How We Do Boat Loans
Trident Funding offers a wide variety of boat loan rate programs for boat and yacht buyers. With nearly 30 years of experience, Trident Funding is the most trusted partner for all your boat financing needs.
We offer boat lending options for new and used boat purchases as well as boat refinancing. Our dedicated team of sales representatives guarantees professionalism and competitive rates. With access to specialized programs and experienced lenders, we listen to your needs and find the right solution to finance your boat.
Whether you’re looking for a small runabout, a sailing vessel, a sportfish or the finest megayacht, we have the right boat loan program for you. We specialize in boats, that’s all we do! If you’re purchasing a new boat, used boat, classic boat, or project boat, we’ll help you find the best boat loan lender to meet your needs.
Let us handle the heavy lifting, with help from application submission through closing. Our experienced team of finance professionals will coordinate all elements of closing, including state title, coast guard documentation, insurance, and settlement services. When you apply for a boat loan with Trident Funding, we examine your unique situation to determine which of our trusted boat lending partners can provide the best boat interest rate and term for your boat loan.
We work with the marine industry’s largest transactional database for brokerage, YachtCloser.com, which allows us to instantly communicate and provide necessary documents to simplify your closing.
Use our boat loan calculator to estimate your interest rate and monthly payment. Trident Funding’s boat loan program depends on factors such as loan amount, down payment, vessel type and age, interest rates, loan term and credit qualifications.
- Standard Fixed Rates
- Short-Term Fixed Rate Programs
- 60-Day Deferred Payment
- Competitive Boat Loan Interest Rates
- Minimum Credit Score 680+
- Amortization from 7 to 20 years
- Boat Loan Amounts from $25,000 to $2,000,000
- New Boat Loans
- Used Boat Loans
- Boat Refinancing
- Special Purpose Entity (LLC or Trust) Ownership Allowed*
- Recreational & Limited Charter Options Available*
- Dealer Purchase, Private Party, and Refinance Loans Available
Some programs may not be available in all states. Please contact us with your specific questions and for current rate information. Let us take the guesswork out of finding the right lender, and help you sail through the process of financing a boat!
*Disclaimer: Exclusions apply. Subject to loan program requirements and credit approval. Certain fees, closing costs, and restrictions may apply.
Frequently Asked Questions
How do I apply for boat financing?
- There are few simple ways you can apply for boat financing. We offer an online boat loan application or we invite you to contact one of our Trident Funding offices. The quickest way to get approved for a boat loan is to complete an online application. Our team will be notified immediately once we receive your application, and we will begin the process of getting you approved and on the water!
What information do I need to apply for a boat loan?
- When you apply for a boat loan, have your tax returns and bank statements available to show your financial ability to repay. These materials will need to be submitted to speed up the review process. You’ll also need to supply information about the boat you’d like to purchase, including make, model, year, length, etc.
How long does it take to get approved for my boat loan?
- After you submit your application (online is fastest!) and we have all the required financial documents, we usually have a decision in 24-48 hours, often less.
Can I get pre-approved for a boat loan?
- Lenders require that a customers identify a particular boat before giving final approval due to the loan-to-value element, but you may be able to obtain pre-approval in some cases based on your financials and credit analysis.
How long is my loan approval good for?
- Boat loan approvals are generally valid for 30 to 180 days and rate commitments typically range from 30 to 60 days. The length that a boat loan approval is good for will vary by lender.
Who will I work with at Trident Funding for a boat loan?
- When you apply for a boat loan at Trident Funding, you’ll work with one of our trusted loan officers who will guide you through the process from start to finish. Our dedicated team of seasoned professionals will handle all your requests and questions. Our staff is ready and willing to answer all your loan related questions.
What type of boats can I finance?
- Most boats that are 20 years old or younger can be financed. Some examples include yachts, fishing vessels, deck boats, pontoon boats, and sailboats. However, liveaboard boats can’t currently be financed through Trident Funding.
What is an acceptable debt-to-income ratio for a boat loan?
- Your debt-to-income ratio (DTI) is a comparison of how much you owe (payments) with how much you earn (income). Expressed as a percentage, this calculation that compares your income to your debt gives lenders an idea of what the risk would be to lend you money for a boat loan. The lower the DTI the better because consumers with higher DTI ratios are generally viewed as riskier borrowers because they may have difficulty repaying a loan in full or making monthly payments.
Here’s an example of how to calculate your DTI:
Your monthly payments = $2,000
Your monthly income = $8,000
Your DTI ratio = 25% (2,000/8,000=0.25)
What are typical terms for boat financing?
- The length of the loan is referred to as a loan term. Loan terms vary depending on the loan product, the type of boat, the age of the boat, the loam amount, and your financial standing. However, most boat loans range from seven to 20 year. A 20-year term is usually the maximum term for a boat loan, however, sometimes a lender will consider a 25-year loan term. The next most common boat loan terms are 15 and 10 years. Typically loan amounts over $50,000 can go to 15-20 years and loan amounts under $50,000 can go to 12-15 years.
How much do I have to put down on my boat?
- Most boat loans require a down payment of 10% to 20%. For example, if you’re purchasing a boat for $75,000, you may be asked to put down $7,500 to $15,000. The down payment requirements var based on the loan amount and the borrower’s qualifications. Feel free to contact one of our knowledgeable loan officers to help answer any questions you have regarding boat loan down payments.