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How To Get A Loan For A Fishing Boat


Author: Bullbuster Team

Get A Loan For Your Boat

Are you looking to get financing for a fishing boat?  If so, there are several ways to do so.  It is not recommended to take out a loan on a boat that will not bring you income.  Below are some methods to find financing for your fishing boat. 

Types Of Personal Loans For A Fishing Boat

Collateral Loan

With this loan you will give the bank something of value to secure the loan against.  If you do not make your payments on the loan, the bank will have something to take from you to secure the value of their investment. 

Typically for this type of loan, you will need to put down 10-20% of the boats purchase price. 

Home Equity Loan

A home equity loan allows you to put your home equity as collateral against your boat.  This works kind of like a collateral loan, but the collateral is your house. This type of loan, is obviously risky since the collateral is the house you live in. 

Unsecured Personal Loan

If you have very good credit, you may be able to secure an unsecured loan for a boat. This type of loan is riskier for the lender, so a high interest rate will be attached to it.  

Where You Can Find A Loan For A Boat

Dealers/ Brokers :  Boat dealers can get you financing for boats and often provide in house financing. This is a good place to start when shopping for boat financing, since you have something to compare other offers to and you can use it as leverage for your negotiation. 

Banks/Credit Unions:  Banks and credit unions are one way to get financing for your boat.  This may be the next place you want to shop after getting an offer from your dealer.  It is a good idea to have a good relationship with your banker. 

Online Lenders: 

Online lenders are another option for getting a loan, that may have better rates if you have good credit history. 

Below is a good resource for online lenders for boats

Things To Think About Before Getting A Boat Loan

Cost Of Owning A Boat

Many first time boat owners are shocked at the costs of maintaining a boat.  You want to figure out the true cost of owning the boat, so you can think about the cash flow implications while owning it.  Below are several items to include in your estimates on the cost of owning a boat. 

1) Purchase Price

2) Registration

3) Maintenance

4) Insurance

5) Dock/Mooring/Storage/Trailer Upkeep

6) Gas

7) Safety Equipment

8) Towing Company Membership (Highly Recommended)

9) Interest Expense

10) Taxes

Credit Score

Your credit score will determine the cost of your loan, so you may want to make sure that this is in tip top shape, before making your inquiry. 

Getting The Boat Surveyed

The last thing that you want to do is buy a boat with a loan, only to find out that it has some problems in it that you were not expecting that totally throw off your numbers. Hiring a marine surveyor can help prevent surprises. 

How Much Will A Boat Loan Cost Me?

Here is a link to a boat loan calculator

Is It Hard To Get A Boat Loan?

No, it is not hard to get a boat loan.  However, the lower your credit score is, the more that it will cost. 

Can Your Boat Be Used As Collateral For Your Loan?

Yes, your boat most likely will be collateral for your boat loan. 

What Is The Oldest Boat I Can Finance?

Boaters have financed very old boats. Be sure to run your numbers, as there may be some repair costs involved with purchasing an older boat. This is where your marine surveyor is your best friend. 


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