If you want to have your own small pleasure boat or even a larger yacht there are many loan companies that provide specialist boat loans to help make your dream a reality. There are a number of types of boat loans but the majority will use the boat as collateral, similar to a home loan or mortgage. You can find boat loans for used or new vessels and the terms and interest rates will vary depending on your circumstances and the value of the boat.
Boat Loans can be approved quickly and easily. Boat loans are available for any amount ranging from $10,000 to 10,000,000 taking into consideration the repayment capacity, value of the collateral and credit history of the borrower. When going about the task of selecting the proper lender, make sure they have a specialty in boat loans.
This is particularly important when choosing to buy a used boat, if they are specialized in boat loans they will know the laws pertaining to boats and liens. Simply put, a knowledgeable lender can save you the trouble of buying a boat that does not have a clear title that may end up costing you literally thousands of dollars to pay off just to clear it.
There are two types of boat loans, secured and unsecured boat loans. A secured boat loan is secured against collateral a home or the boat itself. This loan is available at a low interest rate with flexible repayment options. Unsecured boat loan is not secured against any collateral. Though, it is offered at high rate of interest but the borrower is on the safer side as his property or boat is not at risk.
| Boat Loans | Loan Rates |
| 5 Year Fixed ($150,000) | 6.51% |
| 10 Year Fixed ($150,000) | 6.82% |
| 15 Year Fixed ($150,000) | 7.11% |