Question 1

Is boat financing harder to get than a car loan?

Accepted Answer

Yes — boat and yacht financing is harder to get than typical vehicle financing. Loans come in all shapes and sizes, and a lot depends on the boat and your creditworthiness. Working with companies that specialize in marine lending means you see the options that fit before applying.

Question 2

What loan terms are typical for a yacht?

Accepted Answer

Typical structures run 10-to-20-year terms with 10–20% down, for both new and pre-owned vessels. Boat and yacht loans are specifically designed for this type of asset and include special coverages and provisions.

Question 3

Does the type of boat change the financing?

Accepted Answer

It does — obtaining a loan for a motorboat is different from obtaining one for a sailboat, and vessels used commercially (including charter) are treated differently from pleasure craft.

Question 4

Do I need insurance before I can close?

Accepted Answer

Lenders require coverage to be bound at closing. Insurance requirements vary with where you register and operate the yacht, and whether you use it privately or for charter — FYI helps you locate the right policy and binds it in step with the loan.

Question 5

Can FYI arrange financing and the purchase together?

Accepted Answer

Yes — survey, insurance, documentation, and lending are coordinated by the same team handling your purchase, through a well-vetted network of marine-finance specialists. Call 305-854-6020 and a FYI finance specialist will walk you through it.