The short version
- Expect to put down roughly 10% to 20%, more on older boats and larger loans.
- Terms commonly run 10 to 20 years, with the longest terms reserved for larger loans on newer boats.
- Lenders usually require a marine survey on used boats, plus insurance in place at closing.
- Get pre-approved before you make an offer so financing fits inside the acceptance period.
Rates and terms move with the market and vary widely by lender, so treat the ranges here as orientation, not quotes. Compare a specialist marine lender, your bank and a credit union.
Down payment
Marine lenders commonly ask for 10% to 20% down. Older boats, very large loans and buyers with thinner credit files often need more. Some lenders publish tighter ranges for used boats than for new ones.
Loan term and rate
Terms of 10 to 20 years are common, and the longest terms usually go to larger loans on newer boats. Older vessels may be limited to shorter terms. Rates depend on your credit, the loan size and the boat, and they change with the wider rate environment.
What lenders require
- A signed purchase agreement.
- A marine survey on a used boat, which the lender may also use for valuation.
- Proof of insurance effective at closing.
- Documentation or title in order, with any existing liens cleared at closing.
Fitting financing into the purchase
Your offer will have a survey and acceptance period, and financing needs to fit inside it. Get pre-approved before you make an offer, tell your broker which lender you are using, and book the survey promptly so the lender has what it needs in time.
Common questions
How much do I need to put down to finance a yacht?
Commonly 10% to 20%, with more required on older boats and larger loans. Requirements vary by lender.
How long can a yacht loan be?
Terms of 10 to 20 years are common, with the longest terms generally for larger loans on newer vessels.
Does the lender require a survey?
Usually yes for a used boat. The survey supports the lender's valuation and condition assessment.
Talk it through with Kevin
Coast Guard veteran. Fifteen years at Denison Yachting, where he managed new-boat sales for Selene and Hatteras. Founded Resolute in 2021.