Frequently Asked Questions – Boat & Yacht Loans

If your boat loan questions are not answered below, please contact us to help with your boat loan needs.

How much do I have to put down on my boat?

Typically, 10% to 20% is standard depending upon the size of the transaction.

Can I get preapproved for my boat loan?

Yes, absolutely. Initial loan approval commitments can be valid for 30 to 180 days from the date of pre-approval.

How long does it take to get approved?

Usually we have an decision in 24-48 hours, often less.

Can I finance the sales tax on my boat purchase?

Yes, lenders will often consider sales tax in the total price of the vessel.

How long is my boat loan approval good for?

Approval commitments are generally valid for 30 to 180 days (varies by lender) and rate commitments typically range from 30 to 60 days.

Do you offer stated income boat loans?

Yes, up to $150,000.00.

Is US Coast Guard Documentation required?

Boats of documentable size and/or loans over $100,000 typically require USCG documentation (some exceptions apply).

Can you assist with US Coast Guard documentation? Insurance options? Title and Registration?

Yes, wherever possible we will help with these services or recommend a qualified professional to meet your needs.

How long can I get a boat loan for?

Twenty years is typically the maximum term offered but, with a larger down payment, a 25 year term may be an option.

What is the oldest boat you finance?

We can finance boats up to 30 model years old, or older in some exceptional cases.

Are refinance rates the same as boat purchase rates?

Yes.

Is a marine survey required?

Most used vessels will require a survey. In some cases, when a boat is only a few model years old and/or is a smaller purchase – lenders may not require a survey.

Are boat loans tax deductible?

For a qualifying boat, typically interest on the loan can be tax deductible but you should consult with your tax professional to be certain.

Can I own the boat in an LLC or Trust?

In most cases it can be owned in a Trust or LLC – check with your attorney and tax advisor for more detail.

Can I finance my boat if I am a Non-US Citizen?

Yes, we do have some options for non-US citizens. Additional documentation and restrictions may apply.

Do you finance liveaboards?

Not currently.

Can I fund my boat while it is overseas?

Yes, with additional requirements.

“We are amazed with both of you. We can’t believe you have accomplished what you did in such a short period while sustaining the utmost professionalism and offering competitive rates. I will personally recommend you to anyone that I know needs boat financing. We could not have dreamed of this level and effectiveness and success.”

Brad

We wanted to thank you for being so great. We hit a lot of walls in purchasing a new boat, but you made it a lot easier, and we thank you and your staff. If you are ever in the Baltimore area please give us a call, we would love to take you for a sail

Darcie & Vince

“I’ve finally had time to slow down from work and boating to say “Thank You” for your very professional and expedient services, regarding the financing of my Sea Ray. You and your team were very impressive right from the start, and finished the finance package on time and with very little effort on my part. I will certainly pass on your name to anyone I hear looking for boat financing.”

Ron

See how Trident Funding can help you own the boat of your dreams.