Then most often asked question……
If we were a SINGLE BANK, that would be a very easy question to answer. Well, we ae not a SINGLE BANK, we write loans with over 20 different banks. Each of these lenders has different guidelines as to what they will and will not write (age of vessel, down payment, credit score, etc.) Our job is to place your loan with the bank that will offer you the most favorable terms or your particular situation. By using The Yacht Banker you save yourself the headache of shopping multiple lenders and let us do the work for you instead.
What’s your Rate?
We have rates starting at 5.99%
We update rates weekly but they are subject to change without notice.
10 to 15 year terms, Down payments 5%-20% and up. 15% is a good rule of thumb.
LIGHTSTREAM is a good option if you can take a shorter term. Click the blue link.
RATES FROM - 9.99%
LOANS UNDER $25,000
This is a general rule for loans this size. There is no way to guarantee or rate lock. This is for reference only.
$25,000 - $49,999
10, 12 and 15 year terms. Down payments from 10% and up. 10% is a good rule of thumb with better rates at 15% and 20% down.
RATES FROM - 8.24%
This is a general rule for loans this size. There is no way to guarantee or rate lock. This is for reference only.
$50,000 - $200,000
RATES FROM - 6.49%
10, 12, 15 and 20 year terms. Down Payments from 10% and up.
This loan size comes with benefits starting at the $50,000 price point. Some lenders make a big rate drop here, as much as a full point. We will navigate all of that for you.
This is a general rule for loans this size. There is no way to guarantee or rate lock. This is for reference only.
LOANS OVER $200,000
RATES FROM - 5.99%
10, 12, 15 and 20 year terms. Down Payments from 10% and up. 25 YEAR TERMS POSSIBLE OVER $250,000
This is a general rule for loans this size. There is no way to guarantee or rate lock. This is for reference only.
We have access to a bank that will go UP TO $300,000 with only stated income. We have another that will go up to $200,000. Once a loan is over $150,000 the rates vary widely and would be impossible to post here. THE RATE SHOWN ASSUMES EXCELLENT CREDIT AND MAY CHANGE AS MUCH AS 3% DEPENDING ON YOUR SCORE.
NO MONEY DOWN / FIRST TIME BUYER / LOWER CREDIT SCORES
Up to 20 year terms on loans $35,000 and higher are now possible. Max loan is $200,000 and debt to income ratios as high as 55%. Call and we can discuss your specific situation and how we can help you get that new boat! Call us at 904-742-3080.
RATES FROM - 11.49%
LIVE ABOARD AND FULL TIME RV
SCORES AS LOW AS 580 CONSIDERED
RATES FROM - 12.99%
RE-POWER / OUTBOARD FINANCING
Re-Power and Outboard financing is available. Terms up to 10 years and rigging can be included in the financing. Credit scores as low as 580 considered.
RATES FROM - 10.99%
The process of financing a boat can be complex, with factors such as credit, down payment, payment history, and loan-to-value all playing a role. This can be overwhelming, but that's where I can help. My job is to analyze all of your information, assess the boat you want to purchase, and find the ideal lender with the best rates to create loan options that will save you money and provide you with the lowest possible payment. We work on your behalf with multiple banks to secure the best financing available. In addition to boats, we also offer RV financing for yachts that prefer to be on the land.