| Boat FAQ's |
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What will my interest rate be?
Your rate will vary. It depends on many factors,
which include your loan amount, your down
payment, your credit profile and the age and
value of your boat. As soon as we process
your application, we will let you know your
interest rate and program options. |
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How long will it take to process
my application?
Complete our online
loan application and you may be
approved within minutes. |
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How much of a down payment do I
need?
The typical amount down is 20%. However, you
may qualify for special programs that have
no minimum down requirements. |
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What are the largest and smallest
boat loan amounts that you offer?
There is no maximum. If your needs are more
modest, we can finance loans in amounts as
small as $15,000. |
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How is interest on your loans calculated?
All our loans are simple interest loans. You
only pay interest on the principal owed. |
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Do you have an application fee?
No, Essex Credit Corporation does not charge
an application fee. |
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What is Coast Guard Documentation
and will my boat need it?
Coast Guard Documentation is a registration
process that typically applies to boats 25
feet or longer. These boats have to be registered
with the United States Coast Guard. To help
with this process, Essex Credit can file a
First Preferred Ships Mortgage, which records
the lender's lien with the Federal government. |
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What types of boats can I finance
with Essex?
Essex Credit Corporation finances the vast
majority of available boats. This includes
even hard-to-finance vessels like mega yachts,
high-performance boats, multi-hull boats and
wooden hull boats. |
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How do I apply?
JUST FILL OUT OUR SECURE ONLINE LOAN
APPLICATION or download our
.pdf application and then fax or
mail it to Essex Credit Corporation. Or call
us at 866-ESSEX-4-U (866-377-3948), and we
will take your application over the phone. |
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Will you finance older boats?
We can finance boats manufactured as far back
as 1919. |
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Do you require a minimum credit
score?
Yes. Your credit score must be 620 or higher.
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I am a foreign national. Can I get
financing through you?
Yes, as long as you reside and work in the
United States. |
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Do you offer repossessed boats for
sale?
No. |
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What are the shortest and longest
terms available?
The shortest term is 5 years. The longest
is 30 years. |
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Do you finance boat loans for people
residing in all 50 states?
Yes. We also finance loans for residents of
Puerto Rico. |
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Do you finance loans to corporations?
Yes, we do lend to corporations, but only
when the vessel is for personal use. We do
not finance vessels that will be used for
commercial purposes. |
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Do you finance loans for re-powering
a boat?
Yes. |
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Do you offer pre-approvals?
Yes, you may apply online
now and get an Instant Credit Decision. |
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Do you work with dealers/brokers?
Yes. We work with dealers/brokers across the
continental US, Alaska, Hawaii and Puerto
Rico. |
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Do you finance liveaboards?
Yes. |
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Do you offer equity out programs?
Yes, you may receive cash out up to $50,000. |
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Do you require income verification
on all loans?
No. For well-qualified applicants, income
verification may be waived on loan amounts
up to $250,000. |
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If I bought my boat for cash and
now would like to obtain a loan, can you help
me?
Yes. Our Cash Recapture Program allows you
to get a loan within 6 months of your original
purchase. |
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Can I defer my first payment?
Yes, you may defer your first payment up to
90 days. |
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Will you allow me to place my vessel
in a Limited Liability Corporation?
Yes. |
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Will you allow me to place my vessel
in a Trust?
Yes. |
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Can my payments be automatically
deducted from my bank account?
Yes. Just let your sales representative know
before the closing of your
loan. |
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