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Boat FAQs
 
What will my interest rate be?
Your rate will vary. It depends on many factors, which include your loan amount, your down payment, your credit profile and the age and value of your boat. As soon as we process your application, we will let you know your interest rate and program options.
 
How long will it take to process my application?
Complete our online loan application and you may be approved within minutes.
 
How much of a down payment do I need?
The typical amount down is 10% - 20%.
 
What are the largest and smallest boat loan amounts that you offer?
There is no maximum. Minimum loan amount for pleasure use is $10,000 in all states except for CT, IL, KY ($15,001) and AK, FL, IA, KS, MN, NE, NY, OH, PA, TN ($25,001).
 
How is interest on your loans calculated?
All our loans are simple interest loans. You only pay interest on the principal owed.
 
Do you have an application fee?
No, Essex Credit Corporation does not charge an application fee.
 
What is Coast Guard Documentation and will my boat need it?
Coast Guard Documentation is a registration process that typically applies to boats 25 feet or longer. These boats have to be registered with the United States Coast Guard. To help with this process, Essex Credit can file a First Preferred Ships Mortgage, which records the lender's lien with the Federal government.
 
What types of boats can I finance with Essex?
Essex Credit Corporation finances the vast majority of available boats. This includes even hard-to-finance vessels like mega yachts, high-performance boats, multi-hull boats and wooden hull boats.
 
How do I apply?
JUST FILL OUT OUR SECURE ONLINE LOAN APPLICATION or download our .pdf application and then fax or mail it to Essex Credit Corporation. Or call us at 866-ESSEX-4-U (866-377-3948), and we will take your application over the phone.
 
Will you finance older boats?
We can finance boats manufactured as far back as 1919.
Do you require a minimum credit score?
No, however you must have excellent credit and this typically means a minimum credit score of 690.
 
I am a foreign national. Can I get financing through you?
Yes, as long as you reside and work in the United States.
 
Do you offer repossessed boats for sale?
No.
 
What are the shortest and longest terms available?
The shortest term is 4 years. The longest is 30 years.
 
Do you finance boat loans for people residing in all 50 states?
No. We do not currently lend in AL, DE, ID, LA, MI, MS, MO, NV, ND & VT.
 
Do you finance loans to corporations?
Yes, we do lend to corporations, but only when the vessel is for personal use. We do not finance vessels that will be used for commercial purposes.
 
Do you finance loans for re-powering a boat?
Yes.
 
Do you offer pre-approvals?
Yes, you may apply online now and get an Instant Credit Decision.
 
Do you work with dealers/brokers?
Yes. We work with dealers/brokers across the continental US, Alaska, Hawaii and Puerto Rico.
 
Do you finance Live-Aboards?
Yes, our minimum loan amount is $25,000.
Do you offer equity out programs?
Yes, you may receive cash out up to $50,000.
 
Do you require income verification on all loans?
Yes.
 
If I bought my boat for cash and now would like to obtain a loan, can you help me?
Yes. Our Cash Recapture Program allows you to get a loan within 6 months of your original purchase.
 
Can I defer my first payment?
Yes, you may defer your first payment up to 90 days.
 
Will you allow me to place my vessel in a Limited Liability Corporation?
Yes.
 
Will you allow me to place my vessel in a Trust?
Yes.
 
Can my payments be automatically deducted from my bank account?
Yes. Just let your sales representative know before the closing of your loan.