FAQ
What type of boats can be financed?
Boat loan Superstore finances Power, Sail, Trawler High Performance, Houseboats and Custom Yacht and Sportfish. We also finance certain commercial boats such as Tugs or Transport Vessels. No wood hulls at this time. High Performance may have a reduced term and slightly higher rate.
How old of a boat may be financed?
Most will finance boat up to 20 years old.
How much down payment will I need?
Loans under $75,000 require a 10% minimum down payment, loans greater than $75,000 generally require a 15% - 20% down payment. High Performance or Custom boats, if acceptable, require higher down payments.
What will the term of my boat loan be?
Loans up to $24,999, up to 120 months (10 years)
Loans $25,000 up to $49,000, up to 180 months (15 years)
Loans $50,000 and up up to 240 months* (20 years)
*Most lenders require loans greater than $75,000 or $100,000 for 20 year term.
How long does it take to close once I apply?
Most approvals are received within 24 hours. Most loans close within 5 days unless survey or inspection is required, or if sellers documents are missing.
Can I pay off my loan early or make additional payments without penalty?
Most loans have no pre-payment penalty. Some lenders do have a carrying fee of $250 if the loan is paid early. Please ask when applying for specific details.
Does my credit score affect my interest rate?
Not only does it affect your interest rate, it affects the loan to value, or the amount the lender will advance on your behalf.
What type of credit score will I need?
Credit scores range from 350 - 850. The minimum credit for a boat loan with a primary lender is 700. Borrowers with scores higher than 760 will generally receive a slightly lower rate. For those who have credit scores lower than 700, sub prime lender options are available. Minimum score considered for sub prime is 625.
What if I dis-agree with my credit score?
Credit reporting agencies many times are not accurate. One may give you a 720 score, the other may give you a 675 score and have the exact same information. This being said, it is up to you to call and contest your score and reports made by creditors. One piece of advice, after your initial conversation, communicate via certified mail. Here is contact information.
Equifax - 1-800-685-1111, www.equifax.com. Experian - 1-888-397-3742, www.experian.com. TransUnion - 1-866-887-2673, www.transunion.com.
Boat loan Superstore finances Power, Sail, Trawler High Performance, Houseboats and Custom Yacht and Sportfish. We also finance certain commercial boats such as Tugs or Transport Vessels. No wood hulls at this time. High Performance may have a reduced term and slightly higher rate.
How old of a boat may be financed?
Most will finance boat up to 20 years old.
How much down payment will I need?
Loans under $75,000 require a 10% minimum down payment, loans greater than $75,000 generally require a 15% - 20% down payment. High Performance or Custom boats, if acceptable, require higher down payments.
What will the term of my boat loan be?
Loans up to $24,999, up to 120 months (10 years)
Loans $25,000 up to $49,000, up to 180 months (15 years)
Loans $50,000 and up up to 240 months* (20 years)
*Most lenders require loans greater than $75,000 or $100,000 for 20 year term.
How long does it take to close once I apply?
Most approvals are received within 24 hours. Most loans close within 5 days unless survey or inspection is required, or if sellers documents are missing.
Can I pay off my loan early or make additional payments without penalty?
Most loans have no pre-payment penalty. Some lenders do have a carrying fee of $250 if the loan is paid early. Please ask when applying for specific details.
Does my credit score affect my interest rate?
Not only does it affect your interest rate, it affects the loan to value, or the amount the lender will advance on your behalf.
What type of credit score will I need?
Credit scores range from 350 - 850. The minimum credit for a boat loan with a primary lender is 700. Borrowers with scores higher than 760 will generally receive a slightly lower rate. For those who have credit scores lower than 700, sub prime lender options are available. Minimum score considered for sub prime is 625.
What if I dis-agree with my credit score?
Credit reporting agencies many times are not accurate. One may give you a 720 score, the other may give you a 675 score and have the exact same information. This being said, it is up to you to call and contest your score and reports made by creditors. One piece of advice, after your initial conversation, communicate via certified mail. Here is contact information.
Equifax - 1-800-685-1111, www.equifax.com. Experian - 1-888-397-3742, www.experian.com. TransUnion - 1-866-887-2673, www.transunion.com.
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