Frequently Asked Questions

Banks do not need proof of income for loans below $200,000 and up to $300,000. However its always subject to the bank underwriting guidelines and internal factors.

If you been declined ask what was the banks reasoning. For boat loans borrowing history plays a huge role in whether you can qualify however things such as debt loan, payment to income ratios, and required cash down are to be considered. If your new to credit focus on establishing credit history thru credit cards to get started then quickly try to qualify for a vehicle or home purchase. Having a large credit line purchase for 1 to 2 years is crucial before qualify for a boat. Banks can qualify without history but it usually means large amount of cash down, a potential co-borrower, or bank history relationship.

To get the best rate you need to have Tier one credit which most banks will consider 800+ or 760+ Credit Score along with strong borrowing history. Be prepared to be flexible on the required cash down for a boat loan. Keep the boat newer in age as that can play a role however we have seen clients get the same rate on a 2006 as they would on 2026 year model vessel.

If you finance over $50,000 and buy a boat within 20 model years the bank will offer up to 20 years or 240 month terms.

It depends typically the bank will want clients to individually qualify unless its spousal relation or in some cases family members. When applying jointly make sure both want to buy the boat and qualify on their own.

Yes, we have options for RV or any similar type of product.

We have boat loan options for vessels 2006 or newer. Anything older on exception basis. The bank will require 30% down and expect higher rates.

Typically loans over $50,000 will have loan terms up to 240 months or 20 years. If the loan amount is below $50,000 the longest term is 180 months or 15 years 

As far as credit scores prime banks which offer the lowest rates will require credit score of 700 or greater. For scores below 700 you normally fall under the sub-prime banks which offer higher rates. Besides credit scores requirements such as borrowing history of similar credit lines, debt to income ratios, and overall credit history.

The bank honors the application without asking for proof of income or financial documents. We have programs up to $250,000 with just an application. Previous recreation loan of $100,000 or more may qualify for $299,999.

It all depends on the price point of the loan and how the bank values the collateral. Typically no cash down loans are for under $50,000 financed but we do have options for up $100,000. Prepare for at least 10% down especially if you are financing the taxes. When the loan is over  $100,000 most banks will require 15-20% down.

In some cases we can have an approval back in hours upon getting an application. However we ask for 24 hour turn around time for loans below $200,000 and 48 hours for larger transactions. Just make sure we get all the necessary items.

Bank wants two years of personal and business returns if applicable. Complete a Personal Financial Statement with documents support the liquids. Liquids would be cash or investments. Clear statements to match the PFS.

We can do both but make sure to plan ahead as these types of loans need to be discussed with the bank in advance of getting the approval. Not every bank can do this so it's important to let us know in advance.