Boat from a used boat loan.

Used Boat Financing

Financing a used boat can be a bit of a challenge bit it is a great way to get yourself into a boat that you might not otherwise be able to afford. Boats are expensive but they depreciate quickly so purchasing a used water craft is a smart choice. Loan Monkey can help you get a personal loan quote that you can use to buy the boat of your dreams. Ready to get an offer, let’s get started.

Your Quote

First things first, let’s get you a quote. It takes just a couple of minutes to get a loan answer. Just enter some basic information and a lender will send you an offer on the used boat loan that you need. If you like it, great. If you do not like it, there is no obligation on your part. Ready to get your offer?

Infographic on used boat financing online.

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Get A QuotePersonal LoansBoat Loan Questions

About Personal Loans

At Loan Monkey, we are not direct lenders. Instead, we give you access to a network of lenders that offer personal loans. Because there are more lenders, it makes getting a loan offer easier, even if you have less than perfect credit.

The great thing about a personal loan is that it would be deposited directly into your bank account. This lets you shop as a cash buyer which makes everything easier. It is much easier to be able to hand cash over to someone for a used boat. Many sellers will not want to work with a finance company directly because it would be a huge hassle for them. They just need money for their boat and as a cash buyer, you would be a more attractive option for them.

Another great thing about a personal loan is that you can use any leftover money however you like. If you borrow 10,000 dollars and only spend 8000 dollars on the boat, you do not need to return the rest of the money. You can spend the remainder of the money for the things you need to get your boat going and on the water. It is your loan money, you can use it as you like.

Getting Your Used Boat Offer

Getting your used boat loan offer is very simple.

First, you need to complete the quote form at the top of the page. It takes just a minutes and all that you need to enter is some very basic information. You will also enter your bank information, which is used by your lender to send you your money if you accept your offer.

Second, you will submit the quote and wait for your offer. In most cases, it takes just a minute or two to get your answer. You will be given the details of your personal loan or asked to visit the lenders website.

The third step is the most important one. You need to carefully review your loan offer and see if you agree with the terms. Since this is a luxury purchase, you need to make sure that the cost of the credit on your boat is not too much. Also verify that all of the terms work for you and if you have questions, contact your lender directly for clarification.

Finally, if you like all of the terms, you can accept your offer. Your lender will then get you your money just as soon as possible. In many cases, this is the very next business day. You can then go buy the boat as a cash buyer.

Boat Financing Questions

At this point, you might have some questions about used boat financing with bad credit or good credit. Here are some common ones, let’s see if they give you the answers you need.

Is Loan Monkey A Lender?

No, we are not a direct lender, do not make loan offers and do not broker loans to lenders. We do give you access to an online lending network. You can use this network to get an offer on used boat financing. Any questions about your loan or offer should be directed to your lender.

What Are Used Boat Loan Rates?

When you get a quote from the loan network, you will be getting a quote on a personal loan. This is a cash loan that you can use for any reason, including the purchase of a used boat. Rates will vary and depend on your credit qualifications, how much you are looking to borrow, your loan term and your specific lenders specifications. Once you fill out a quote form, if approved, you will be presented with a loan offer and will be able to review the rate being offered.

How Will I Get My Money?

If approved and if you accept your loan, your lender will typically deposit the money directly into your bank account. This can happen as soon as the very next day. Once electronically deposited, the money will be available for withdrawal and you can use it to purchase your used boat.

I Have A Question About My Loan, Who Do I Contact?

If you have a question about your loan, you need to contact your lender directly. Loan Monkey is not a lender and we do not have access to any details of your loan nor do we have access to your personal information.

Is A Personal Loan Better Than Dealership Financing?

Well, that depends on what the dealership is offering. Surely, you should investigate your options and if they offer used boat financing, check them out.

The great thing about a personal loan is that you can deal directly with individual boat owners. This means no dealership markup and you could potentially get a much better deal on the used boat. It could mean thousands of dollars in savings.

In addition, because you can go anywhere, your boat options are less limited. You have a larger pool to shop from so it means that you are far more likely to find the exact model you are looking for.

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James Car is a finance, loan and budget expert based in the United States. After attending Brookhaven college, he went on to become a successful entrepreneur. He now enjoys writing articles that help people save and make the most of their money.