(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 qualified for a title loan on a sailboat, motorboat, or any other type of watercraft with sufficient equity! All you need is the boat's title and proof of income to qualify. Loans up to $15,000 are possible for high value boats!
How Do 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’re using the equity available in a boat or watercraft that you own as collateral for a loan. There’s hardly ever a credit check when you apply, and loan amounts with a boat title loan start at $1,000 in most states. Do you need cash in 24 hours or less? Boat title loans are an effective way to get fast funding and customers can get their funds in just a few hours through ACH or a bank wire!
Applicants will need to hand over the title of their boat and use it as collateral for the loan. The amount you can borrow with a boat title loan will generally be about 40-60% of the 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. So, as an example, if you use a title loan calculator and determine your boat is worth $2,000, you can expect a loan amount of $1,000 based on the available equity after a certified inspection.
Boat Title Loan Requirements – Do I Need Good Credit
The good news is that many companies offering title loans online with direct deposit will work with borrowers with bad credit, poor credit, lower credit, or no credit. Typically, addressing these three categories is the first step in acquiring a boat title loan. Usually, borrowers are required to get an updated and straightforward appraisal of the value of their boat and sign receipts from their insurance.
Additionally, borrowers must show some form of ID and provide evidence of their boat insurance policies and other applicable licenses and safety documents. Sometimes, borrowers can use the title as collateral for a larger loan. Boat title loans are generally not sought by borrowers who have good credit, since the interest rates are extremely high and the loan amount stipulates that it needs to be paid off on time in monthly installments.
Another requirement for boat and watercraft title loans is proof of insurance. The boat needs to be fully covered in the event of a loss or accident. The inspection is vital to get approved 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. This is often the case for smaller vessels and those that just barely qualify as collateral.
Types of Boats that Qualify For Title Pawns
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 it has enough equity. That includes fishing boats, pontoon boats, trawler boats, and sailboats. Are you looking for a boat title loan of $5,000 or more? Some companies offer title loans on yachts and cabin cruisers, as these vessels tend to carry high values.
Similar to title loans on commercial trucks, you can also get a title loan on a workboat or utility vessel. These boats often have high values, and you’ll be good to go if they’re registered and titled with your local DMV. In some cases, you can also cash out equity from Jet-Skis and waverunners if they’re newer models with enough equity. However, not all lenders offer title loans with these types of personal watercraft, as they can easily be moved and hidden from lenders in the case of a repossession.
You may not be eligible for a title loan with a houseboat or other type of boat used as your official residence, but these requirements differ, and it’s best to contact us to explain your situation. Other 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 boat title loans from Premier Title loans is that you can keep using the boat while you pay off the loan. 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 allow you to hand over the boat’s pink slip, and that’s all the collateral they need.
Boat title loans differ from car title loans because you can often borrow less money 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 an online car title loan.
Another difference comes into play when your boat or watercraft is inspected. 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 today with Premier Title Loans online or call 800-250-6279 to see how much money 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.
