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Boat Loans

Get a competitive rate on the loan you need to buy a boat or yacht.

Sail away with a great rate.

With competitive rates, a variety of repayment periods and a speedy approval process, our boat loans are focused on your needs. It’s dependable service from a financial institution you can trust.

Loan Amount and Loan to Value


  • Minimum: $10,000
  • Maximum: $250,000
  • Value for a new boat or yacht is calculated by purchase sales price, plus taxes, title and license
  • Value for a used boat is calculated by the lesser of the National Automobile Dealers Association (NADA), average retail price, or purchase sales price, plus taxes, title and license
  • Value for a used yacht is the lesser of the marine survey value or the purchase sales price, plus taxes, title and license
  • Delayed Purchase: Only allowed for applicants who purchased a new boat from a dealer for cash and want to reimburse themselves through financing. Processed as a new boat if submitted within 60 days of the invoice date
  • Finance up to 90% of the value

Terms and Repayment


  • Minimum term: 12 months
  • Maximum term:
    • ≥ $10,000 – Up to 60 months
    • ≥ $20,000 – Up to 180 months
    • ≥ $100,000 – Up to 240 months
  • Equal monthly payments to fully amortize the loan for repayment



  • Boat: A vessel measuring < 30 feet in length and weighing < 5 tons
  • Yacht: A vessel measuring > 30 feet in length according to its “Certificate of Origin” and weighing > 5 tons
  • New: A vessel which has never been titled and model is not  > 4 years old
  • Used: A vessel previously titled and model is not  > 4 years old
  • No high-performance/speed/racing boats, no charter use, no commercial vessels, no floating homes/house boats, no barge or dredge boats



  • Individual-to-individual purchase transactions for boats are not allowed
  • Purchase or refinance (no cash out) is acceptable
  • Warranties, extended maintenance contracts and dealer-sold GAP insurance are not financeable
  • Add-ons allowed if specifically outlined in the dealership sales contract
  • Bill of sale should show separate sales price for each item being financed
  • Boats and motors may require additional UCC filing. If a trailer is financed, different fees may apply for the trailer
  • Boats and yachts over 30 feet and/or 5 tons may require a preferred ship mortgage and may need to be closed by a vessel documentation company with additional fees
  • Hazard insurance required, with bank listed as loss payee



  • Fees may apply

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