Many banks offer loans for yacht and boat financing. The first step is to check with the bank where you have an account to see if yacht loans are a part of their service offerings. It is great if the bank is a member of the National Marine Bankers Association (NMBA) because such banks tend to offer better terms and rates on the loan. Besides, NMBA member banks are well versed with yacht financing procedures and you get to know your loan application result within a few hours.

Other than banks, there are non-banking finance companies that offer yacht and boat loans. As in the case of banks, non-banking finance companies may also be members of the National Marine Bankers Association (NMBA) and as suggested above, it is always advisable to acquire a yacht or boat loan from a company that holds NMBA membership.

There are certain credit unions that finance yacht and boat loans. If you are a member of any credit union, checking with your credit union for yacht finance is a good idea before you approach any other external financer. This is because credit unions generally offer lower interest rates to their members.

Yacht loans are available against various collaterals including home equity, stocks and bonds and life insurance. Various newspapers and boating magazines carry advertisements of entities that offer yacht financing services. You may also want to Google. Make sure your do a detailed research encompassing all possible fund sources including banks, credit unions, non-banking finance companies that offer boat financing services. At the time of research have an eye out for details such as interest rate, interest type (fixed, floating, balloon) and the time frame provided for repayment. To get you started, here’s a list of boat financers who are members of the National Marine Bankers’ Association.

• Excel Credit, Inc.

505 Wekiva Springs Rd., Ste. 200
Longwood FL 32779
• Outdoor Capital Finance, Inc.

3725 S.E. Ocean Blvd. Ste. 201
Stuart FL 34996
• SunTrust Bank

4020 University Dr., Ste. 101
Fairfax VA 22030
• Essex Credit

401 Lennon Lane, Ste. 250
Walnut Creek CA 94598
• Northern Neck State Bank

485 Chesapeake Dr., P.O. Box 85
White Stone VA 22578
• eBoatLoans, Inc.

2225 S. Federal Hwy
Ft. Lauderdale FL 33316

• North Shore Bank

15700 W. Bluemound Rd.
Brookfield WI 53005
• Coastal Financial Corp.

1100 Laskin Rd. #201
Virginia Beach VA 23451
• Newcoast Financial Services

18167 US 19 N., Ste. 300
Clearwater FL 33764
• Citizens Bank

328 S. Saginaw St.
Flint MI 48502