Boat Loans

The closing costs vary according to value added services provided. Minimum charges start at around $200 and increase subject to services provided. Vessels requiring US Coast Guard Documentation generally incur charges of about $800.

Yes, First Tech consider sales tax in the total price of the vessel.

Securing a boat loan with bad credit is still possible. We have a full range of products to offer to all credit types. We will work with you to understand your unique situation.

We recommend you access the NADA Guides Boat Value Online Tool, powered by J.D. Power.

You can apply for a loan online in just minutes, or by phone at 855.855.8805. First, check your credit. If everything is in order, including your debt-to-income ratio, determine how much you need to borrow and locate a loan that fits your needs.

The buyer and seller do not need to visit a First Tech branch or be in the same place to close the loan. Once we receive the paperwork back from both parties, we will disburse funds in 1-2 business days. If the boat is currently financed, we will direct funds to the lienholder to pay off the loan. Otherwise, the funds will be paid to the seller by check.

Approval and rate commitments are valid for 30 days.

Most loans are approved right away or within a business day, depending on the amount being financed and your overall credit and situation.

Boat insurance typically includes Liability, Uninsured Boater, Medical Payment, Comprehensive and Collision coverages. There are also additional coverages available that can be equally as important, but that you may not have thought about, such as personal effects, special equipment, wreckage removal, and on-water towing. For more information, and to get a no-obligation quote, check out First Tech Insurance Services.

You will need to provide basic demographic and employment information. We’ll also ask for information about the boat you are interested in buying or refinancing. As part of the underwriting process, our lender may ask for proof of income, a copy of the sales contract or a marine survey report.

The maximum term we offer is 15 years or 180 months.

We can finance boats up to 10 model years old. PLEASE NOTE: For Used Boat Loan (2-5 model years) add 0.50% to the advertised New Boat Loan rate. For Older Used Boat Loan (6-10 model years) add 1.00% to the advertised New Boat Loan rate.