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Frequently Asked Questions house boat loans
Fast Online Loan Approval

What is E-Boat Loans ?
Eboatloans is an online loan center that quickly connects you to a network of marine lenders. All you need to do is to fill out an online application form and/or print out a copy of the application and fax it in. Your loan request is then immediately sent out to the network of marine lenders. The lenders will respond with a decision about your loan request. You can then review the offer, and make your decision to move forward on the loan.

What is an online application?
An online application is simply a series of questions that you complete in order to request your boat loan.

What is the best way to get started?
It's really very easy. First, find the value of the boat you are interested in purchasing. Second, calculate your monthly payments to see if they are within your budget. Third, fill out the online loan application and/or print out the form, complete it and fax it in to our office. Fourth, review your loan offer if accepted, and close on your loan.

What type of information do you collect from me?
You will be asked questions about loan information, boat information, personal information, co-applicant information (if applicable), and a personal financial statement. To expedite your boat loan application, please have the following information readily available.
*Two years current 1040 Federal Income Tax returns complete with all schedules, including W-2's.
*If Self Employed - Business Financial Statements and two years Corporate Federal Income Tax returns.
*Copy of Boat Purchase Agreement
*Any documents or statements, explaining a unique or special situation.

Will my information be secure and safe?
Yes. eboatloans.com uses the most advanced secure technology available in the world. This means, all your data will remain absolutely confidential and secure while in transit over the Internet.

Are you going to share or sell my information later to anyone?
No. At Eboatloans, our privacy policy is straightforward and simple. Under no circumstances will Eboatloans sell or share any personal information about you to or with any person or organization, except to marine lenders in our network, or authorized agents, as may be required by law or court order.

Who are the marine lenders that you use?
Eboatloans uses multiple lending sources to assure you will be receiving the best rate possible. They are all dedicated to giving you the absolute best service and competitive rates.

How many different marine lenders will see my loan request?
Depending on your particular credit score, one major lending institution will be reviewing your loan application.

Will each lender go in and pull my credit report?
Each marine lender in the network has their own governing policies about pulling your credit report. Eboatloans pulls your credit report immediately after completing and either transferring over the Internet or faxing your loan application in.

Do you have any marine lenders who deal with someone with sub-par credit?
Yes. Eboatloans has several marine lenders who deal with these types of loans.

What happens if I don't qualify for a loan?
You will be notified almost immediately either via email or telephone.

What will happen if I don't have an email address to use?
You can get one for free from some of the following web based services. Hotmail, Yahoo, Excite, Snap and Hotbot. Eboatloans online system is designed to communicate directly with you via email, so it is very important that you obtain email address.

If I go ahead and accept the loan offer, how do I close my loan?
If you accept your loan offer, you will have to get in touch with the marine lender directly through either email, telephone or snail mail to complete the loan process.

If I am living outside the United States, can I still get a boat loan?
At the current time Eboatloans can only service marine loan requests that are originated within the boundaries of the United States.

Is it possible for you to delete my information I gave you?
As required by state and federal retention laws, we must maintain a record of your loan inquiry to be in compliance. Please note that this is also consistent with our privacy policy.

Can I find out how much I would qualify for or do I need to have a contract on a boat first?
No, you don't need to have a signed contract; In fact many customers will apply for a pre-approval before they even shop for a boat.

What are the advantages of pre-approval?

  • Whether youˆre considering a new or used boat, having your financing pre-approved before you shop gives you a number of advantages.
  • If youˆre considering a new boat purchase, a pre-approval will give you flexibility (it will be like shopping with cash in your pocket). Youˆll have the ability to negotiate for the best price at any dealership nationwide. Youˆll have an interest rate that is locked in and not affected by a dealer markup.
  • If you are considering a used boat, either through a broker or a private individual, a pre-approval will give you a clear negotiating advantage. It will establish with the seller that you are a serious buyer (your financing is already in place), your offer can be made without a financing contingency and you have the ability to close quickly.
  • Other advantages of obtaining a pre-approval are: (A) It helps determine your credit / loan limits, (B) It allows us to address and resolve any unknown credit issues before you enter into a contract (C) It will also eliminate any financing anxiety you might have after you have already entered into a purchase contract.

How do I get pre-approved?
Complete our on-line application, supply us with your income information, tell us what type of boat you are considering (power or sail) and about what price range. In one or two working days, you can have a formal, in writing, credit decision that is good for 30 days. Itˆs that simple.

How much of a down payment do I need?
As a general guideline, you can finance up to 90% of the selling price of the boat. The selling price can include any extras that you are adding to the boat at the time of purchase.

How long of a term can I get?
This depends on the amount you're financing and the age of the boat. Most loans over $100,000 can be financed for as long as 20 years. Loans between $25,000 and $99,999 would have a maximum term of 15 years.

Is there an advantage to financing for a shorter vs. a longer term?
Our general felling is that a shorter term has many advantages. However there are a number of individual issues that should be considered (i.e. percentage of down payment, financial ability to handle increased monthly payment....) Basically, a shorter-term loan will build up your equity in the boat quicker. Down the road this translates into more money into your pocket when it's time to sell. How long will it take to process my boat loan? Whether you are applying for a pre-approval or for a loan on a specific boat, once we have your information it only takes us 1 or 2 working days to give you a formal, in writing, credit decision which will be good for 60 days.

Can I refinance my existing boat loan?
We offer you a number of refinancing options. With interest rates still low and because your out of pocket cost to refinance is minimal, refinancing can save you thousands over the life of your loan.

Can I obtain a loan for upgrading my existing boat?
If your current loan balance (or if you own the boat free & clear) plus 80% of the cost of the upgrade is $25,000 or greater, the answer is YES. However, the new loan can not exceed 80% of the current market value of your boat.

Call 602-486-5045