Save a boatload on affordable boat financing
New & Used Boat Loans
Calculate your boat loan payment¹
Today's Rate
New & Used Boat Loans
As low as
Make a splash with our boat financing
Whether you need financing for a new or used boat, or you want to refinance your current boat loan, you’ll get the boat financing you need at Mountain America. Our new and used boat loans come with flexible terms and some of the lowest interest rates around. That means you can get a lower boat loan rate or monthly payment.
How does a boat loan work?
It's simple. Pick out the boat of your dreams. Apply online for a boat loan. Start dreaming of beautiful days out on the water.
Our new and used boat loans feature:
- Fixed boat loan rates as low as % APR
- No application fees
- Terms up to 15 years²
- Onsite new and used boat financing at many dealerships
- Rate discounts with MyStyle® Checking
Boat loan FAQs
How does a boat loan work?
A boat loan is similar to a car loan. Lenders typically offer fixed loan rates for 10-15 years. Boat financing rates and terms vary amongst lenders, but the lowest rates are generally reserved for higher credit scores and term lengths are usually based on the loan amount (the higher the amount, the longer the term).
There are a variety of lenders, loan types, loan terms and competitive rates at your disposal, but you can be better prepared by knowing your financial history, getting prequalified with a lender and having all the required personal and financial information ready, along with the boat’s information, such as the make, model, year, power and purchase price.
How long can a boat be financed for?
The loan term and details for financing a new or used boat are quite similar. On average, boat loan lengths range from 10-15 years. (Use our boat loan calculator to calculate your monthly payment based on loan amount and boat loan term length).
Get a fixed-rate loan with a term up to 15 years¹ (180 months) with Mountain America Credit Union. We offer flexible financing terms and some of the best boat loan rates. Buyers have the option to make extra payments or pay the loan off entirely before the term is up.
What credit score do you need for a boat loan?
Every lender has their own credit score requirements, but you can typically qualify for boat financing with a credit score of 600 or better. Those with a credit score above 700 will usually receive the best interest rates and lower down payments. Even if you have a lower credit score, say in the mid-500s, you may still be able to qualify for a boat loan. Just keep in mind, you’ll probably have to pay a higher interest rate, make a larger down payment and pay additional fees.
How much do you have to put down on a boat?
The actual down payment will depend on the lender and the cost of your boat. Most lenders expect a buyer to put down 10–20% down. Some lenders may not require a down payment, most often for brand-new boats.
Does Mountain America finance older boats?
Yes, Mountain America will typically finance a boat up to 15 years old.
What is the average boat payment?
There isn’t necessarily an average boat payment because there are many factors that determine how much you pay per month for a boat, including:
- Type of boat
- Loan amount
- Loan length
- APR
On average, though, if you get a new or used boat loan for less than $20,000, your monthly boat payment can be under $200. If you borrow more than $35,000, expect to pay more than $300 a month. The more you borrow, the more your monthly boat payment will be. Use our boat loan calculator to calculate your monthly payment.
What are your boat loan interest rates?
Depending on your creditworthiness, Mountain America Credit Union aims to provide the best boat financing rates possible. We offer competitive, fixed rates as low as 9.24% APR.
How do I apply for boat financing?
Applying for boat financing is easy—apply online in minutes or visit a Mountain America branch.
What are the financing terms on boat loans?
Boat financing terms generally range between 10 to 15 years. Mountain America offers flexible financing for new or used boat loans and refinancing. Options include choosing a shorter financing term with a higher payment, while others may choose a longer term with lower payments. Use our boat loan calculator to calculate monthly payments for your purchase, depending on the loan amount and loan term.
Can I prequalify for a boat loan over the phone?
Yes, in some cases you can prequalify for boat financing through our service center at 1-800-748-4302. Mountain America may require scanned or faxed income verification prior to prequalification. Once you’re prequalified, closing paperwork will be sent to a Mountain America branch of your choosing, where you can sign the documents.
Do you offer boat insurance?
Yes, once you’re the proud owner of a boat or watercraft, make sure your purchase is protected. Mountain America offers boat insurance on a variety of boats or personal watercrafts. We offer personalized coverage based on your unique boat and insurance needs.
Boat loan resources
Boat Insurance
PowerSports Protection
Before You Buy
Save a boatload of money
Apply today for your new or used boat loan online by clicking the button below. Or, apply at a local branch.You can even ask for Mountain America financing at the dealership.
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