Secured Boat Loans
A secured Boat loan is the most common option, and Credit One can arrange one specifically tailored to you or your business, whether you're buying from a dealer or a private seller.
With a secured boat loan, the boat is used as security. An amount is lent that is either equal to, less than or greater than the value of the boat.
How does a Secured Boat Loan work?
Under a Boat Loan the financier advances funds to the customer to purchase a boat.
The customer takes ownership of the vehicle at the time of purchase, and the financier takes an interest in the boat as security for the loan.
Once the contract is completed, the financier lifts their interest in the boat, giving the customer clear title.
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