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WHATS YOUR RATE?
If we were ONE BANK, the rate question would be easy to answer. Well - we are not "A Bank". We write for SEVERAL banks. Each of these banks have different guidelines as to what THEY will or will not write (Age of boat, Down payment, Credit score etc)
Our job is to put you with the BEST bank for your goals. Read on below to see the current rate ranges.
Rates are not a single waypoint. They are a route that has to be planned. Have you ever navigated an inlet where the buoys are not exactly right? Local knowledge is KEY in that situation, right? Keep scrolling
This is a general rule for loans this size. This is in NO way a guarantee or rate lock. This is for reference only
10 to 15 year terms, Down payments 5% - 20% * and up. 15% is a good rule of thumb.
LIGHTSTREAM is a GREAT choice for these if you can take a shorter term. (Click the blue link)
This is a general rule for boat loans this size. This is in NO way a guarantee or rate lock. This is for reference only. THE RATE BELOW ASSUMES EXCELLENT CREDIT AND MAY CHANGE AS MUCH AS 3% DEPENDING ON YOUR SCORE
10 ,12 and 15 year terms, Down Payments from 10%* and up. 10% is a good rule of thumb with better rates at 15% and 20% down.
This is a general rule for loans this size. This is in NO way a guarantee or rate lock. This is for reference only. THE RATE BELOW ASSUMES EXCELLENT CREDIT AND MAY CHANGE AS MUCH AS 3% DEPENDING ON YOUR SCORE
10, 12, 15 and 20 year terms. Down Payments from 10% up
This boat loan size has a few sweet spots in it around that $50,000 mark. A few of our lenders make a big rate drop here. Some as much as a full point. I will help you navigate that.
I now have access to a bank that will go UP TO $300,000 stated income, and another that will write up to $200,000 stated. But generally, Once we go over $150k the rates vary too widely to publish here. As a general rule, it follows the same pattern as the rest. These get a little more complicated as each banks guidelines diverge greatly. I will help you navigate through this. THE RATE BELOW ASSUMES EXCELLENT CREDIT AND MAY CHANGE AS MUCH AS 3% DEPENDING ON YOUR SCORE
We now have options for NO MONEY DOWN and Less than perfect credit!
Up to 20 year terms on loans $35,000 and higher are now possible. Max loan $200,000
Debt to income ratios as high as 55%!
No Comp Credit required - Jump over to my blog to learn more about credit scores.
New to us as of December 2024! We can now finance LIVEABOARDS and FULL TIME RVs! Max loan $200,000 for now - soon to increase.
ALL applications require income verification at time of application (Paystubs / w2s)
Scores as low as 580 considered
These can be tricky to navigate as many banks have VERY DIFFERENT rules on Refinances.
ReFis STARTING at a balance of $75,000 are available. There are some very specific guidelines for these as to what we can and can not do. Some of our banks offer balance only and some allow for cash out! Lets chat about this and see what fits your needs.
All of these rates are estimates and in NO WAY are a guarantee. These are for information only, although I try to keep them current.
Don't want to read about how rates work in the marine world? Just click play and watch or listen to me explain it! Or scroll down to see the most current rates. I also just added a new video at the bottom of this page explaining how DownPayments work.
Most of our lenders do NOT normally require income documents for loans UNDER $200,000 - With one of my banks go$300,000 UNLESS you own greater than 25% of your business.
Over $200,000 and the owners of LLCs and Sole proprietorship's will (almost) always be required to show income verification, usually 2 years taxes.
But what will my down payment be Scott?
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Please understand that I hate popups as well. But we have just seen the first reduction on rates in a LONG TIME!