Which Type of Bank Offers Boat Loans?

Many types of banks nowadays offer bank boat loans. Most national and regional banks offer boat loans, but if you live in an area with an active boating community, your local credit union may also offer boat loans as well.

Your Own Bank

Starting with your own bank is simplest - your local bank already has a relationship with you, and thus may be willing to offer you a better deal than they would offer a new customer.  Your bank also has access to your financial history and credit records, which can streamline the loan application process.

Ask a Boat Dealer

You can also ask your boat dealer.  If your dealer has a financing specialist on staff, he or she will access to several trusted banks which also offer boat loans.  Depending on your specific financial situation, your dealer's financing specialist could recommend other banks offering boat loans.

Other Sources to Consider

The National Marine Bankers Association, or NMBA, is another resource.  The NMBA is an organization of banks, credit unions, and financial service firms who specialize in boat loans.  NMBA member banks have studied the specifics of boat purchasing and financing and better understand the types of expenses that go along with boat ownership.  Because they understand the specifics of boat ownership, they often can get you better interest rates, lower monthly payments, and more manageable down payments on your bank boat loan.  NMBA member banks also understand such boat-specific expenses such as navigational equipment, safety features, and docking/storage fees, and can often help you finance these expenses as well.


 

 


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