(800) 250-6279APPLY TODAY FOR A BOAT TITLE LOAN
Do you have a boat that's fully paid off and in your possession? Premier Title Loans can get you pre-qualified for a title loan on a sailboat, motorboat, or any other type of watercraft with sufficient equity. Get pre-approved with your boat's title and proof of income to qualify. Loans up to $20,000 are possible for high value boats.
How Boat Title Loans Work
Getting a title loan with a paid off boat or watercraft can be a fast and easy way to get cash. With a boat title loan, you use the equity in a boat or watercraft you own as collateral for a loan. There’s hardly ever a comprehensive credit check when you apply, and loan amounts start at $1,000 in most states. Do you need quick emergency cash? These loans are an effective way to get fast funding, and customers can receive their funds as soon as 1 business day via direct deposit.
Applicants will need to hand over the title of their boat and use it as collateral for the loan. The amount you can borrow is generally 40-60% of the boat’s resale value. Lenders will offer this amount because they need to be able to sell the boat and make a profit if you default on the monthly payments. For example, if you use a title loan calculator and determine your boat is worth $2,000, you can expect a loan amount of around $1,000 after a certified inspection.
Boat Title Loan Requirements – Do I Need Good Credit
The good news is that many companies that offer secured loans work with borrowers regardless of their credit history. Since you have a lien-free boat as security for the loan, your credit score is far lower on the list of requirements. Borrowers typically need to show proof of a paid-off boat and income verification to pre-qualify.
Additionally, borrowers must present a form of ID and provide evidence of their boat insurance policies and any applicable licenses. Sometimes, borrowers can use the title as collateral for a larger loan. Boat title loans are generally not sought by borrowers with good credit, since the interest rates are high and the loan must be paid off on time in monthly installments.
Another requirement is proof of insurance. The boat needs to be fully covered in the event of a loss or accident. The inspection is vital for approval as well. Most inspections will take longer than expected with a vehicle or motorcycle title loan, as many variables must be checked to determine the boat’s resale value.
Lastly, some lenders require that your boat come with a trailer that’s also titled with your state’s DMV. In California, you’ll need to show proof of a Permanent Trailer Identification (PTI) on your trailer.
Types of Boats that Qualify As Collateral
People use many types of boats for commercial and recreational purposes. But what kinds of boats qualify for collateral with a title loan? It turns out that most watercraft that can be titled with your state’s DMV will qualify if they have enough equity. That includes fishing boats, pontoon boats, trawler boats, and sailboats. Are you looking to borrow $5,000 or more? Some companies offer title loans on yachts and cabin cruisers, as these vessels tend to be high-value.
Similar to title loans on commercial trucks, you can also get a title loan on a workboat or utility vessel. These typically have high values, and you’ll be good to go if they’re registered and titled with your local DMV. You may also be able to cash out equity from newer Jet Skis and WaveRunners if they have sufficient equity. However, not all lenders offer title loans for these types of personal watercraft, as they can be easily moved and hidden from lenders in the event of a repossession.
You may not be eligible if a houseboat or other type of boat is your official residence, but these requirements differ, and it’s best to contact us to explain your situation. Different types of boats that are often denied as security for a title loan include those that aren’t operational or have significant physical damage or deterioration.
The Benefits And Drawbacks Of A Title Loan On A Boat
The best part about these loans is that you can keep using the boat while you pay them off. It was only a few years ago that you had to hand over the boat as collateral for the loan. But now, most lenders are set up to accept the pink slip as collateral, and that’s all they need.
Boat title loans differ from car title loans in that you can often borrow less and expect a shorter payoff. All situations are unique, but boats are worth less than your average vehicle. That means you will probably have fewer requirements than the paperwork needed for a vehicle-secured loan
Another difference arises during the inspection. With a vehicle title loan, the inspection can take 15 minutes or less, even if you can’t find the car title. Boats, however, are different, and the inspection and qualifying process can take longer.
Find Out How Much You Qualify For With A Boat Title Loan
Apply online with Premier Title Loans today, or call 800-250-6279 to see how much you can get for the equity in your boat. Boat title loans are possible in most states, and loan amounts start at $1,000 regardless of your credit history. Start an application, and we’ll get you a quick pre-approval quote.
