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The Best Place to Get Online Boat Loans Is My Financing USA
We stand out from other boat loan companies. With an A+ rating from the Better Business Bureau and high customer satisfaction ratings, we've developed a sterling reputation that we're proud of. Our friendly team responds right away when you contact us, and we make ourselves available to you. Other reasons people love working with us include:
Our Norton VeriSign Secured website keeps your information safe.
We provide closing documents to sign on your phone.
Our team works with you, even if you have a low credit score.
Customers can pre-qualify for loans.
Our trusted lenders offer great rates and terms.
An Easy and Secure Application Process
You can complete your My Financing USA application in five minutes. Once you finish, our team will call you to discuss your expectations for the loan process and answer your questions, including which terms you may qualify for and how long the process may take. We submit your application to lenders one at a time to limit inquiries that may lower your credit score.
The Best Place for Boat Loans
We work with people who have excellent or poor credit scores to find the loans they want. If several lenders reject your application, we reconnect and discuss a few ways to improve your credit score. That effort can help you become more attractive to lenders.
Fill Out an Application With My Financing USA Today
Our secure application process requires minimal effort. You could get your financing within 48 to 72 hours and get out on the water. We serve people across the 48 contiguous states, and we want to work with you. Fill out an application right now to get started. Do you have questions? You can contact us to learn more.
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Frequently Asked Questions:
Can I Get Financing for a Boat?
At My Financing USA, we offer financing for several unit types beyond boats, including:
- Jet skis
- Car haulers
- Flatbed trailers
- Lawn equipment
- Livestock trailers
- Personal watercrafts
- Cargo and utility trailers
For boats, we can help you find financing for various vessels, including large, more expensive boats like yachts. Because we partner with so many leading lenders, we can find the lender who will consider various kinds of collateral for you.
Note that some restrictions do apply. For example, we do not offer financing for racing boats or houseboats. We are also not able to finance vessels with salvage titles. If the boat's title lists the vessel as flood-damaged or rebuilt, we are also not able to offer financing.
How Do Boat Loans Work?
A boat loan has similarities with home mortgage financing and vehicle financing. With a boat loan, you'll complete a loan application and a lending partner will underwrite your loan. Like a home mortgage, your lender may request:
- Your proof of assets
- Your federal tax returns
- Any additional financial information as needed
As with a car loan, your lender will have a loan-to-value guideline dependent on a used boat's book value and a new boat's contract price. To get approved, all of the underwriting criteria need to be met, which are often more thorough than car financing. If you are approved, your lender will outline additional items they need before closing, and your paperwork for closing will be prepared after all of the needed information is collected.
What Information Do I Need to Apply for a Boat Loan?
To apply for a boat loan and get the best boat financing rates, you may need to provide the following information:
- Boat information for the vessel you want to purchase or refinance
- Financial statement listing your liabilities and assets
- Employment information
- Demographic information
In the underwriting process, the lender may ask for bank statements, tax returns, a marine survey report and a copy of your sales contract. With our online loan application process, you can upload your documents securely to speed up the process.
The information you provide may affect the new boat loan interest rates you are offered. The lender will review your credit history and score to determine whether you meet the guidelines, then they will review the financial information you have provided.
When your application is being evaluated, the lender will review whether you currently have funds for a down payment without completely depleting your assets. The lender will also verify your debt-to-income ratio and your net worth, along with reviewing the boat to make sure the purchase price aligns with the market value.
What Are Common Terms and Phrases Related to Boat Financing?
There are several terms relevant to boat financing that you may want to know before you submit your application, like:
- Loan term: Your boat loan term is the number of years during which you will repay your loan.
- Down payment: Your down payment is the amount you will put toward your boat purchase upfront. For a boat, the standard down payment amount is 15%, though this can vary based on your loan amount, term and boat age. Typically, the range for a down payment falls between 10% and 30%.
- Deposit: Your deposit is the total amount you already put toward your down payment.
- Interest rate: This percentage will determine the amount of interest you will pay on the boat loan.
- Monthly payment: Your monthly payment is how much you will pay out of pocket each month on your boat loan.
- Trade allowance: Your trade allowance is the total amount you are given for a boat you trade in as part of your purchase.
- Total purchase price: Your total purchase price refers to the cost of your purchase but does not include sales tax.
- Amount owed on trade: This is your total loan balance that is outstanding on your trade-in.
Knowing these terms and phrases can help you navigate our boat loan estimator calculator and prepare for when it's time to get your boat loan.
What Is the Closing Process Like for a Boat Loan?
After your lender collects all the needed information from you and the seller, you will both receive paperwork to complete, sign and notarize. When your lender receives the paperwork, funds will be disbursed. To close the loan, you and the seller don't need to be in the same place or visit a bank.
If the boat is already financed, the funds will be disbursed to the lienholder. If not, funds are paid to the seller via wire transfer or check.
What Boat Payment Can I Afford?
If you have already found a boat you are interested in, you can check the value online by boat type or manufacturer. You can use our boat loans rate calculator as a new boat loan calculator or a used boat loan calculator to determine your estimated monthly payment. Alternatively, you can start with your desired monthly payment to figure out what your total loan amount should be.
To determine whether a monthly payment works for your personal finances, plug the number into your budget. It can also be helpful to learn what the average boat loan rates and the current used boat loan rates are.
What Are the Costs Associated With Boat Ownership?
Before you try to secure a boat loan, you may want to be aware of the costs associated with boat ownership, as this can help you create a financial plan and make the process of finding and obtaining a boat loan smoother.
1. Upfront Costs
The total cost of a boat depends on many factors, including the type of boat, its size and its age. Typically, the range is between $20,000 and $50,000. A brand new boat that is 22 feet long, for example, comes at an average cost of a minimum of $35,000.
Even if you plan to finance your boat, there may be out-of-pocket costs to consider, such as a down payment and application fees. At My Financing USA, our typical down payment is between 10% and 15%, though we consider the option of 100% financing case by case. You will not be charged an application fee, and our document fee of $495 will be financed into your boat loan amount.
2. Costs of Additional Equipment and Accessories
You may decide to add equipment and accessories to your boat. A trailer is usually a boat's main accessory and can range in price from $2,000 to $5,000. A trailer can often be a more affordable way to haul your boat back and forth from the marina. Additionally, you may choose to add equipment like cosmetic add-ons and entertainment gadgets, all of which can vary in price.
3. Boat Insurance
Before a water vessel can be operated in a public water spot, you need licensing. On average, a boat insurance plan can cost anywhere from several hundred dollars to more than $1,000. The cost of boat insurance depends on your accident history, the type of boat and what else is insured on your policy.
4. Marina Fees
If your vessel is not on the water, it must be docked, meaning harbor space is another boat ownership cost to consider. Marina fees vary by type of boat and can range between $3,000 and $15,000 per year.
5. Maintenance Costs
For a boat, the maintenance costs are estimated to be at least 10% of the boat price per year. Maintenance may include hull painting, sail replacement and deck cleaning. For a $30,000 boat, maintenance can cost up to $3,000 per year.
6. Storage Costs
For each square foot of space on a boat, storage costs $8.25 on average. If a boat has an attached trailer, the average cost is $7.25 per square foot. For each linear foot that covers a trailer, outdoor storage space costs about $7.50.
Can I Finance a Boat With Bad Credit?
Yes! Compared to other types of financing like vehicle financing, marine financing tends to be subject to a higher standard for credit. Even though lenders may look for applicants who have better credit, we can help you even if you have past credit issues or a less-than-stellar credit score.
Range of Credit Scores
A credit score can range from 300 to 850, and individuals who have a low credit score between 300 and 569 may have a lower chance of obtaining a boat loan, as they may pose a risk for defaulting payments. Fortunately, we offer free credit consultation that may help improve your credit score and your odds of getting financing.
If you have a high credit score, you will likely be more appealing to marine lenders, as you are perceived to be a lower risk. Since a boat is considered to be a luxury item, most lenders are looking for borrowers who have a higher credit score. But we search for loan programs for various credit types to help our clients find boat loans with the terms and rates that are right for them.
If you want to finance a boat, you'll submit a credit application that allows a company to check your credit score and review your credit history. This step tends to be the most crucial deciding factor in determining whether you qualify for a loan, but each lender uses its own credit ranges.
To prequalify for a boat loan at My Financing USA, our current credit score range is 550 and up. Generally, the credit score tiers fall into the following ranges:
- Super prime: The range of 750 to 850 is considered excellent credit and is referred to as super prime.
- Prime: The range of 675 to 749 is considered average to good credit and is referred to as prime.
- Subprime: The range of 550 to 674 is considered below-average credit and is referred to as subprime.
- Deep subprime: The range of 300 to 549 is considered bad credit and is referred to as deep subprime.
Beyond these ranges, we understand that everyone has a unique financial history. Though some dealers refuse to work with individuals with deep subprime or subprime credit, we offer our services to individuals even with credit scores that are considered poor.
Prime Boat Loans
Most lenders are looking for borrowers in this credit score range. If you have a prime credit score, you will likely be offered better terms and interest rates compared to borrowers with lower credit scores. The advantages of a prime boat loan include:
- Better loan terms
- Better interest rates
- More negotiating power
- Lower rate for insurance
- Longer available loan terms
- Lower down payment required
- Speedy approval on a boat loan
Subprime Boat Loans
If you have a below-average credit score, you may be able to get financing from a company that offers subprime loans. Regardless of your credit range, we can match you with the best boat loan rates and terms. The advantages of a subprime loan include:
- Approval of a credit score as low as 570
- Loan terms that can be stretched out to 15 years
- Financing options available, even if you have a past bankruptcy
With a subprime loan, you may also face capped loan amounts, higher interest rates and restrictions on the age or type of boat you can buy.
Improving your credit score can take time, but increasing your score from subprime to prime can have advantages that will benefit you over the long term. You can purchase a boat rather than rent one at the best possible loan rate. You'll have a better selection of boats and spend less because of a lower interest rate. But even with a strong credit score, you should understand the cost of owning a boat.
Why Choose My Financing USA?
Along with our finance calculators for boat loans, low average new boat loan rates and used boat loan interest rates, we offer the following benefits when you choose us at My Financing USA:
- Simple, fast approval: Our process is 100% online, making the entire loan application process simple and convenient. You can sign your documents and submit them from your phone, which allows us to quickly receive your application and fund it in as little as 48 to 72 hours.
- Protection of your credit: While soft pulls do not impact your credit score, a hard inquiry can have a small impact on your score. Though the law requires a hard inquiry, we reduce credit inquiries by prequalifying you and sending you only to a single matching lender at a time.
- Low average boat loan interest rates nationwide: We will search across the nation for the best boat loan terms and rates for you, even if you've had credit problems in your past.
- Free credit consultation: If we are unable to get you approved during the first try, our free credit consultation service can help you improve your odds of obtaining financing and saving money later.