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Finance Your BoatYou’ve found the right boat and are mapping out your favorite destinations for adventure. But now you need financing to seal the deal. You have options, but what’s the best way to go? It depends on your situation. 

Home Loans

A home equity line of credit may be a good way to finance your boat. On average, 10 years of interest-only payments lead into another 10 years of monthly payments until its paid off. Rates and payments adjust monthly.

A second mortgage for a specific dollar amount can set the interest rate and payments for 10 or 15 years. Refinancing the first mortgage comes with substantial closing costs; consider refinancing only if you can improve your interest-rate by at least one percent. Cash buyers avoid boat model-year restrictions and survey issues.

Bank loans

Consider looking into your local bank or credit union. Look for a marine lending department and check its experience with boats similar to yours. Traditional boat loans offer terms and interest rates like a second mortgage. Boats with certain amenities often qualify for the same tax breaks of a home mortgage too. They may have a wide variety of lending options for buyers with complex incomes or financing an atypical boat.

Dealership loans

Boat dealers usually arrange financing through local and national lenders. Having just one transaction for both the boat and the loan can make this the easiest way to buy. Prequalify before you begin shopping so you know your price range based on your credit score and lending options.


Helpful Tip: You may qualify for a “second home deduction” if the boat possesses sleeping, eating and toilet facilities. This is allowed for one primary residence and just one other home. See your tax professional for advice.


Daniello, V., 2016. Boat Financing Tips, https://www.boatingmag.com/boat-financing-tips-0

Free Image: Unsplash, Photo by Alex Blăjan