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7 Must Read Tips When Getting A Boat Loan

By Robert Bowman | Posted On Mar 08, 2022
Updated On Mar 23, 2022

Buying a boat always begins with a vision. Whether you've never owned a boat before or you have the desire to move up to something bigger, it's the dream of 'what could be' that motivates us to start our search. Next comes the excitement as you start to look at what yachts for sale are on the market, followed by the realization that your new purchase is going to have to be paid for.

That's why United Yacht Sales has partnered with Shana White of OceanPoint Marine Lending to offer you the lowest possible rates, the most flexible programs, options for older boats, plans for liveaboard boats, and even "no-doc" loan options. You can visit our Marine Finance page for more information about OceanPoint Lending and how to apply for a boat loan.

Here are Shana's top 7 tips for getting approved:


1.) Consider securing a “Pre-Approval”

Securing a boat loan “Pre-Approval” will assist you in determining how large of a loan you qualify for with an industry lender. It is important to note that collateral analysis is still an important part of the ultimate and final loan approval process, but “Pre-approval” certainly provides an initial benefit.

It will help a perspective boat buyer:

  • Speed up the boat purchase process by completing the financial review process up-front.
  • Reduce initially unknown risks associated with credit files by identifying any obstacles to credit approval.
  • Increase buyer confidence during the boat search and negotiation process as well as establishing yourself as a serious and qualified buyer to the selling boat owner.
  • Save time and money; no buyer expenditures for haul out fees or survey expense until financial qualification has been established.
  • Expedite the process in order to get you and your family on the water as quickly as possible!


2.) Make sure to have your financial documentation in-order

Depending on the size of the loan, you may be required to provide current paystubs, W2 Statements, Tax Returns, a personal financial statement, etc. to your lender. Already having those documents prepared for disclosure will assist the finance source in processing the loan request quickly. You can also:

  • Provide details upfront, if there has been a recent change in your financial picture. A new job, income stream, reduced debt etc. will all impact the credit disposition process. Try and arm your OceanPoint Marine Lending finance representative with the most current information.
  • Plan to discuss your credit history. Identify any potential obstacles upfront.


3.) Identify the loan characteristics that are most important to you

Every boat loan client wants the most favorable terms, but programs can also be tailored to your specific needs. It is important to provide your OceanPoint Marine Lending finance representative with details regarding your preference and capabilities pertaining to:

  • Length of Loan
  • Cash Down Payment
  • Anticipated Age of Vessel
  • Planned Use of Vessel


4.) Know your lender and their strengths

There are many options out there for boat loans and lenders can be vastly different in the rates and programs they can offer. Here are some questions to ask your perspective lender:

  • Is the company assisting you with the loan process a bank or an independent finance company? Working with a bank, such as OceanPoint Marine Lending, a division of BankNewport, often provides the boat buyer with an increased number of finance program options.
  • Who is funding the proceeds of the loan? Working with a bank, such as OceanPoint Marine Lending, a division of Bank Newport, you are assured that your loan proceeds are available for timely disbursement. Working with a smaller, independent finance company may require a delay in proceeds disbursement until they receive funds from the ultimate lender


5.) Don't make multiple loan applications

After interviewing and choosing a finance source, don’t send a credit application to a second or third finance company unless your first choice cannot deliver the requested finance program.

Multiple applications lead to additional credit inquiries which could impact your credit score and often deliver similar results. Consult with your OceanPoint Marine Lending finance representative to determine if alternative finance options might be available if an obstacle to securing the desired program arises


6.) Don’t finalize the settlement or vessel delivery dates without first consulting your finance representative

All parties desire to reach a settlement as soon as possible and we certainly understand your desire to get on the water. However, a finance company considering your best interests will also ensure that all of the paperwork transferring clear title to you is in line before disbursing your loan proceeds.

Consult with our partner Shana White regarding your schedule and plans so that all portions of the loan settlement can be  accomplished simultaneously. While the yacht certainly will provide your family with a pleasurable experience, it is a business transaction and all parties should be expected to perform before the monies are disbursed.


7.) Make all boat purchase offers subject to final loan approval and, if you choose, survey, inspection and/or sea trial results

Be certain you have secured a finance approval for the boat you want, at a finance amount, rate and terms that are acceptable to you before removing any finance contingency from your offer to purchase.


At United Yacht Sales, we have over 250 professional yacht brokers worldwide with a variety of expertise and niche's. The breadth of our team gives us the largest network of boat buyers and sellers in the industry, an advantage we used to give you an excellent experience. Whether you are looking to purchase a pre-owned yacht, sell your existing one, or want to use our new yacht build services to negotiate on your behalf, we have the right broker in the right location for you. Please give our main office a call at 1-772-463-3131 or visit our Find A Yacht Broker Near Me page. If you would like to get pre-approved for a boat loan, you can contact Shana White from OceanPoint Marine Lending at 1-757-266-4600 or by email at

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