how to finance a boat

Yacht Sales & Marketing. Simplified

Financing a Yacht/Boat

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When Financing Your Yacht/Boat, Consider…

• Various sources– Credit Unions– Banks– Financial Companies

• Collaterals– Home equity– Stocks & bonds– Life insurance

• Interest type– Fixed– Floating– Balloon

Sources—Credit Unions

• Credit Unions– Certain credit unions finance boat/yacht loans– Check with your credit union before you approach other

sources for yacht/boat loans– Credit unions generally offer a lower rate of interest to their

members

Yacht Financing Sources—Banks

• Banks– Check with your bank if they offer boat/yacht loans– Check if the bank is a member of National Marine Bankers

Association (NMBA)– NMBA banks process boat/yacht loans faster

Sources—Financial Companies

• Non-banking Financial Companies– May be a member of National Mariner Bankers Association

(NMSA)• If opting for a non-banking financial company to finance your

boat or yacht purchase, it is recommended that you approach one that is a member of NMSA

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