- FREE TO
REQUEST - LICENSED
PROVIDERS - NO
OBLIGATION
Refinancing replaces your current boat loan with a new one, or lets you borrow against a boat you own outright. Pre-qualify online & a financing specialist reviews your current loan, the boat & your goal, then contacts you directly with what's available.
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.
COMMON REASONS
TO REFINANCE
- Rates or your credit have changed since you bought.
- Lower the monthly payment by restructuring the term.
- Pay it off sooner & pay less interest overall.
- Cash out equity for repairs, upgrades or other needs.
- Remove a co-borrower after a divorce or partnership change.
- Bought it with cash & want to release equity.
BEFORE YOU APPLY
WHAT PROVIDERS LOOK AT
PAYOFF AMOUNT
What it takes to close out the current loan.
THE BOAT'S VALUE
A survey or valuation may be required, especially for cash-out.
CREDIT HISTORY
The same review as a purchase loan.
INCOME & LIQUIDITY
Verified income & the cash you keep after closing.
TIME LEFT ON THE LOAN
How far in you are affects whether refinancing saves money.
PREPAYMENT TERMS
Whether your current loan charges a penalty to pay it off early.
PRE-QUALIFY WITH A SOFT CREDIT PULL › THE PROCESS
HOW REFINANCING WORKS
- 1
GATHER YOUR LOAN DETAILS
Current lender, balance & a recent statement. A payoff letter helps if you have one.
- 2
PRE-QUALIFY ONLINE
Complete our financing partner's secure form. The soft credit pull does not affect your credit score.
- 3
REVIEW YOUR OPTIONS
A licensed specialist contacts you, explains what's available & you decide. No obligation.
WATCH FOR
REFINANCING QUESTIONS
Will my current loan charge me to pay it off?
Some do. Check your current loan for a prepayment penalty before you refinance; it can eat the savings.
How do I know if refinancing is worth it?
Compare the fees on the new loan with what you'll actually save over the time you expect to keep the boat.
Does a longer term always help?
No. A longer term can lower the monthly payment but raise the total interest you pay.
Can I borrow against a boat I paid cash for?
Often, yes. Providers will look at the boat's current value & may require a survey.
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.
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. Pre-qualifying does not guarantee financing.
