Your interest rate will be determined by your loan amount, the value of the boat, and your creditworthiness. We would be happy to offer more specific rate information - call us at 877.777.7097.
Typically loans can close in 1 to 2 weeks depending on the type of loan, the loan amount and the vessel.
We're knowledgeable and straight-talking and will give you the courteous, confidential service you need. We want you to enjoy your experience - we're boaters too!
We will finance your boat for you whether you're buying from a private party, through a broker, or from a dealer. Our experience and expertise make it a smooth, easy process no matter who is involved.
When the seller has a loan on the boat, we will ensure that the lien is paid off in the closing process so that you receive free and clear title to your boat.
When a lender states that the boat will need to be documented, they are referring to US Coast Documentation, which is the federal form of registration. Most lenders prefer this manner of ownership as it provides conclusive evidence of ownership, secures the lender's lien against the vessel and ownership cannot be transferred unless the loan has been paid off and the proper release has been filed with the Coast Guard. Boats that are documented with the US Coast Guard are not permitted to also be state titled. However, most states do require US Coast Guard documented vessels to be registered, and sales or use tax may be due.
If you are given the choice of State Titling vs USCG Documentation, then it is a matter of personal preference. Documentation is good for those who plan on traveling outside the local areas or even to international destinations. The abstract could show the chain of ownership and lien status, which is handy when you go to sell the vessel. You are not required to have the state numbers affixed to the bow of the boat. The costs to document are higher up front and the documentation renewal fee is similar to a state renewal fee.
Vessel documentation can be a complex and time-consuming process and often requires specialized knowledge to ensure good and valuable title to the buyer.
If you are documenting the vessel with the US Coast Guard, that process can take several weeks to several months depending on the workload of the National Vessel Documentation Center. If you are titling an registering with the State of the Maryland that process can take two to six weeks.
