- FREE TO
REQUEST - LICENSED
PROVIDERS - NO
OBLIGATION
Financing a boat works differently from financing a car. Lenders look at the vessel, how it's titled or documented, your liquidity & how you'll use it. Request financing options for a new or pre-owned boat or yacht, from a dealer, a broker or a private seller. Pre-qualify online & a financing specialist reviews your information, explains what's available for your situation & contacts you directly.
Pre-qualifying uses a soft credit pull, which does not affect your credit score. Secure forms provided by our financing partner, Diverse Offerings Finance. Total Source Marine Partners does not make credit decisions. Prefer to talk first? Call 954-815-6622.
WHAT CAN
BE FINANCED
- New & pre-owned boats & yachts
- Dealer, brokerage & private-party purchases
- Center consoles, sportfish, cruisers, sailboats, catamarans & trawlers
- USCG-documented vessels & state-titled boats
Buying? Most lenders want proof of insurance before closing, so start your insurance request at the same time.
BEFORE YOU REQUEST
WHAT LENDERS TYPICALLY LOOK AT
CREDIT HISTORY
Your payment record & how much available credit you already use.
DEBT-TO-INCOME
Monthly debt payments, including the new boat, against verified income.
LIQUIDITY
Cash & investments left after the down payment & closing costs.
THE BOAT
Age, condition, value & use. Some lenders limit older boats.
DOWN PAYMENT
What you plan to put down. Each lender sets its own requirement.
SURVEY & FINANCIALS
Larger loans usually need a marine survey & a financial statement.
PRE-QUALIFY WITH A SOFT CREDIT PULL › BE READY
DOCUMENTS TO EXPECT
- 1Government-issued photo ID
- 2Recent tax returns (self-employed borrowers are usually asked for more)
- 3Recent bank & investment statements
- 4Signed purchase agreement & boat details
- 5Marine survey, often required on pre-owned boats
- 6Proof of insurance before closing
STATE-TITLED BOATS
LIEN ON THE STATE TITLE
The lender is recorded as lienholder on the boat's state title until the loan is paid off.
USCG-DOCUMENTED VESSELS
PREFERRED SHIP MORTGAGE
The loan is secured by a Preferred Ship Mortgage recorded with the U.S. Coast Guard. Your provider will tell you which applies.
WATCH FOR
FINANCING QUESTIONS
Will pre-qualifying affect my credit?
No. Pre-qualifying uses a soft credit pull, which does not affect your credit score. A lender may ask your permission for a full credit check later in the process.
Why don't you list rates or terms?
Rates & terms depend on your credit, the boat, the loan amount & the lender. Any number posted here would be wrong for most people. The licensed provider who reviews your request gives you real figures.
Should I compare the rate or the APR?
The APR. It includes certain fees the note rate leaves out, so it's the fairer way to compare offers.
Fixed or variable?
Know which rate type you're being quoted & what can change it over the life of the loan.
Is there a penalty for paying it off early?
It depends on the lender. Ask about prepayment terms before you sign.
What deadlines should I plan around?
The survey & proof of insurance are often due before closing. Start both as soon as you have a signed purchase agreement.
Total Source Marine Partners is not a lender & does not make credit decisions. Pre-qualification & applications are submitted through the secure forms of our financing partner, Diverse Offerings Finance. Rates, terms & approval are set by the lender & depend on your credit, the boat & your location. Pre-qualifying does not guarantee financing.
