How do I Apply for a Boat Loan?

For many, sailing is an ideal way of spending the weekend or a holiday.  While boats are easily available on hire, using one’s own boat would be even more satisfying.  But buying a boat is no joke - these floating toys could be very expensive.  There’s no reason for worry however, one can quite easily borrow boat loans.

How Do I Apply for a Boat Loan?

Applying for a boat loan online is quite simple.  Generally, all boat loan lenders have a web site with the provision to apply for the loan online.
Before submitting the application, the prospective boat buyer should first read the guidelines given in the website.

  • The minimum loan amount will be mentioned.
  • The down payment amount will differ depending on the kind of boat – standard, multi hull or house boat
  • The tenure of the loan is generally 15 to 20 years.
  • In the case of used boats, the lender would first want to survey the boat.
  • To qualify for the loan, the boat should not be older than the stipulated number of years.
  • These loans are granted only if the boat is going to be used for recreational purposes.  If the intention is to put the boat to commercial use, a boat loan cannot be applied for.
  • Generally, the lender is willing to grant the boat loan only if the seller, buyer as well as the boat are in the particular country where the loan is being applied.
  • A person planning to buy a boat which is registered in a foreign country cannot apply for a boat loan.
  • The lender may also place other conditions depending on the age and type of the boat.

Online Calculators

The websites of boat loan lenders also offer online calculators, where one can calculate the monthly loan payment by entering the number of installments, rate of interest and the loan amount.
Boat loans help to realize the dreams of those yearning to sail in their own boats. The answer to the question “How do I apply for a boat loan?” is simple indeed.