bestboatloan.com Frequently Asked Questions
bestboatloan.com is an online loan center that connects
you to a network of marine lenders - quickly and easily. Simply fill out the online application form. Your loan request is then immediately sent out to the network of marine lenders. Lenders will
respond with a decision about your loan request. You can then
review the offer, and make your decision to move forward on
What is an online application?
An online application is simply a series of questions that you answer in order to request your boat loan.
What is the best way to get started?
It's really very easy. First, find the value of the boat you
are interested in purchasing. Second, calculate your monthly
payments to see if they are within your budget. Third, fill out
the online loan application. Fourth, review your loan offer
if accepted, and close on your loan.
What type of information do you collect from me?
You will be asked questions about loan information, boat information,
personal information, co-applicant information (if applicable),
and a personal financial statement. To expedite your boat loan
application, please have the following information readily available.
- Two years current 1040 Federal Income Tax returns complete with
all schedules, including W-2's.
- If Self Employed - Business Financial Statements and two years
Corporate Federal Income Tax returns.
- Copy of Boat Purchase Agreement
- Any documents or statements, explaining a unique or special
Will my information be secure and safe?
Yes. bestboatloan.com uses the most advanced secure technology
available in the world. This means, all your data will remain
absolutely confidential and secure while in transit over the
Are you going to share or sell my information later to anyone?
and simple. Under no circumstances will bestboatloan.com sell or share
any personal information about you to or with any person or organization,
except to marine lenders in our network, or authorized agents,
as may be required by law or court order.
Who are the marine lenders that you use?
bestboatloan.com uses multiple lending sources to assure you
will be receiving the best rate possible. They are all dedicated
you the absolute best service and competitive rates.
How many different marine lenders will see my loan request?
Depending on your particular credit score, one major lending
institution will be reviewing your loan application.
Will each lender go in and pull my credit report?
Each marine lender in the network has their own governing policies
about pulling your credit report. bestboatloan.com pulls your credit
report immediately after completing and either transferring over
Do you have any marine lenders who deal with someone with sub-par
Yes. bestboatloan.com has several marine lenders who deal with
these types of loans.
What happens if I don't qualify for a loan?
You will be notified almost immediately either via email or telephone.
What will happen if I don't have an email address to use?
You can get one for free from some of the following web based
services. Google, Hotmail, Yahoo, Excite, Snap and Hotbot. bestboatloan.com
online system is designed to communicate directly with you via
email, so it is very important that you obtain email address.
If I go ahead and accept the loan offer, how do I close my loan?
If you accept your loan offer, you will have to get in touch
with the marine lender directly through either email, telephone
or snail mail to complete the loan process.
If I am living outside the United States, can I still get a boat
At the current time bestboatloan.com can only service marine
loan requests that are originated within the boundaries of the
Is it possible for you to delete my information I gave you?
As required by state and federal retention laws, we must maintain
a record of your loan inquiry to be in compliance. Please note
Can I find out how much I would qualify for or do I need to have
a contract on a boat first?
No, you don't need to have a signed contract; In fact many customers
will apply for a pre-approval before they even shop for a boat.
What are the advantages of pre-approval?
- Whether you're considering a new or used boat, having your
financing pre-approved before you shop gives you a number of
- If you're considering a new boat purchase, a pre-approval
will give you flexibility (it will be like shopping with cash
in your pocket). You'll have the ability to negotiate for
the best price at any dealership nationwide. You'll have
an interest rate that is locked in and not affected by a dealer
If you are considering a used boat, either through a broker or
a private individual, a pre-approval will give you a clear negotiating
advantage. It will establish with the seller that you are a serious
buyer (your financing is already in place), your offer can be
made without a financing contingency and you have the ability
to close quickly.
- Other advantages of obtaining a pre-approval are: (A) It helps
determine your credit / loan limits, (B) It allows us to address
and resolve any unknown credit issues before you enter into a
contract (C) It will also eliminate any financing anxiety you
might have after you have already entered into a purchase contract.
How do I get pre-approved?
Complete our on-line application, supply us with your income
information, tell us what type of boat you are considering (power
or sail) and about what price range. In one or two working days,
you can have a formal, in writing, credit decision that is good
for 30 days. It"s that simple.
How much of a down payment do I need?
As a general guideline, you can finance up to 90% of the selling
price of the boat. The selling price can include any extras that
you are adding to the boat at the time of purchase.
How long of a term can I get?
This depends on the amount you're financing and the age of the
boat. Most loans over $100,000 can be financed for as long as
20 years. Loans between $25,000 and $99,999 would have a maximum
term of 15 years.
Is there an advantage to financing for a shorter vs. a longer
Our general felling is that a shorter term has many advantages.
However there are a number of individual issues that should be
considered (i.e. percentage of down payment, financial ability
to handle increased monthly payment....) Basically, a shorter-term
loan will build up your equity in the boat quicker. Down the
road this translates into more money into your pocket when it's
time to sell. How long will it take to process my boat loan?
Whether you are applying for a pre-approval or for a loan on
a specific boat, once we have your information it only takes
us 1 or 2 working days to give you a formal, in writing, credit
decision which will be good for 60 days.
Can I refinance my existing boat loan?
We offer you a number of refinancing options. With interest rates
still low and because your out of pocket cost to refinance is
minimal, refinancing can save you thousands over the life of
Can I obtain a loan for upgrading my existing boat?
If your current loan balance (or if you own the boat free & clear)
plus 80% of the cost of the upgrade is $25,000 or greater, the
answer is YES. However, the new loan can not exceed 80% of the
current market value of your boat.