reduce your current interest rate.

11. Why finance instead of paying cash?

Paying cash liquidates assets whereas financing increases your financial flexibility. Additionally, you may qualify for IRS tax advantages on the interest paid.

12. What is U.S. Coast Guard Boat Documentation?

A system administrated through the U.S. Department of Transportation via the United States Coast Guard wherein boats are registered and mortgaged. In order to qualify for U.S. Coast Guard documentation, a vessel must be owned and operated by a US citizen. The Documentation Office of the US Coast Guard keeps an abstract of title on each documented vessel. This documentation states the vessels financial history and shows the chain of owners from time or original purchase. This Certificate of Documentation serves as a Certificate of Nationality and is also an authorization for the vessels use.

13. Do I have to live inside the U.S. to get a boat loan?

Only loan application from customers that are residence within the U.S. borders can qualify for a boat loan. Our lenders do not do business outside U.S. boundaries.