What Is A Boat Title Loan & How Much Can I Get?

Are you looking for a way to borrow cash but can't qualify for a personal loan and don't want to use your vehicle as collateral for a title loan? Many of our customers are surprised to learn they can tap into their boat's equity with a title loan!

Simply put, a boat title loan enables you to use the pink slip from your boat as collateral on a secured loan. This type of loan is no different than a title loan on a car or motorcycle and you can typically borrow $1,000 to $8,000 by tapping into the equity from your boat.

You used to be able to walk into your local pawn shop and let them hold the title to your boat as collateral. The problem was you weren't able to keep using your boat! With the increase in online lenders over the past few years, we've seen more and more companies offer money for your pink slip. You can still use your boat and most customers will repay their loan in less than 12 months.

How Can I Use My Boat As Collateral For A Loan

Let's say you physically possess the title to a boat and need quick money to pay for an emergency expense. Equity title loans and even registration loans allow you to exchange the title for a cash sum. This arrangement reflects the value of the boat plus some other variables. These can include issues like your employment history and take-home income.

If you default on a boat title loan, the pink slip will remain with the lender. Per the contract terms, you will likely lose your property unless you work out a payment arrangement. The repossession process functions much like if you took out a car title loan. Check your state's regulations to determine what happens if you fall behind or face repossession. Those who can repay their online loans on time (plus interest and any fees) are the best candidates.

The best rates and terms for boat title loans online

Many equity lending companies offer boat equity financing besides their core product, which is a car title loan. Most of these companies also provide payday and cash advance loans for consumers who lack collateral. As with any secured loan, It’s good to shop around and find a company that allows you to apply for a 24 hour title loan online.

Boat title loans are a secured type of loan that lets you tap into the equity from a typical ABA-approved boat. The title functions as collateral, which secures the loan so that it’s less of a risk for the lender. Car Title Loans 123 offers access to excellent interest rates and fair terms for a title loan on a boat!

Sometimes, you may only be able to borrow fifty percent of the boat’s value. Lenders have different terms, so know exactly how much you can borrow against your vessel. When you apply, you’ll need to have documents showing the boat is titled in registered. Most companies will also want to see that the boat is adequately insured, and they'll likely require an inspection to check mechanical issues and look for rust, cracks in the hull, and corrosion. Additional details we may need include the boat's make and model, and where it’s moored or “parked”. Some companies will also require the watercraft's valuation and the year the boat was manufactured.

Loan Amounts & Interest Rates For Equity Loans On A Boat

Much like a motorcycle title loan, an equity loan for a boat is a good fit for those with spotty credit or past financial problems. Most unsecured lenders will only offer loans of $500 or less, and that's if you have excellent credit. Using a boat as collateral overrides the need for a good credit score, and some applicants can borrow upwards of $8,000 using a high-value yacht or power boat.

Interest rates for a title loan on a boat will be high and can approach 35% every month. These high rates reflect the fact that a boat title loan is only intended for emergencies and it's best to limit your loan amount and repayment terms to reduce the interest you end up paying. Also, look for companies that offer early payment options on your loan so you can pay off the loan early with no penalties.

Boat Title Loans From Car Title Loans 123

Are you looking for a local company that offers title loans for boats in your neighborhood? Some people prefer to meet face-to-face with a lender, and you can typically complete the Car Title Loans 123 online application and get your boat inspected in less than an hour. After that, you'll sign some paperwork and sign over the boat's title. If you meet with a storefront company, expect to have the cash direct deposited into your bank account within one business day and some lenders will hand you the loan proceeds in person right after you're approved!

Contact Car Title Loans 123 at 844-567-5011 to learn more about funding options with a boat title loan. We'll work on your application quickly, and most fully paid-off boats can qualify for $1,000 or more!