Boat Loans

The information needed to apply for a boat loan is generally the same as most other loans from Greater Nevada. You will need to fill out an application which will ask for your basic personal information, Social Security number, verification of employment or income. A credit report will be run to determine your ability to secure a loan for a boat. Additionally, we may also request specifics about the boat, such as make and model.

As with many loans, it depends. Your credit score will be a major factor in determining how much you can borrow and rate. Other factors include the type of boat, your income, down payment amount,, and if a co-borrower will be involved to name a few.

There are many great reasons to work with a credit union as opposed to a traditional bank. Credit unions are built by the people, for the people and, in the case of Greater Nevada, it’s our local members who own the institution. Every member has an equal say in our not-for-profit financial cooperative, unlike banks which are operated by corporations and shareholders for the purpose of earning profits. So, we like to humbly think that yes, it is better to get a loan through a credit union.

A variety of factors that go into approving any given loan, including the terms and conditions, the borrower’s credit score and the type of boat being purchased. We can tell you that the average new boat costs between $60,000 and $70,000, with pre-owned boats potentially costing less. To get a better sense of how much your monthly payment will be, visit our online Loan Calculator.