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Finance your dream boat

Here’s what you need to know.

Working with leading marine lenders, our partners are able to offer competitive rates and terms to help you purchase a new boat or refinance your existing boat loan. We offer loans for powerboats, sailboats, multi-hull boats, pontoons, and even personal watercrafts.

Use our Boat Loan Calculator to determine a monthly payment that’s right for you, then fill out an Online Loan Application for our lending partner to underwrite.

• If you are applying for a loan for $25,000 or greater, click here to apply online .

Once your application is completed, a representative will evaluate the application to determine the next steps, in an effort to make the closing process as seamless as possible.

Calculate Payments with Our Boat Loans Calculator

Use our boat payment calculator to determine a monthly payment that you can afford when looking to finance a new or used boat.

Simply enter your desired amount, estimated interest rate, and the loan term over which you intend to pay back the loan. Once you've input the information, the calculator will generate your estimated monthly payment on your boat loan. Take this number and plug it into your current monthly budget.

Boat Loan Calculator

Monthly Payment

Total Loan Amount

Your Monthly Payment is:

Your Max Loan Amount is:

Helpful Terms and Phrases

Monthly Payment What you're paying out of pocket every month to repay your loan.

Number of Years How many years you're looking to pay back the loan (term of loan).

Interest Rate Interest rate accompanying this type loan.

Total Purchase Price This is the total cost of your boat purchase. Don't include sales tax in this amount.

Down Payment This is the total out-of-pocket amount you are paying toward your purchase. Standard down payment is 15% but depending on your boat age, loan amount, and loan term the required down payment can be between 10% - 30%.

Deposit This is the total amount you have already paid toward your down payment.

Trade Allowance The total amount that you are given for any vessel that you trade-in as part of this purchase.

Amount Owed On Trade Total loan balance outstanding on the trade-in.

To get started, you will need to complete the Online Loan Application. Our lending partner will do an initial review and credit inquiry and likely will request additional financial information such as tax returns or bank statements to help them make a decision. Once approved, the lender will list any additional items needed prior to closing (for example, a marine survey and executed sales contract). Next, our lending partner will collect information from the seller(s) to finalize the loan closing paperwork. Once readied, our lending partner will send closing documents to the buyer(s) and the seller(s) for completion. Lastly, our lending partner would send the loan proceeds to the seller(s) in accordance with the funding instructions.

Boat loans share some similarities with both vehicle and home mortgage financing. You will need to complete a loan application for our lending partner to underwrite. Similar to a home mortgage, the bank can ask for your personal federal tax returns, proof of assets, and may ask for additional financial information depending on each situation.

Similar to a vehicle loan, the lender has a loan‐to‐value guideline that is based on the book value for used boats and the contract price for new boats. All of the lender's underwriting criteria must be met to offer approval, and these guidelines tend to be more rigorous than vehicle financing. If approved, the lender would outline any additional items needed prior to closing and closing paperwork would be prepared once all of the necessary information has been collected.

You will need to provide basic demographic and employment information, complete a personal financial statement that lists all your assets and liabilities, and provide us with information on the boat you are interested in buying or refinancing. As part of the underwriting process, our lender will likely ask for tax returns and bank statements for non-retirement and retirement assets to verify your income and net worth, a copy of the sales contract, and a marine survey report (on most used boats). At the end of the application, you can securely upload these documents to help speed up the review of your application.

Most applicants can expect to have a decision on their application in 2-4 business days. Our lenders will often ask for financial information before making a decision. 

Typically, our lenders will require a boat to be documented with the United States Coast Guard if it meets the Coast Guard's net tonnage standard. If the boat you wish to purchase is eligible to be documented, our finance department or lender will prepare a First Preferred Ship Mortgage as part of the loan closing paperwork and file it with the Coast Guard as the instrument that secures the bank's lien on the vessel. If the boat is not large enough to be documented with the Coast Guard, a formal mortgage would not be prepared; however, the lender would still record its lien against a state title or equivalent document. In either event, the lien would be released once the loan has been repaid.

Our lenders do not issue pre-approvals that are similar to what you get when purchasing a house. You are able to apply without having a sales contract on a boat, and you aren't locked into buying the boat that you apply with, but you do need to list a boat on the application.

The rates and terms are highly dependent on the boat, so we recommend applying with a boat that is similar in age, length, and type to the one you are interested in purchasing, and use a realistic purchase price. 

Credit requirements vary by lender, but our lenders generally require applicants to have a credit score above 680 with no major credit issues such as a bankruptcy, foreclosure, settlement or charge-off within the past 3 – 5 years.

Generally, marine financing is subject to higher credit and other underwriting standards than that for vehicles or even home mortgages. Our lenders look for applicants with better credit, but there are other companies that will consider individuals with past credit issues.

Our lender will first review your credit score and history to determine if you meet their credit guidelines then review your financial information. When evaluating your application, our lender will look to see that you currently have the funds to make the down payment without depleting your assets, and verify your net worth and debt-to-income ratio (monthly debt payments divided by monthly income) meets their guidelines. They will also review the boat to ensure the purchase price is in line with the market value of the boat by using third-party valuation guides like NADA, BUC and ABOS.

The loan term available will largely depend on the boat you select. We work with banks that can offer terms up to 20 years, subject to the age and type of boat, as well as the loan amount available from the lender.

Once the lender collects all the required information from the buyer and seller, both parties will receive paperwork that they need to sign and notarize. Once the lender receives the paperwork back from both parties, they will disburse funds in 1-2 business days. The buyer and seller do not need to visit a bank or be in the same place to close the loan. If the boat is currently financed, our lender will disburse the funds directly to the lienholder to pay off the loan, otherwise, the funds will be paid to the seller by check or wire transfer.

BoatUS partners with leading marine lenders that consider various types of collateral, including larger, more expensive vessels. Some restrictions do apply — for example, we cannot accept applications for steel‐hull boats at this time.

Use our Online Loan Calculator to determine your monthly payment or enter the desired monthly payment to see the loan amount. to determine your monthly payment or enter the desired monthly payment to see the loan amount.

We recommend you access the NADA Guides Boat Value Online Tool , powered by J.D. Power.

• Loan amounts from $10,000 for boats model year 1998 and newer
• Multi Hull Boats
• Pontoon Boats

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• Finance / /

Boat Loan Calculator

Whether you’re still just crunching numbers or are ready to make a purchase, Boat Trader’s boat loan calculator tells you everything you need to know. Use the calculator to determine how much a specific boat will cost you monthly, or work backward to calculate how much boat you can afford based on your budget. You can also see how different down payments and interest rates will affect your monthly payment.

Use Boat Trader’s convenient Boat Price Checker tool to make sure you’re not overpaying as you shop. And when you’re ready to apply, Boat Trader’s easy online boat loan application puts multiple trusted lenders at your fingertips.

How does the Boat Loan Calculator work?

Our boat loan calculator makes it quick and easy to estimate your monthly boat loan payments just by entering some key information. Simply plug in your boat’s purchase price and down payment amount, then enter a loan repayment term in months or years to see how much you’ll pay monthly based on the interest rate shown.

Want to see how much your boat loan will cost you in total? Just enter your desired monthly payment, loan term, and APR to get an accurate overall boat loan amount.

What are the benefits of using the Boat Loan Calculator?

Our easy boat loan calculator helps you make informed buying decisions and saves you time when shopping for a new or used boat. Just enter a little information to get quick and clear estimates and decide how much boat you can actually afford. Want to make sure your boat purchase fits your budget? Interested in how much your boat will cost you in the end? Our calculator does both!

How does the APR impact my payments?

Boat loan interest rates (expressed as APR) may vary based on market rates, loan amount, down payment amount, and your credit history. The higher your boat loan APR, the more you’ll pay monthly and over the course of your repayment.

For example, say you’re buying an $80,000 boat with a $10,000 down payment and 120-month repayment term. Qualifying for a 7% APR would give you a monthly payment of $813, but a 9.5% APR would mean a monthly payment of $906 for the same period of time.

How much boat can I afford?

When budgeting for a boat, be sure to account for your monthly payment as well as any additional boat expenses that might arise (like insurance, repairs, and maintenance). A boat loan calculator can help you determine affordability, even allowing you to work backward to find a purchase price and repayment terms that give you the monthly payment you need.

What is the typical down payment on a boat loan?

Typical boat loan down payments range from 10 percent to 30 percent, with some loans even allowing for zero down payment for borrowers who qualify. The most common down payment on a boat loan is 10 percent.The more you put down on your boat, the less your monthly payment and total boat cost will be.

What is the average boat loan payment?

Boat loan payments are affected by everything from purchase price, down payment amount, and interest rate to the borrower’s income and credit score… so they can vary widely. A rough estimate is 1% to 1.5% of the purchase price, but using a boat loan calculator is the best way to get your estimated boat loan monthly payment.

What factors influence boat loan interest rates?

Your boat loan’s interest rate, expressed as APR, is influenced by a number of factors including how much you borrow, your chosen repayment term, and your credit score. This APR determines how much your loan will cost you, so lowering your interest rate — either by offering a larger down payment, improving your credit score, or choosing a shorter loan term — can save you money.

What is the cost of owning a boat?

Your boat loan monthly payment isn’t the only expense to keep in mind when budgeting. You should also plan for additional costs such as boat insurance, maintenance, repairs, and storage. These can easily add hundreds or even thousands of dollars a year to your total boat ownership costs. Be sure to set aside enough to cover both the expected and unexpected when budgeting for your next boat.

Are there different types of boat loans?

There are a few different types of boat loans to choose from depending on your needs and the lender you pick. Fixed-rate loans offer a set interest rate and amortization schedule over the duration of the loan term, while variable-rate loans have an APR that can fluctuate over time.

Not sure which is best? Boat Trader makes it easy to shop and compare terms from over 15 marine lenders and get the boat loan that’s right for you.

Loan Calculator

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• Yacht Financing

Assets America ® offers luxury yacht financing for yachts, super yachts and mega yachts starting at $10 million and beyond! Yachts are watercraft used for sports, commercial use (chartering) or pleasure (including fishing) with a minimum length of 50 feet.  Super-yachts are large, expensive, professionally-crewed yachts, informally sized at 79 feet or greater, although the dividing line is somewhat subjective. Finally, mega-yachts are the biggest and most expensive yachts, starting from 164 feet and beyond.

Video: Benetti Super Yacht Tour

Yacht Valuation

Yachts are configured as sailing or power vessels, although many sailing yachts have motors as a backup. While yachts can be quite large, however, they are dwarfed by commercial maritime vessels like oil tankers, ocean cruise liners, and cargo ships. Yachts can yield income through chartering, which can figure into the process of obtaining yacht loans. Super-yacht and mega-yacht designs also reflect the personal tastes of their owners. These specializations affect the yacht’s value for financing purposes.

Many factors figure into the evaluation of a luxury yacht, for example:

• Purpose of the vessel
• Number of engines
• Sleeping accommodations
• Crew size (if any)
• Chartering income (if applicable)
• Suitability for different sea conditions
• Fuel consumption
• New versus used
• Legal jurisdiction of the lender, the borrower, and the yacht itself

Take note that international considerations can complicate the process. In other words, financing must account for different laws and cross-border tax implications.

Yacht Financing from Assets America ®

If you want to purchase a yacht, or build your own newbuild, or lease a yacht, check out our yacht finance packages. We can arrange yacht loans that will meet your requirements, even if you are somewhat credit challenged. Our yacht loans start at $10 million. Don’t postpone purchasing the yacht you deserve. Rather, call our offices today at (206) 622-3000 , or simply fill out the below form for a prompt response!

Apply For Yacht Financing

Yacht Survey

For yacht financing and insurance purposes, a yacht, superyacht or megayacht must undergo a survey, a procedure similar to a home inspection. The three types of yacht surveys are:

• Insurance survey: This type of survey is for renewal of insurance policies, not for acquisition. It is a light inspection that tries to identify outstanding issues.
• In-shore and coastal survey: This is the most common survey and is a good choice for many yacht purchases. It includes a full equipment listing, a confirmation of the hull number (much like a car’s VIN), complete system testing, and an out-of-water check of running gear, hull, and bottom paint.
• Offshore survey: This is the most time-consuming and comprehensive survey, appropriate for ocean-going yachts. It includes the in-shore and coastal survey, but also ultrasonic tests, hull moisture tests, heat-sensing scans, engine manifold tests, and more.

Yacht-Building Contracts

The individual nature of luxury yachts means that yacht-building contracts are not standardized the way that oil tanker contracts are standardized. The yacht building yard will enumerate all the luxury yacht buyer’s individual requirements in the contract, which will probably go through several drafts before finalization.

The contract structure reflects the obligations of the builder and the buyer. It will also include warranties, tax provisions, and often, confidentiality clauses, as the owner of a mega yacht often wants to keep a low profile. Ideally, the shipyard delivers to the buyer the yacht exactly as specified, and the buyer receives a clean title upon payment of the purchase price.

Yacht Registration

Yachts must be registered in a country, but not necessarily in the country of the seller or the buyer. Registration is fairly easy as long as the yacht meets certain criteria, such as technical standards and age. This holds especially true in “open registry” countries like Liberia, Panama, Cyprus, and the Bahamas. “Offshore registry” countries are usually colonies or dependencies. For example, there are the Netherland Antilles, Cayman Islands and the Isle of Mann. If the owner is a U.S. citizen, yachts weighing 5 tons or more can be registered at the National Vessel Documentation Center of the U.S. Coast Guard. Coast Guard documentation also offers access to a preferred mortgage that gives the lender certain benefits. However, most U.S. yacht lenders require that financed yachts are documented.

Financing a Yacht

When purchasing an existing yacht, borrowers usually take out yacht mortgages on vessels. However, arrangements differ between yacht building contracts and chartered yachts. Other influencing factors include the current and proposed registration jurisdictions, the tax treatment of the yacht, and the owner’s tax status. In conclusion, yacht financing protects the lender from the borrower’s other creditor claims.

Yacht Loans

Private commercial lenders like Assets America ® can arrange yacht financing, as well as banks, credit unions, boat brokers and yacht manufacturers. Typically, the loan agreement takes on a basic asset-financing structure, collateralized by the fully amortizing yacht mortgage and a lien on the yacht, as well as insurances signed over to the lender. In addition, the loan agreement may give the lender a lien on any revenues generated by chartering the yacht. Finally, the lender will most probably require a personal guarantee and/or debenture from the borrower. This gives the lender a lien on the borrower’s other assets as well.

Yacht-Building Loans

For yacht-building contracts, the loan agreement will provide for cash advances to pay for pre-delivery construction milestones. Payments start with a pre-build deposit by the buyer. Installment payments follow as construction progresses through succeeding stages, evidenced by Stage Certificates. Pre-delivery requirements also include assignment of the yacht-building contract. In the case of default, the contract gives the lender the right to have the builder finish construction. Then the lender takes possession of the vessel and sells it. Accordingly, the yacht financing lender releases funds to the yacht builder upon receipt of each Stage Certificate. These must include the counter-signature of an independent surveyor. The yacht-building contract usually contains clauses that specify what happens if default occurs either by the builder or the buyer.

All loan agreements contain language relevant to warranties, insurances, and registration. The lender might also require covenants that preclude certain uses of the yacht, such as chartering. Finally, the borrower’s surveyor will have inspection rights to protect the borrower’s interests.

Yacht Leases

Some people choose to lease their yachts rather than purchase them. In this case, the lessor gains title to the yacht and leases the yacht back to the lessee for an agreed term. These leases are usually “demise charters” that provide the lessee exclusive use of the yacht. In other words, the lessee is the operational “owner,” while the lessor maintains the title.

Glossary of Marine Lending Terms

Term	Definition
	A fee for services such as loading, unloading, pickup, and delivery
	Any form of boat or ship suitable and equipped for sailing or motoring on the open ocean
	The individual or group hiring the shipowner and/or captain for temporary use of the vessel
	Also called a bareboat charter, this is an arrangement to hire a water vessel whereby no crew or provisions are included as part of the agreement
	A code of the IRS designating a water vessel as a qualified residence and therefore capable of receiving tax advantages
	The length of a yacht as measured from "stem to stern.” Marinas and harbors often use this metric to determine how much to charge for a slip or similar accommodation
	A legal right that guarantees an underlying obligation, for example repayment of a loan
	A list of all individuals, cargo, and equipment on board
	A contract whereby the captain and/or shipowner places the yacht at the disposal of the charter party for one or more voyages to one or more destinations, while the captain and/or shipowner remains responsible for the operation of the yacht
	Vessels operating without a fixed itinerary or schedule or charter contract
	Also called Megayachts, the terms often refer to yachts with an LOA of over 164 feet and/or full-time staff and crew
	A contract wherein the yacht is rented out fully staffed to an individual for a limited amount of time, typically a matter of days or weeks

Yacht Financing – FAQs

How is the current market for yachts and superyachts.

Across the world, the boating market—whether monohull sailboats, catamarans, yachts, or superyachts—is a buyer’s market and should remain that way for the foreseeable future. Because fiberglass and other light, super-durable hybrid materials last so long, the market has become increasingly flooded. Often multimillion-dollar yachts are selling for a fraction of what they were just 7-10 years ago.

Is there a best time to purchase a yacht?

The simple answer is yes, at the beginning of the off-season, although that varies around the world and especially between the northern and southern hemispheres. In Florida for instance, the best time to buy a yacht is mid to late August.

What are the costs involved with maintaining a yacht?

In addition to purchasing the yacht, owners typically pay for mooring and storage, insurance, operational costs, crew, maintenance, and winterization. These costs can be rather substantial. Before purchasing a yacht, one needs to make sure they are financially secure.

Can my yacht qualify for tax advantages?

Yes, for example, if a yacht has a berth, head, and galley, then it can qualify as a second home.

What is the least and most amount of financing I can receive?

While our loans start at a bare minimum of $10 million, there is no upper limit to the amount of financing available to you via Assets America®.

What kind of down payment should I expect to make?

While the standard down payment is 20% to 30%, really strong borrowers may be able to make a smaller down payment depending on the quality of their credit, their financial statement, and their cash position.

Online Resources for Yacht Financing and More :

• First, for tips on buying and financing your first luxury yacht , check out these articles from Boat International , Cruising World , and Marina Reservation .
• Second, Boat International also provides Yacht Market Reports and Superyacht Market Reports .
• Moreover, if you’re interested in environmentally friendly yachting, consider checking out Blue Flag International .
• In addition, you may also enjoy this Guide To Yacht Financing from the law firm Field Fisher Waterhouse, although if you’re serious about financing a yacht or superyacht, the best way forward is to speak with a seasoned professional.
• Finally, The New York Times has an excellent article The Beginner’s Guide to Chartering a Yacht with Crew .

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Ronny was a pleasure to work with and is extremely knowledgeable. His hard work was never ending until the job was done. They handled a complex lease and guided us through entire process, including the paperwork. Not to mention a below market lease rate and more than all the features we needed in a site. We later used Assets America for a unique equipment financing deal where once again Ronny and team exceeded our expectations and our timeline. Thank you to Assets America for your highly professional service!

Great experience with Assets America. Fast turn around. Had a lender in place in 30 minutes looking to do the deal. Totally amazing. Highly recommend them to anyone looking for financing. Ronny is fantastic. Give them a call if the deal makes sense they can get it funded. Referring all our clients.

Assets America guided us every step of the way in finding and leasing our large industrial building with attached offices. They handled all of the complex lease negotiations and contractual paperwork. Ultimately, we received exactly the space we needed along with a lower than market per square foot pricing, lease length and end of term options we requested. In addition to the real estate lease, Assets America utilized their decades-long financial expertise to negotiate fantastic rates and terms on our large and very unique multimillion dollar equipment purchase/lease. We were thankful for how promptly and consistently they kept us informed and up to date on each step of our journey. They were always available to answer each and every one of our questions. Overall, they provided my team with a fantastic and highly professional service!

Assets America was responsible for arranging financing for two of my multi million dollar commercial projects. At the time of financing, it was extremely difficult to obtain bank financing for commercial real estate. Not only was Assets America successful, they were able to obtain an interest rate lower than going rates. The company is very capable, I would recommend Assets America to any company requiring commercial financing.

Assets America was incredibly helpful and professional in assisting us in purchasing our property. It was great to have such knowledgeable and super-experienced, licensed pros in our corner, pros upon which we could fully rely. They helped and successfully guided us to beat out 9 other competing offers! They were excellent at communicating with us at all times and they were extremely responsive. Having them on our team meant that we could always receive truthful, timely and accurate answers to our questions. We would most definitely utilize their services again and again for all of our real estate needs.

Assets America is a great company to work with. No hassles. Recommend them to everyone. Professional, fast response time and definitely gets the job done.

Ronny at Assets America has been invaluable to us and definitely is tops in his field. Great experience. Would refer them to all our business associates.

We were very pleased with Assets America’s expertise and prompt response to our inquiry. They were very straight forward with us and helped a great deal. We referred them to all our business associates.

I’ve worked with this company for decades. They are reputable, knowledgeable, and ethical with proven results. I highly recommend them to anyone needing commercial financing.

Ronny was incredibly adept and responsive – top-notch professional who arranged impressive term sheets.

Assets America helped us survive a very difficult time and we most definitely give them 5 stars!

Ronny was very friendly and though we were unable to make something happen at the moment he gave me some direction to go.

My business partner and I were looking to purchase a retail shopping center in southern California.  We sought out the services of Ronny, CFO of Assets America.  Ronny found us several commercial properties which met our desired needs.  We chose the property we liked best, and Ronny went to work. He negotiated very aggressively on our behalf. We came to terms with the Seller, entered into a purchase agreement and opened escrow.  Additionally, we needed 80 percent financing on our multimillion-dollar purchase.  Assets America also handled the commercial loan for us.  They were our One-Stop-Shop. They obtained fantastic, low, fixed rate insurance money for us.  So, Assets America handled both the sale and the loan for us and successfully closed our escrow within the time frame stated in the purchase agreement.  Ronny did and performed exactly as he said he would. Ronny and his company are true professionals.  In this day and age, it’s especially rare and wonderful to work with a person who actually does what he says he will do.  We recommend them to anyone needing any type of commercial real estate transaction and we further highly recommend them for any type of commercial financing.  They were diligent and forthright on both accounts and brought our deal to a successful closing.

Call Our Commercial Financing Specialist

(206) 622-3000

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If you need a boat loan to cover the purchase of a new or used boat, a loan calculator can help you determine what size or type of vessel you can afford.

Use this boat loan calculator to estimate the cost of a personal loan used to finance a boat. Enter your expected loan amount, desired repayment term and annual percentage rate to see estimated monthly payments, interest costs and total payments.

» COMPARE: Best boat loans

How to calculate boat loan payments

You can change your desired loan amount, term or APR to see different results and decide how boat loan payments fit into your budget.

Loan amount: This is the amount you expect to borrow. Amounts for unsecured loans can be as high as $100,000, while secured boat loans can be over $1 million.

Repayment term: This is how long you think you’ll need to repay the loan. Unsecured loans often have repayment terms of two to seven years; secured boat loan terms can be as long as 20 years. Longer repayment terms typically mean lower monthly payments, but you'll pay more in total interest.

Annual percentage rate: This is the interest rate you expect to get on the loan. Factors that determine your APR on a boat loan include whether it’s a secured or unsecured loan, your creditworthiness, income and existing debts.

Boat loan calculator

660

7.74-15.69%

$5,000-$100,000

525	600
N/A	7.24-29.90%
$5,000-$50,000	$8,000-$100,000

» Learn more about the best boat loans .

Secured vs. unsecured boat loans

Boat loans are either secured or unsecured. With a secured loan, the boat you’re purchasing is collateral for the loan, meaning the lender can take the boat if you stop making payments.

Secured boat loans may require or give you the option to make a down payment, so you’ll borrow less overall. They also tend to have lower APRs than unsecured boat loans and can be easier to qualify for if you have a low credit score.

Though unsecured loans may cost more in interest, they don’t require collateral or a down payment, and borrowers with good or excellent credit (690 FICO or higher) may qualify for a low rate.

Here are average estimated APRs on unsecured personal loans, based on FICO score ranges:

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified through NerdWallet from July 1, 2024, through July 31, 2024. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 — are unlikely to qualify. Information in this table applies only to lenders with maximum APRs below 36%.

To determine which type of boat loan is best for you, compare the pros and cons.

Common questions about boat loans

Where can i get a boat loan.

You can get a boat loan from an online lender, bank or credit union. Banks and credit unions will be more likely to offer secured loans.

You can also get a boat loan through a marine lending specialist, who acts as a broker for the loan. These loans must be secured and typically require a down payment.

How long are boat loans?

Boat loan repayment terms depend on the type of loan and lender you choose. For unsecured loans, borrowers can expect terms ranging from two to seven years. For secured loans, terms can stretch up to 20 years.

How do I apply for a boat loan?

You can apply for a boat loan directly with the lender. Most lenders offer online applications, but you may need to visit a branch to close the loan.

When you apply for the loan , expect to give personal information (including your Social Security number), details on the craft if the loan is secured, and verification documents such as proof of identity, employment and income.

Approval and funding time vary. Online lenders can usually fund a loan quicker than banks and credit unions. They also let you pre-qualify and see estimated interest rates and potential loan terms without affecting your credit score.

NerdWallet recommends comparing loans to find the lowest rate and best features for you.

Other loan calculators

Personal loan calculator : Check estimated interest rates and payments for a personal loan, based on your credit score.

Credit score loan calculator : Find out what personal loan options may be available to you, based on your credit score.

Home equity loan calculator : See if you’re eligible for a home equity loan and how much you may be able to borrow.

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Yacht Financing: Guide To Yacht Loans

• Allison Bethell
• March 7, 2023

Owning a yacht is a dream come true for most people. Imagine yourself sailing around the world entertaining your friends and family onboard your very own luxurious yacht. Whether you want to host dinner soirees, cruise through the Caribbean, spend the night in your own stateroom, or enjoy a day of sunshine lounging at a sandbar, a yacht is the way to go.

A yacht can be a boat with a motor or a sailing vessel and is typically 40 feet or longer. The word ‘yacht’ has Dutch origins and was originally used to describe a fast and lightweight sailing vessel. The Dutch navy used these types of boats to catch pirates. But today, the word is often interchanged with boat and is used to describe a larger and more luxurious vessel. There are different categories of yachts including super yachts and mega yachts which label the yacht based on its length. 

Regardless of what size yacht you want to buy, you will probably need to consider using yacht loans to help you pay for it. Yacht loans are often referred to as boat loans and their rates and terms, loan amount, and fees vary by lender. Customers use yacht loans for a number of reasons. They may not have enough cash to pay for the yacht in full or may not want to spend that much out of pocket. Yacht loans have a number of benefits in helping achieve your dream of yacht ownership. 

Some of the pros of using yacht loans include:

• Less cash required upfront
• No need to spend your savings or liquidate your stocks
• Invest the money you would have used to purchase the boat outright 
• Have more money available for repairs, maintenance, and other yacht-related costs
• Plan your budget with fixed monthly payments
• The lender ensures a smooth transaction and takes care of all the details for you 

How to Apply for Yacht Loans

So, you’ve decided that you’re at a point in your life that you’re ready to purchase a yacht. This is such an exciting time, but it can be a bit overwhelming too. You need a trusted partner to help guide you through applying for yacht loans .  

Trident Funding can help you sail through the process. We are a reputable loan origination company and have almost 30 years of experience with yacht loans and working with marine lenders. You can check us out online, reach us over the phone, or visit one of our six offices located throughout the country. We will help you each step of the way starting with your initial application, to underwriting requirements, insurance quotes, inspections, U.S. Coast Guard documentation, state title, closing services, funding, and more. 

When you’re ready to apply for yacht loans, you will typically need to have the following handy:

• Identification: Driver license or state ID
• Social security number or equivalent if a non-U.S. citizen
• Proof of income for the past two years
• List of debts and assets 
• Boat information: Year, manufacturer, length, and purchase price etc. 
• LLC or trust information if not purchasing the yacht in your own name 

You can easily apply for yacht loans online in just a few minutes. Trident Funding will help find you the best lending partner based on your unique financial situation and specific needs. We work quickly and most customers are matched with a marine lender within 24 to 48 hours of applying for a yacht loan. 

Each customer is different and there is no one-size-fits-all approach. For example, if you’re purchasing a yacht that is 50 feet long and $150,000, your loan product will be different from someone who is purchasing a 120-foot $2 million dollar super yacht. Trident Funding has a dedicated team to assist with yacht loans. Each team member has marine financing knowledge, knows about the latest funding programs, and treats you more like a friendly acquaintance rather than just another customer. 

Loan Calculator

During the yacht loan application process, you may want to play around with some numbers and see how much yacht you can afford based on an estimated monthly payment. Check out a yacht loan calculator to give you an estimate of your monthly payment. Keep in mind that the monthly payment only includes the principal and interest and doesn’t factor in additional expenses such as yacht insurance and docking fees. 

To use the loan calculator, simply fill out some quick information about yourself and the boat you want to purchase. Check if the boat is new or used, or if you’re refinancing, the year of the boat, the loan amount, and your credit score range. For example, an excellent credit score is between 800 and 850 and will get you the lowest interest rate. You can use the loan calculator as a tool to see what the difference in monthly payments will be between a $100,000 yacht and a $150,000 yacht and so on. 

Loan Amount, Rates, and Terms

Loan amount, rates and terms vary between lenders. They also depend on if the boat is new or used, its age, size, and the overall credit profile of the borrower, as well as the current market conditions and what the prime rate is. In addition to using a yacht loan for purchasing a new or used boat, you can also refinance your current yacht loan with Trident Funding. 

Trident Funding offers loan amounts ranging from $25,000 to $2 million. A credit score of 680 or higher is needed to qualify and the lender will also look at your debt-to-income ratio, income, employment history, and assets. Loan terms are typically between 10 and 20 years. As of September 2023, interest rates for yacht loans start around 6.74% for well qualified borrowers. Short-term and long-term loans are available with fixed rates and 60-day deferred payment programs are available on some loan products. Yacht loans can be used for private party purchases and dealer purchases. They can be used for project boats, mega yachts, and everything in between, but financing isn’t currently available for liveaboards. 

The Wrap Up

Owning a yacht is a big expense and responsibility but it can truly change your life. It opens you up to a whole new sea of possibilities. It’s a great way to slowly travel the coast, enjoy leisure time with family and friends, or host events. Additionally, chartering your yacht can provide you with some extra income to offset the ownership costs. 

However, in order to enjoy this luxurious lifestyle, you need to purchase a yacht and yacht loans can help you do just that. They can ease the financial burden of ownership and make it more affordable by spreading out payments over years. Apply online with Trident Funding today, leave all of the details to us, and look forward to getting out on the water. 

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Financing your yacht

As with many things associated with moving up in class, large yacht finance is a different dance with new steps to learn. Gone are the days when you negotiate a price with a salesman at a boat show and walk down the dock to a stand where you fill out a loan application and receive a floating key fob for your trouble.

Now large yacht finance is a complex transaction typically handled by a bank's private wealth management division or a broker who works with a bank that specialises in this trade. The difficulties that have swept the globe since 2008 have made it marginally more difficult to obtain large-yacht financefewer lenders are engaging in yacht finance and their requirements are tougher but for those with the will and the liquidity, there are ways.

As Lisa Verbit, senior vice president and national marine executive, US Trust, Bank of America Private Wealth Management, says 'Qualified people can still get credit.'

Securing financial packages

Moving up from a small boat to a superyacht involves many layers of added complexity, extra digits in the purchase price and a new financing paradigm. You likely won't be dealing with a traditional lending institution for a 20 year, fixed-rate loan with 20 per cent down based on your credit score.

At values above $5 million or so, you'll likely be dealing with a superyacht specialist to customise a package that accomplishes your goal of acquiring the boat while protecting your liquidity and theirs.

An anecdotal survey of superyacht industry professionals suggests that half to three-quarters of new build and brokerage clients finance some of the purchase price of their yachts, even if they can afford to pay entirely in cash. The decision to finance likely has more to do with a broader financial strategy than the ability to pay.

The decision to finance likely has more to do with a broader financial strategy than the ability to pay

'One of the primary reasons our clients finance is to take advantage of an arbitrage opportunity to be able to earn more by keeping liquid assets deployed into the stock market or some other businesses investment than the cost of borrowing against the yacht,' Verbit says. 'The arbitrage play is more difficult today so we've seen many of our clients pay cash or borrow against their securities portfolios.

'Borrowing against a securities portfolio is less expensive than borrowing against a yacht, but there may also be an opportunity cost to tying up availability under a line collateralised by securities. We expect that some of those clients will seek to monetise their yachts as investment opportunities arise. In fact, we're already seeing a bit of that.'

The yacht finance process generally starts with a conversation about the client's goals, says Verbit. Each client is different, with some seeking truly customised financing, but most fall into one of the bank's standard products.

A typical superyacht financing scenario might involve a loan for 75 per cent of the purchase price of the yacht with payments amortized over 15 years, with a balloon payment due within a period of up to seven years.

A typical superyacht financing scenario might involve a loan for 75 per cent of the purchase price of the yacht

Factors the bank will look at to establish the terms include the size of the loan, the risk profile of the client determined through financial underwriting analysis, and the client's relationship with the bank.

US Trust, Bank of America requires clients provide:

• A personal financial statement dated no earlier than three months prior;
• The last three years of personal federal tax returns, including Schedule K-1 forms;
• Verification of liquidity in the form of bank and/or brokerage statements, including details of account holdings; and
• Three years of financial statements for businesses representing 20 per cent or more of the client’s net worth.

Three years of financial statements for businesses representing 20 per cent or more of the client's net worth.

If the yacht will be owned by a separate entity such as an offshore corporation , the bank also will require copies of the formation documents of the ownership entity.

A year or so before the balloon period matures, the owner and the bank will reassess the owner's goals and intentions. At that time, the owner may decide to renew the financing package.

If all is well with the owner's financials, the bank may choose to renew the package, but likely with a shorter amortization.

Setting the cost

Rates in Verbit's division at are based on LIBOR (London Interbank Offered Rate the average interest rate that leading banks in London charge when lending to other banks). She says yacht finance rates range from about 2 per cent over LIBOR to about 3 per cent.

'The key driver on pricing is the overall financial profile of the client,' Verbit says. 'It's not driven by the nature of the purchase, whether the client is buying a new yacht, a brokerage yacht, or is entering into a new build contract. If a client has a current relationship with us, that will factor into pricing, although a current relationship is not required.'

Securities-based lending is an option most large banks offer. Darran Blake of The Blake Group and senior vice president investments, UBS Financial Services, Florida, says her group uses a strategy called 'collateralised portfolio lending'.

Basically, the bank will monetise against a portfolio with lendable assets in it, such as a stock portfolio, to buy a yacht, a jet or real estate.

'Whatever we can hold in a UBS account, we can lend against,' says Blake. 'Every asset has a specific lending value, but not everything is lendable.'

The UBS program is aimed at those who may have accumulated a healthy stock portfolio or other liquid assets over the course of their careers. The client presents it to the bank, which assesses its value and potential.

If it meets their tests, the owner is presented with what amounts to a credit line with a chequebook he can use to pay for anything he wants (except to buy stocks) be it a new build, a brokerage yacht, or operating expenses.

Among the advantages, says Blake, are that the client doesn't have to sell the stock to pay for the boat and take the tax hit. The loan rate can be locked in at the outset for up to five years, be variable or fixed.

The minimum amount the program will accommodate is $55,000. The maximum is $50 million, although Blake says that limit is not set in stone. The maximum is authorised on the higher side on a case-by-case basis by UBS.

Cash buyers

Those who do choose to finance, might finance up to 80 per cent of the cost of the boat, but that number can vary widely. In a reflection of the diversity of superyacht owners and their individual financial strategies, some industry sources say that nearly all their new-build clients finance some part of their yachts, while others say nearly all pay cash.

Michael Joyce, chief executive of Hargrave Custom Yachts, says prior to the economic downturn in 2008, most of this firm's clients paid cash for construction of a new yacht, but would take notice if loan rates were low enough.

Now, he says, probably half look at the option of financing some, of all, of the actual construction. With brokerage boats, that number may be 35 per cent. He estimates 80 per cent of the buyers of Hargrave vessels, which range in length from 21m to 42m, pay all cash.

'The decision to finance has to do with the personality of the buyer,' says Joyce. 'Many have grown up with the philosophy that if you can't afford to write the check, you shouldn't buy it. [Our yachts] run from $5 million to $20 million, and we don't see any price point that impacts the decision to finance.'

Alternative credit sources

While dealing with institutions that specialise in large-yacht lending and know the vagaries of the business may be a wise course to pursue, a prospective owner can approach his own bank, which may hold his investment portfolio and other loans and with whom he has a strong relationship, or he may consider financing through an engine builder assuming he's talking to one in particular.

Cat Financial, a division of industrial giant Caterpillar, offers ground-up consumer financing for yachts, provided they are equipped with Caterpillar engines. According to Vern Patterson, senior international account manager, Cat Financial, the division offers yacht financing with no ceiling on size.

Verbit says her bank's appetite for yacht loans has not changed since before 2008, nor have approval rates. What they experienced was a lack of demand for yacht loans.

'I can say that we are still in the construction lending business,' she says. 'We're careful about it, as we always have been, but our appetite remains.

'As for brokerage, within the last year we've seen some one-off yacht loan fundings, and some very large deals at that, by banks that are not typically involved in the yacht business. The reason: We all need good loans, and the clients purchasing superyachts are people we all want to bank.'

Milestone Payments

Yacht construction loans are often structured around 'milestone payments'. A lending institution may enter an agreement with a client where the bank finances 70 per cent of the build cost.

The bank will release payments to the yard at clearly defined stages of the build, such as when the keel is laid, the engines are installed, the superstructure is completed or the fairing and painting are done.

At each stage, or milestone, the banks will require a surveyor or project manager to verify the work has been done properly before releasing the funds. The loan will be interest-only during construction.

Irrevocable Commercial Letter of Credit

International commerce revolves on letters of credit (LCs).

An LC means that a bank ensures that the yard or seller will not be paid the buyer's money until the bank receives confirmation that the yacht has been delivered in the agreed upon condition and within a specified time frame. It also serves to assure the yard or the seller that the necessary funds will be available when the transaction is complete.

If for some reason the buyer is unable to complete the transaction, the bank is required to cover the full or remaining amount of the purchase, which protects the yard or seller.

In today's global market with the commercial laws differing from country to country and/or a yard's lack of a known track record, an irrevocable LC is generally seen as a safe way to protect the interests of an owner and a lender during yacht construction or a brokerage transaction. A solvent yard can use the buyer's LC as a form of collateral to obtain its own construction financing from its regular lender.

LCs require that the conditions for any draws and final payment are well detailed by someone experienced in construction and contracts rather than a banker or attorney determining if the yard has met the requirements.

One yacht owner told us the LC absolutely protects the yacht owner, not just by minimizing risk, but by eliminating it completely.

'Only when the yacht owner is happy with the product can the bank release money for an LC payment,' he said. 'Your signature is the only way an issuing bank will pay for product.'

Meanwhile, the owner's funds on deposit have been earning interest in that bank.

The caveat is that an LC should be prepared by an lawyer specialising in financial instruments with properly defined trigger terms and key objectives stated within them.

The issuing bank makes payments only when terms are met, taking the owner out of the fray, and in the case of draw payments, frees the owner from having to visit the yard on demand.

Every LC should be tailored to a final execution date and a reasonable delay clause. Any specific quality standards, such as class compliance, should also be stated. Sometimes, stage payments and LCs have been combined to advance capital to the builder with a nominal payment of 15 to 20 per cent. This compromise increases the LC's liquidity for the builder.

Originally published: Superyacht Owners Guidebook 12

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Homes and cars represent some of the most expensive single-item purchases individuals make during their lifetimes, but spending doesn't always cease at the shoreline. Boats add to the cost of living for water sports enthusiasts, who eagerly take-on the cost of ownership. And though boat buying is born of passion for the open water, a prudent approach makes the most of recreational budgets and ensures affordability .

As you prepare to take the plunge, due diligence guarantees a smooth transition to boat ownership. From choosing the best boat for your needs to securing reasonable financing, weigh your options carefully before making commitments.

How to Choose the Right Boat

First-time buyers can be intimidated by the selection process , especially without clearly defined expectations. In order to make an appropriate choice, it pays to answer a few questions before locking-in a particular craft. What is your primary use for the boat? Will the boat be docked in the water during the season, or trailered to destinations for each outing? How many people typically embark on your boating ventures? And, more fundamentally, is the boat to be used primarily on inland lakes, rivers, or oceans?

There are dozens of available boat styles, each aimed at particular functions. By dialing-in your requirements, it becomes easier to wade through various options, a few of which include the following boat classes.

Wind-powered vessels conjure romanticized visions, pairing Mother Nature's forces with deft maritime manipulation. But while the sentimental pastime is indeed boating's purest form, it requires a high level of skill to carry-off without incident. Unless you are an experienced sailor, or plan to secure the needed knowledge, a sailboat is probably not your best investment. Small, learning sail crafts , on the other hand, may help instill the basics, without putting you at risk.

Fishing Boats

Spending time on open water is a worthy pastime, in its own right, but many boaters have other interests in mind. Fishing vessels are set-up specifically for the task at hand, designed to accommodate casting and outfitted with features facilitating fish harvest. Live wells, depth finders, outriggers and other accoutrements cater to anglers, making dedicated fishing boats the most sought-after selections for fishermen and women. Size and cost depends upon the bodies of water being fished. Small, aluminum v-hull crafts, for instance, can be had for a couple thousand dollars, including appropriately sized motors. Massive, ocean-faring vessels, on the other hand, rival homes, in terms of their cost, especially when equipped with high-tech navigation and safety devices.

Pontoon Boats

Like small-scale party barges, pontoon boats are crafted for ease-of-use, comfort and elbow room. Their flat-floored decks are ideal for staying stable on the water, accommodating passengers without maritime experience. The namesake vessels rely on buoyant, air-filled canisters (pontoons) to stay afloat, enabling wider than usual construction suitable for several passengers. The configuration also allows for canopy coverage, to keep passengers dry during showers. Inland lake owners find pontoons to be versatile boating solutions, facilitating swimmers, anglers, and recreational cruisers alike. Modern versions are equipped with luxurious amenities, pushing prices higher with each deluxe add-on.

Aptly named, speedboats are designed to move through the water as quickly as possible. In addition to high-output motors, low-profile design creates less drag than taller crafts, enabling them to quickly reach high speeds. Some of these high performance models are equipped with multiple motors, to enhance horsepower and acceleration. Configurations vary, but many include partially enclosed cockpits for passengers and over-the-water pilots. Motor selection and appointments like luxury upholstery influence cost, but the price of high performance boats quickly climbs into the tens-of-thousands of dollars.

Like speed-oriented vessels, ski boats have substantial get up and go. However, since the boats each serve a particular recreational function , they are also equipped with tow bars and other add-ons aimed at water skiers, tubers, and wake board enthusiasts. The boats typically run powerful inboard motors, contained within their hulls, and accommodate several passengers. In addition to platforms located near the stern, specialized versions are configured in ways suited for particular water sports. Skiers, for example, prefer smaller wakes than boarders, so boats can be set-up for the narrowly defined needs of each discipline.

Luxury Yachts

The cream of the crop for opulence and seafaring capabilities, luxury yachts are priced across-the-board. Depending upon size and materials, the most distinctive examples runs hundreds-of-thousands – even millions – of dollars. The vessels are capable of extended journeys, housing all the comforts of home, without sacrificing over-the-water performance. High-end navigation equipment, sun decks, onboard swimming pools, and restaurant style kitchens are common fixtures on these floating showpieces.

These are only a few of the dedicated boat varieties available.

When to Buy?

Like other consumer goods, boats come to market on a well-defined cycle. As a result, prices ebb and flow along with buyer demand. Holding to established economic supply principles, the best time to buy a boat is during periods of diminished demand. End of season clearance sales, for example, help dealers clear space for next-year's models, so promotions run during off-peak times often lead to deep discounts.

Late fall and winter months are particularly good times for most buyers to lock-in favorable pricing, but there is also a regional component at-play, influencing the cost of watercraft. On the West Coast of the United States, for example, boating is a year-round pastime, so the cost curve is not as clearly defined as it is in seasonal regions. On the other hand, spring and early-summer buyers will pay a premium in the Midwest or Northeast, where winter weather prohibits recreational boating during much of the year.

Boat shows are excellent resources for would-be buyers. The events facilitate side-by-side comparisons and furnish opportunities to gather information about various models. They are also selling occasions for dealers and manufacturers, so the shows can be good places for well-prepared buyers to land the best deals. Caution must be maintained, however, lest an impulse decision result in an ill-advised purchase.

Ancillary Expenses Push Boating Costs Higher

Much like an automobile purchase, the sticker price of a boat is just the beginning, in terms of total cost. As you set the stage for a purchase, it is important to consider the following aspects of boat ownership – each with its own price tag.

• Docking Fees – Depending upon where your boat will be stored or moored, annual fees may apply. Before buying a boat, research the cost of docks and storage facilities in your area. The cost is less significant for those seeking boats to store at home and trailer to and from the water, but even boat launch fees add-up during a busy boating season.
• Trailer – Moving a boat relies on a functional trailer – ideally paired for a precise fit. In some cases, trailers are negotiated within the overall price of a boat, but other buyers secure them ala carte. Skimping on trailer quality and upkeep places your leisure enjoyment on the line, opening the door to breakdowns and damage to your craft. As a result, a sturdy trailer is an essential budget entry for anyone preparing to buy a watercraft.
• License and Safety – Like cars, boats incur registration fees. Rates vary by location and most call for annual or bi-annual renewal. In addition to the cost of licensing, boat owners face safety mandates dictating the type and number of floatation devices required for safe operation. Lighting is also regulated, ensuring safe nighttime water travel. While some of these features are included within the purchase price of a boat, add-ons will often lead to additional expense for owners.
• Insurance – Year-round insurance coverage is advisable, even if your boat is to be stored during the off-season. For the best rates, inquire with your automobile carrier, to maximize discounts. In addition to property coverage, boat insurance provides protection similar to auto policies covering bodily harm to passengers. On average, expect to pay around 1.5% – 2% of the value of your boat.
• Crew – Depending upon the size of your boat, captain and crew may be required to operate it. If your boating dreams are yacht-sized, evaluate the cost of full-time mates, cooks and other needed personnel before committing to a purchase. First-rate staff may be more expensive than anticipated, influencing a down-sizing approach that enables you to pilot your own craft.
• Service and Maintenance – Like other machines, boat motors require regular service to function at peak performance levels. Annual tune-ups keep motors lubricated, preventing premature wear on internal components. For those unable to perform routine tasks, service centers offer annual packages, which can be custom oriented to include storage, cleaning, motor maintenance and other needed protocols.

Financing Options for Boat Buyers

Like other major discretionary buys, funding a boat purchase often requires financial resources beyond cash on hand. Banks, credit unions and other traditional lenders furnish payment options for boat buyers, who rely on various forms of financing to get the job done. People with cash savings may choose to put the boat on a credit card to secure points. Buyers with a strong credit score might consider a personal loan. Homeowners with significant equity might consider a home equity loan. Boat buyers also turn to dedicated financing from maritime lenders, specializing in marine craft credit.

Buyers with good credit references tap collateral loans to pay for boats, in much the same way cars are funded. Once approved, funds are issued and the boat itself serves as collateral for the loan. Failure to make timely payments can result in repossession, allowing lenders to seize and sell boats to recoup their losses.

Another form of funding with versatile applications uses the equity in your home to guarantee repayment. Home equity loans and lines of credit can be used for various purchases, including recreational watercraft. In order to initiate equity credit, most lenders require a current appraisal. In addition, home equity lines carry closing costs similar to conventional mortgages. Because the loans are backed by real property, however, interest rates are lower than those associated with other forms of funding.

Personal loans can also be applied to boat purchases, furnishing fast access to needed cash. Interest rates on unsecured personal loans are higher than equity and collateral financing, but well-qualified applicants quickly fund boat buys using this straightforward alternative. Marine lending presents another option for buyers with solid credit. Geared exclusively toward boat shoppers, marine loan specialists understand the language and financing requirements unique to watercraft recreation. Dealers and private maritime lenders furnish dedicated boat loans, which typically do not offer low interest rates. Without pre-payment penalties, however, accelerated payback helps mitigate the high cost of marine loans.

Trouble-free ownership starts with selecting the right boat for your recreational needs. Once chosen, timing and research help yield the best pricing and finance terms for your dream watercraft. And though boat shopping is driven by enthusiasm for water sports and leisure marine activities, accounting for related expenses ensures a workable budget and rewarding maritime experience.

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Boat Loan Payment Calculator

Are you ready to buy a boat use our boat loan calculator to estimate your payments and see how affordable owning a boat can be., monthly budget.

Enter your budget information below and we'll calculate your monthly payment.

** Estimated monthly payment may be inaccurate without title, taxes, and fees. Please try again later for the most accurate estimations.

Enter your monthly budget information below and we'll calculate your estimated total boat price.

How to Use Our Boat Loan Calculator

Using our Boat Loan calculator is simple! Enter the cost of a boat to determine your estimated monthly payment. Or, start with your monthly boat budget to determine what boat loan amount you can afford.

Once you've determined your monthly payment, read our step-by-step guide on How to Get a Boat Loan . This guide provides more information about boat financing and will prepare you to complete a loan application.

How to Get Boat Financing

Explore Boat Financing Options

Use Our Boat Loan Calculator:

Our user-friendly boat loan calculator makes it easy to estimate your monthly payments. Once you determine the type of boat you're interested in, our calculator considers various factors like loan amount, interest rate, and loan term to provide you with a clear picture of what to expect financially.

Pursue Boat Financing Tailored to Your Needs

Discover how boat loan amounts and terms typically work. We'll walk you through the intricacies of financing, considering the type of boat you desire and crafting a plan that fits your budget and lifestyle seamlessly.

Owning a Boat Is an Affordable Investment:

Contrary to common misconceptions, owning a boat can be remarkably affordable with the right financing strategy. Using our boat loan calculator and the various boat financing resources we provide you can determine the right boat loan for you.

Why Choose Boat Financing?

Flexible Financing Options:

Financing gives you access to a wide range of flexible options tailored to your needs and your budget. You can choose from different boat loan options based on your preferences. If you want to pay higher amounts in a shorter period, there are options for that. Alternatively, if you prefer more flexibility with your finances, there are options for longer loan terms available.

Preserve Your Savings:

Instead of using your savings or selling assets, financing allows you to keep your financial safety net. You can still get the boat of your dreams without depleting your savings. Financing provides a way to make a large purchase without sacrificing your financial security. It allows you to keep your savings intact for other investments or unexpected expenses.

Build Credit:

Responsibly managing a boat loan is an excellent way to bolster your credit history. By making timely payments on your boat loan, you not only fulfill your dream of boat ownership but also strengthen your financial standing for future endeavors.

Boat Buyer's Guide: How to Buy a Boat

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Boat Loans Frequently Asked Questions

By Rob Bowman | Posted On Apr 27, 2021 Updated On May 18, 2022

The joys of owning a boat are endless. No matter where your passion for being on the water leads you, the process of financing a boat is much less daunting when working with a professional who has experience helping owners of all different types, sizes, locations, and prices of vessels. Sales of new power boats increased 12% in 2020 over 2019 according to the NMMA , partly due to the low interest rates being offered by banks. United Yacht Sales is seeing a similar trend as the first quarter of 2021 off to an incredible start with a 104% increase over last year. The cost to purchase a yacht can easily be made more palatable by working with a finance specialist.

To answer some of the most frequently asked questions about boat loans, Shana White of OceanPoint Marine Lending gave us her perspective and advice for those seeking to get approved. OceanPoint is a division of Bank Newport and offers the industry's lowest rates, flexible programs for older boats, liveaboard boats , and other "no doc" loans. Also, don't forget to read about 7 Tips For Getting A Boat Loan .

1. Can you finance a yacht?     

Yes yacht financing is common, subject to credit approval, there are many available and attractive finance programs for the purchase of a yacht. I am always happy to speak to any boater about their particular needs and will work to tailor a finance program to meet all or most of their preferences. By utilizing the yacht as collateral, a marine loan program removes any requirement for compensating bank balances, hypothecation of securities, or pledging of other assets that may be required in other personal loans. The application process is simple and credit dispositions are usually rendered within a 24 – 48 hour period. I am happy to explain in detail what levels of income and asset verification, if any, are required to secure that credit disposition. Once a loan application is approved, as your finance specialist, I will navigate you through the settlement and transfer of the title process with the goal of getting you and your family on the water as soon as possible!

2. Do big insurance companies like Geico finance yachts? What are the pros/cons ?

Large insurance companies, like Geico, do not directly finance yachts, but rather refer their customers to marine finance experts such as OceanPoint Marine Lending. You would do better by contacting your finance specialist directly to remove that unnecessary level of communication that would come from making credit “application” through an insurance company. You will also receive a much greater customer service experience going directly through your finance specialist 

3. How long can you finance a yacht?

Depending on a number of factors that include but may not be limited to; loan size, age of boat, amount of down payment and overall financial profile of the applicant(s), loan terms are available for up to 20 years and in some rare instances 25 years.

4. What are the current rates for boat loans? Are they favorable?nbsp;

In general, interest rates in the marine market are very attractive in comparison to various other consumer lending products. The interest rate in a transaction is dependent on factors including, but not limited to; loan size, age of boat, credit score, amount of down payment and overall financial profile of the applicant(s). Industry rates currently are available, subject to credit approval and the previously referenced factors, in the low 4% range with possible additional discounts. Again, speak to your marine lending finance specialist to determine the interest rate programs available finance programs for your anticipated purchase.

5. How hard is it to get financed for a boat or yacht? What credit score do you need?

Most industry finance programs are available for applicants with credit scores of 700 and above. However speak to your OceanPoint Marine Lending finance specialist about industry finance programs for sub 700 credit scores. Securing a boat loan is likely easier than you might imagine; marine loans have historically performed better than many consumer loan portfolios and are attractive to lenders. We look forward to assisting you with your planned acquisition

6. What kind of down payment is needed for financing a yacht?

The standard industry down payment is identified at 15%- 20% of the boat purchase price including tax, title and registration, again dependent on factors including, but not limited to; loan size, age of boat, credit score and overall financial profile of the applicant(s). However, speak to your OceanPoint Marine Lending finance specialist about your individual needs and the available industry programs that may require a smaller down payment.

7. How long does it normally take to get approved?

Getting approved for a boat loan normally takes between 24 – 48 hours. This is the standard “turnaround” time to secure a credit disposition.

8. What happens if I want to put my boat into a charter program?

Utilizing the boat in charter or for some similar commercial venture changes some aspects of the transaction and requires certain specialized loan documentation. Many industry lenders only provide financing for yachts to be utilized for pleasure purposes. Available “charter” finance programs may require a larger down payment and slight bump in the interest rate. It is important to disclose your charter or commercial intentions up front as failure to do so might lead to the execution of loan documents where utilization of the boat in charter or for commercial purposes would be identified as means for default on the loan. Speak to your preferred lending specialist to secure dependable information on available programs.

As the largest yacht brokerage firm in the industry with over 200 brokers worldwide, providing exceptional support for our clients is of the utmost importance. Shana White and OceanPoint Marine Lending are our preferred financing company because of their reputation, their professionalism, and customer service. If you have questions about financing a boat or want an easy, fast quote, contact Shana directly by going to our finance page .

If you're new to boating or looking to purchase a newer boat, give us a call today at 1-772-463-3131 and we will connect you with the right professional yacht broker near you that specializes in your type of boating. Our team will explore all of the costs of owning a yacht with you so you are completely educated on everything from routine yearly maintenance to storing your boat. From helping you through a new build process, to finding the perfect boat for sale on the brokerage market, the United Yacht Sales team is with you every step of the way.

Other helpful boating-related articles by United Yacht Sales :

• Hiring The Right Yacht Captain
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Boat payment calculator, calculate monthly boat payments.

Use our financing payment calculator to estimate your monthly payment for a new or used boat you buy at a dealership. 1 , 2

Enter a few details in the fields below, and we’ll show you examples of different loan terms, monthly payments and annual percentage rates (APR). Boat financing has a 12-month minimum term and $10,000 minimum amount. It’s available on boats up to 7 model years old.

Before you apply...

Your U.S. Bank pre-approved rate is good for 60 days,  only at our participating dealers . Find one now using our dealer locator – or start your application right away and search for participating dealers later.

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Disclosures.

This calculator is being provided for reference purposes only. The results are estimates and may not reflect final U.S. Bank financing terms. The information does not constitute an application for credit and cannot be used by U.S. Bank to determine a customer’s eligibility for a specific product or service.

Monthly payment and annual percentage rate (APR) will vary based on the term, amount financed, model year, loan-to-value (LTV) percentage, credit history and applicable fees.

Offers are subject to credit approval. Rates are subject to change. Additional restrictions may apply. Member FDIC.

How to finance a boat: 5 steps & where to find the best loans

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Key takeaways

• A boat loan gives you the ability to finance the cost of a boat over several years instead of paying for it all at once.
• A secured boat loan may come with lower rates and longer repayment terms.
• An unsecured personal loan may make financing an older used boat easier.
• Online lenders, credit unions, traditional banks and specialty marine financing lenders may offer a variety of different boat loan options.

If your sights are set on buying a boat so you can set sail whenever you want, you may need to get a boat loan to make that dream a reality. Boat loans are a type of installment loan that is used specifically for the purchase of a vessel. These loans can be secured or unsecured and typically have repayment terms of two to 15 years.

Boat financing is available from different types of lenders. But the best boat loan for you will depend on a number of factors, including your credit score and the type and size of the boat you’re considering.

How to finance a boat in 5 steps

Applying for a boat loan can be similar to applying for an auto loan . If you take out a secured loan, the lender will need information about both you and the boat you’re considering purchasing. An unsecured loan, however, doesn’t require you to provide any details about the boat. Regardless of your loan type, follow these steps for a smooth application process.

1. Check your credit score

You’ll have to consider many factors before getting a boat, and your credit score is the main one. Lenders check your credit score to determine your creditworthiness. Secured boat loans may require higher credit scores than auto loans.

The higher your score, the more you can borrow at lower rates and longer terms. You may also have a lower down payment requirement than if you have a lower credit score. If your score isn’t in the good-to-excellent range, you may want to focus on unsecured personal loans to finance your boat.

2. Calculate how much you need to borrow

If you’re looking at a boat in a particular price range, use a boat loan calculator to get an idea of how much your payment will be. Compare the payment for a short term versus a longer-term loan.

A short term will pay your boat off faster with less total interest, while a longer term will save you money monthly, but cost you more over time. Include costs such as taxes, registration, insurance and ongoing maintenance in the total loan amount unless you plan to pay those costs in cash.

Secured and unsecured lenders look at your debt-to-income (DTI) ratio to determine how much of your monthly income is already committed to debt. They also want to confirm you have a steady income to repay the loan. You may need to scale back your boat price if your credit profile doesn’t meet the lender’s requirements for the amount you want.

3. Gather the required documentation

To keep the loan process moving smoothly, you should have a recent pay stub, W-2, tax return, brokerage account statements, proof of residence and driver’s license ready. If you’re taking out a secured loan, you may also need information about your boat.

Online lenders usually allow you to upload your documents, and certain banks and credit unions may also allow digital copies. To prevent delays, make sure you take legible pictures or scans of them.

4. Prequalify and compare lenders

Try to work with lenders that offer the option to prequalify for a boat loan. You’ll get a good idea of what they can offer without dinging your credit score with a hard inquiry. Compare the rate quotes from at least three lenders before you commit to one.

5. Submit a full application

After choosing the lender you want to do business with, you’ll generally finish the application process online. You should get a final answer within a few hours or a few days, depending on the type of lender you’re working with and whether you prequalify.

If you’re taking out a secured loan, you may have to wait for a marine survey report. This report assesses the boat’s value, similar to how a home appraisal estimates the value of a home.

The lender will run a hard credit check and may ask you for additional documentation before finalizing your loan paperwork. Funds are usually directly deposited into your bank account.

Where to get a boat loan

The best boat loan for you may be available at your local bank, credit union or with an online lender. Regardless of where you get your boat loan, compare at least three lenders to see which rates and terms work the best for your boat purchase. Ask about secured and unsecured options — the rates and terms may differ significantly depending on your choice.

Traditional banks

If you prefer in-person service and want to have all your accounts in one place, check on boat loan options with your local bank. Traditional banks may offer loyalty discounts on interest rates and fees related to boat financing if you’ve banked with them for several years.

However, you’ll typically need to meet higher credit standards and the loan process may take longer than other types of lenders. If you’re in a hurry to set sail or want to move quickly on a purchase, a bank may not be the right choice for you — especially given some banks may not even offer boat loans.

Credit unions

Credit unions can be a good source for boat loans — if you’re a member. You may be eligible for membership perks that are similar to those offered by banks, like lower interest rates and fees. Credit union loan approval requirements may be more relaxed than traditional banks, although you’ll generally need a fair or good credit score to qualify.

Online lenders

Online lenders primarily specialize in unsecured personal loans that can be funded quickly. They often have quick approval processes that require little documentation compared to other options.

You may also find more options for bad credit, although you’ll pay much higher rates than other boat loan types. That said, if you have excellent credit you may find some of the best personal loan rates . They are a good option if you are confident you can afford the payments and you’re buying a used boat or can’t qualify for traditional or credit union boat loans.

Alternatives to taking out a boat loan

Boat loans can help spread out the costs of purchasing a vessel, making the initial investment more affordable, but there are also some cons. For instance, many lenders charge origination fees on top of interest rate, resulting in a higher overall cost.

If you have less-than-stellar credit, you may also end up with a high interest rate and monthly payment, which could increase your chances of defaulting on the loan . That said, there are other ways to purchase or use a boat if you don’t want to take out a boat loan.

Pay in cash

Paying cash for a boat is the cheapest purchase option because you don’t pay interest charges or loan fees. However, ensure you have enough remaining cash to maintain an emergency fund and accomplish other financial goals before considering this option.

Rent a boat

If you’re only occasionally on the water, renting a boat may be more cost effective. Aside from savings on loan costs, you won’t need to pay to store, maintain or insure it.

Marine financing

Boat dealers may offer financing options from a preferred lender onsite. This may be a convenient way to buy and finance your boat in one place, but you should still compare the financing terms with other lenders to ensure you’re getting the best deal.

The bottom line

A boat loan can be a great way to afford boat ownership , as long as the financing terms make sense for your budget. Decide how much you want to commit to while financing a boat and stick with a boat price that keeps your monthly payment affordable. Don’t forget to budget for the ongoing costs of owning a boat like fuel, maintenance, docking, storage and insurance.

Related Articles

Weigh all your options: How to choose the best boat loan lender

How much does a boat cost to purchase and own?

Boat loans for older boats vs. new boats

Is it hard to get a boat loan? It depends on these factors

Boat Loan Payment Calculator

Our Boat Loan Payment Calculator is a valuable tool designed to assist you in estimating your monthly payments for your boat loan . The process is straightforward: just input the loan amount, interest rate, and Term in the designated fields below . This calculator will provide a breakdown of both principal and interest payments, granting insight into your fixed-rate boat loan obligations .

Understanding Boat Loans. What is a Boat Loan?

A boat loan operates similarly to an auto loan but is tailored specifically for acquiring boats of various types and sizes . Whether your sights are set on a compact recreational boat or an opulent yacht, a boat loan offers the financial means to transform your maritime aspirations into reality , aligning seamlessly with your financial capacity and preferences .

A multitude of lenders offer boat loans, each with their own specialization in marine financing or personal loans tailored for boat acquisitions and related expenses. Exploring online boat loan options from personal loan lenders can expand your choices, potentially leading you to the most economically viable solution for your unique requirements.

Navigating the Application Process

Typically, the boat loan application process involves a comprehensive form that delves into your financial history and credit standing. To evaluate your eligibility, lenders may request tax returns, asset verification, and a comprehensive overview of your personal finances. Having this information at hand facilitates a smoother application process .

Approval for a boat loan is generally swift, with your credit score and income being pivotal factors in determining the outcome. It's worth noting that while many banks require a down payment ranging from 10 to 20 percent for boat purchases , certain lenders offer the option to finance the entire cost, enabling you to acquire your desired vessel without an upfront payment.

Our Boat Loan Payment Calculator and expert guidance ensure that your journey towards boat ownership is marked by clarity, convenience, and informed decisions. Reach out to us to explore your options and embark on a maritime adventure with confidence.

Calculate Your Boat Loan Payments

Navigating Boat Costs

The cost of purchasing a boat varies widely , influenced by factors such as the boat's type, condition (new or used), and specific features. On average, new boats typically fall within the range of $40,000 to $75,000 , though individual preferences may lead to higher or lower costs. Opting for an older model could present opportunities to secure a vessel for as little as $9,500, contingent on the make and model.

However, the boat's acquisition cost is just the starting point. To comprehend the comprehensive financial commitment, ongoing expenses like regular maintenance, insurance, and potential storage fees at marinas must be considered. When contemplating boat loan financing , factoring in the interest rate and associated fees becomes imperative.

Exploring Loan Terms

Boat loans , categorized as unsecured personal installment loans, typically align with the terms prevalent in the personal loan sector. Loan term length influences both your monthly principal payments and the duration of the loan. While lenders offer diverse options , ranging from one to seven years, actual eligibility hinges on the loan amount . Smaller loans might not qualify for extended repayment periods, leading to larger monthly payments.

Analyzing Interest Rates

The spectrum of best personal loan interest rates spans 3 percent to 36 percent , with the present average at 10.96 percent. Throughout 2022, the average personal loan rate experienced gradual increments due to rising federal rates, and this trend is expected to persist in 2023. However, the specific rate you secure is contingent on factors such as the lender, your credit score, financial history, and loan size.

Deciphering Secured vs. Unsecured Loans

Secured boat loans , akin to secured personal loans, employ the boat as collateral. This arrangement grants lenders the authority to repossess the boat in case of default. Despite the inherent risk, individuals with less-than-perfect credit might find secured loans more accessible , often accompanied by favorable interest rates and extended repayment terms.

On the other hand, unsecured boat loans lack the requirement of using the boat as collateral, eliminating the risk of repossession. However, these loans tend to be more selective in approval, often leading to higher interest rates. It's important to note that even in unsecured loans, defaulting can result in legal consequences, as lenders may resort to legal action if repayment terms are violated.

At Bankrate, our boat loan calculator and comprehensive information empower you to make informed decisions . Whether it's navigating costs, analyzing loan terms, or evaluating secured vs. unsecured options, our professional insights provide the clarity you need . Reach out to us to embark on your journey towards boat ownership with confidence and wisdom .

Advantages of Financing a Boat or Yacht.

Buying a boat or yacht on credit in the United States can offer many advantages, here are some of them:

• Accessibility: Financing a boat or yacht can make your dream of owning a boat a reality without having to pay a large amount of cash up front.
• Flexibility: Financing options often offer a variety of repayment terms and interest rates, allowing buyers to find a plan that fits their individual financial needs.
• Preservation of capital: By financing a boat or yacht, you can preserve your savings and use them for other purposes, instead of spending all of them on the purchase of a boat.
• Improvements and upgrades: By financing a boat or yacht, you can include additional costs such as improvements and upgrades in the financing, allowing you to customize your boat to suit your needs and preferences.
• Long-term planning: By financing a boat or yacht, you can plan your expenses for the long term and have a clear idea of how much it will cost to maintain and enjoy your boat over the years.

Financing your marine purchase can be an attractive option for those who wish to enjoy boat ownership without having to spend a large amount of money all at once. However, it is important to carefully consider the available financing options and make sure you understand the terms and conditions before making a decision.

For more information and or if you qualify for a boat loan

Drew Albright

Craig is the man. He was extremely prompt and to the point with all the paperwork. Overall an exceptional experience working with Craig and Vantage.

John Pierce

I have done many loans in my life and this one tops the easiest & professionally handled loan yet. Angela Alford was the best and handled her business quickly so I could close on this boat loan quickly. Vantage is the best in the Business !! Thanks So much and I will be sending many customers your way Angela ! Thank You

Shannon was great to work with! Always available throughout the entire process

Michael Keyser

I bought a boat from a private seller. Shannon was very responsive to me and the seller. The seller had a issue with title and she was very patient until we got it straightened out. Seller was paid very quickly and I was able to pick up boat. I will recommend Vantage for financing to anyone looking to buy a boat. Tight lines! Thanks Shannon !

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Shannon Raskob was a pleasure to work with, she provided excellent communication, always answered questions, & made this process quick & easy! Would highly recommend!

Ron Mitchell

Hands down one of the best companies I have dealt with for financing. If you are buying a boat from an individual do not look anywhere else!!! Tony Bruno and his staff are detail oriented and protect you and your information. I highly recommend Vantage!!!

Anthony Biddy

Craig Miller went above and beyond. the process was going slow due to the holidays but that did not stop him. Craig was on it everyday until the process was complete. Thanks for the hard work Craig.

Skyler Clark

Vantage Recreational Finance was a pleasure to work with. I was lucky enough to work with Shannon Raskob and she was fantastic! Great communication from texts to calls and emails. She was always quick to respond and very personable. Thank you Shannon and thank you Vantage Recreational Finance for making my dream of owning this boat a reality!

Craig is honest and hardworking. He will shoot you straight. If it is possible to make things happen he will. I would recommend getting boat financing through Craig to anyone. We bought a new boat at a dealership and even though the dealer had their own finance relationship Craig still beat it!

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Locals pay respects to victims of yacht wreck in Italy

STORY: :: Residents leave flowers and pay tribute to the seven yacht

accident victims, including British tech tycoon Mike Lynch

:: August 25, 2024

:: Porticello, Italy

:: Fifteen people survived after the yacht

capsized during a storm off the coast of Sicily

Lynch's 18-year-old daughter, Hannah, was also among those who died when the family's 56-meter-long (184-foot) boat, the Bayesian, capsized during a fierce, pre-dawn storm on Monday off Porticello, near Palermo.

Fifteen people survived, including Lynch's wife, whose company owned the Bayesian, and the yacht's captain.

The sinking has puzzled naval marine experts who say a boat like the Bayesian, built by Italian high-end yacht manufacturer Perini, should have withstood the storm and in any case should not have sunk as quickly as it did.

Mike Lynch, 59, was one of the UK's best-known tech entrepreneurs and had invited friends to join him on the yacht to celebrate his acquittal in June in a U.S. fraud trial.

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Before entrepreneur and investor Mike Lynch died along with six others after the yacht they were on capsized in a storm last week, the party was celebrating Lynch's victory in the U.S. criminal courts. HP (now known as HPE) was still trying to recover $4 billion from him as a result of a civil case Lynch lost in the U.K. Now HPE faces the question: Does it forge ahead, even with Lynch deceased?

Mike Lynch, recently acquitted in HP-Autonomy fraud case, is missing after yacht capsized off Sicily (updated)

Mike Lynch, the investor and high-profile founder of U.K. tech firm Autonomy, has been declared missing at sea after the yacht he was on, the Bayesian, capsized in a storm off the coast of Sicily early Monday morning. Lynch's wife, Angela Bacares, is one of the 15 who have been rescued. The news is a dramatic, tragic development for one of the more colorful, and sometimes controversial, figures in technology out of the U.K.

Bodies of Autonomy founder Mike Lynch and his daughter recovered from sunken Bayesian yacht

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Friends Pay Tribute to Hannah Lynch as 6th Body Recovered from Sunken Sicily Yacht: 'Beautiful Soul'

Hannah, 18, was the last remaining person missing after a luxury super yacht sank off the coast of Sicily on Aug. 19

• Hannah Lynch, the daughter of British tech entrepreneur Mike Lynch and believed to be the last missing person found, was planning on attending the University of Oxford
• Su Wijeratna, the headmistress at Hannah's former school, called her a “remarkable young woman and a gifted student"
• "The Lynch family is devastated, in shock and is being comforted and supported by family and friends," a spokesperson said in a statement

As the sixth and last body, believed to be that of Hannah Lynch, was recovered on Friday, Aug. 23 after the sinking of the luxury super yacht off the coast of Sicily earlier this week, family and friends of the 18-year-old are remembering her as a “warm and beautiful soul.”

PEOPLE previously reported that the "last person still missing in the Palermo shipwreck is identified," according to Italian coast guard sources on Aug. 23. 

Four bodies were recovered on Wednesday, Aug. 21, while a fifth body was found in the wreckage. Among the dead was British tech entrepreneur Mike Lynch , an Italian government official confirmed on Thursday, Aug. 22.  

Until the discovery of the sixth body on Aug. 23, Hannah, Mike's daughter, was the last missing person after the Bayesian , a 183-foot vessel, sank on Monday, Aug. 19, when it was hit by a storm. 

Related: Missing Tech Tycoon Mike Lynch's Business Partner Dies After Being Hit by a Car Days Before Yacht Sinking: Police

Amid Italian authorities’ efforts to find the six missing victims this week following the sinking, tributes have poured in for Hannah, who was planning to begin her academic year at the University of Oxford, where she recently won a place, as reported by The Telegraph .   

Jon Mitropoulos-Monk, the head of English at London’s Latymer Upper School where Hannah previously attended, praised her. “I’ve never taught someone who combined sky-high intellectual ability with warmth and enthusiasm in the way Hannah did,” he said, via The Guardian . “She lit up the classroom with her energy, passion for learning and sheer intelligence (though never with a hint of arrogance).”

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer​​, from celebrity news to compelling human interest stories. 

Mitropoulos-Monk said that Hannah was “one of the best English students in the country,” adding that she scored 100% in her English literature GCSE (General Certificate of Secondary Education). 

“The love Hannah had for everything she held dear was passionate and pure,” said Katya Lewis, a friend, per The Independent . “She had a warm and beautiful soul. Being with Hannah made me feel whole and happy. She is the most special friend anyone could ask for and I will always love Hannah.”

In a statement shared with The Telegraph , Su Wijeratna, the headmistress at Latymer, called Hannah a “remarkable young woman and a gifted student.”

Related: All About Fraud Trial that Acquitted Mike Lynch, Who Went Missing Off Sicily's Coast During Celebratory Yacht Trip

“She had the brightest of futures ahead of her and was so excited to be starting Oxford this year, to study her beloved English,” said Wijeratna.

“She was driven by a profound love of words that connected her to the world and her loved ones,” Wijeratna added. “As a community we are shocked and heartbroken over Hannah’s death and we send our thoughts and prayers to her family and all who knew her.”

PEOPLE reached out to Latymer Upper School for comment on Aug. 23.

A spokesperson for the Lynch family released a statement, per the BBC , that read: "The Lynch family is devastated, in shock and is being comforted and supported by family and friends."

"Their thoughts are with everyone affected by the tragedy,” the statement continued. “They would like to sincerely thank the Italian coastguard, emergency services and all those who helped in the rescue."

Prior to the Bayesian ’s sinking on Aug. 19 near Porticello, Hannah and her father Mike, the founder of software company Autonomy, were among those aboard the yacht with 20 other people, including Lynch’s wife Angela Bacares. They were reportedly celebrating Mike’s acquittal in June of fraud and conspiracy charges in connection to Autonomy’s sale to Hewlett-Packard in 2011 for $11 billion. Had he been convicted, Mike could have served up to 25 years in prison. 

In an interview with The Sunday Times published last month, Mike said his acquittal in the U.S. fraud trial had given him a "second life." However, he added: "The question is, what do you want to do with it?”

“If this [the verdict] had gone the wrong way, it would have been the end of life as I have known it in any sense," Mike told the newspaper. He also said he had "various medical things that would have made it difficult to survive."

Related: Survivor of Yacht That Sank Off Sicily's Coast Recalls How She Used 'All My Strength' to Save Her 1-Year-Old

Journalist Danny Fortson, who spoke with Mike for the Times piece, told PEOPLE that he appeared "incredibly grateful and happy," but was still "struggling to accept" his new reality .

In addition to Mike and Hannah, the other four missing persons from the sinking at the time included  Christopher Morvillo , a New York City attorney; his wife, jewelry designer Neda Morvillo; Jonathan Bloomer, chairman of Morgan Stanley International; and his wife, Judy . Their bodies, as well as Mike's, were eventually recovered.

The body of another victim, identified as Recaldo Thomas , a chef, was earlier found shortly after the Bayesian capsized. Meanwhile, Bacares was one of 15 people rescued from the sinking yacht. 

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