All aboard with low used and new boat loan rates.
For a sense of freedom and excitement, there’s nothing like the exhilaration that comes from getting out on the water. So we make sure our affordable boat and personal watercraft loans keep you in budget and riding in style.
Why it’s great
- Rates as low as 3.74% APR*
- Convenient payment options
- No early payoff penalties
- No appointment needed
What to know
- Credit Life/Disability Insurance is available for your loan
- Available GAP Insurance helps pay off your remaining loan balance if your boat is stolen or damaged and is deemed to be a total loss
- Complete an application and electronically sign the document using a secure and intuitive online process. Please be aware that this process may verify your identity by asking a series of random "out-of-wallet" questions, which may be created from public record and credit databases.
- Fixed-rate boat loans
- No prepayment penalty
Get Pre-Approved for a low-rate boat loan before you buy so you know how much you can afford.
Before you apply, be sure to gather the following:
- Employment information (including employer name and contact information)
- Proof of income (pay check stub or W2)
- If available, information about the watercraft, motors and trailer (make, model, year, and VIN or serial numbers) or collateral
Prior to loan closing, be sure to:
- Contact your insurance agent to add new lien information and retrieve a binder
- Insurance binder should list CRCU as lienholder and have our PO Box address
- Sign your loan documents in person – or electronically with our online application
For personal help with your loan application, drop by your neighborhood CRCU branch or give us a call at (800) 238-3228.
*APR = Annual Percentage Rate. Certain terms, conditions, and or discounts apply to rates listed. Payment example: If you borrow $20,000 at 4.74% APR for 5 years, your monthly payment for 59 months would be $375.73 and one final payment of $375.38. Your monthly payments include principal and interest and may be higher or lower depending on your loan amount, APR, LTV and term. Houseboats or boats requiring Coast Guard certification or ship's mortgage are not eligible for finance. Maximum eligible boat loan is $80,000. For new boats, MSRP will be used in establishing loan advance (LTV). For used boats, NADA average retail value to establish loan advance (LTV). Minimum loan amount of $50,000 to qualify for 180 month term (180 maximum term on new). Minimum loan amount of $15,000 to qualify for 72 month term. There is a maximum term of 144 months for used boats. Rates current as of April 6, 2020 and are subject to change based on market conditions and borrower eligibility. Other rates and terms available. May not be combined with other offers. All loans and rates are subject to approval and some restrictions may apply. Offer subject to change or cancellation without notice. CU Membership required. Contact us for details.
What age boat can I finance?
CRCU typically does not finance boats older than seven years.
Will I need to have the titles for the motor and trailer to get a loan?
Yes. A boat loan requires boat, motor, and trailer titles for collateral loans.
How will I know if my loan is approved?
A Personal Financial Officer will notify you of the status of your application and/or if additional information is required.