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 and we offer loan amounts of up to 15k for high value boats!


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    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.

    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 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 a simple and updated 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 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.


    A boat on the ocean that's eligible for a title loan.


    Types of Boats that Qualify For Title Pawns

    As many know, people use many types of boats for commercial and recreational purposes. But what kinds of boats can qualify for a title pawn loan? It turns out that any type of watercraft that can be titled will qualify if it has enough equity. That includes fishing boats, pontoon boats, trawler boats, sailboats, and yachts. You may not be eligible 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.


    The Benefits And Drawbacks Of A Title Loan On A Boat?

    The best part about boat equity financing from Premier Title loans is that you can keep using the watercraft or sailboat while you pay off the loan. You used to have to hand over the boat as collateral for the loan. Think of this as a title pawn and similar to an auto pawn. But now, most lenders are set up to allow you to hand over the 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 versus 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.

    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!


    A boat being towed to a lake.