Considered one of the boating capitals of the world, Florida is a picturesque and ideal place to enjoy boating. In fact, there are more registered boats in Florida than in any other state in the country. There are so many amazing boating destinations in Florida including Key West, Miami, Fort Lauderdale, Palm Beach, Lake Okeechobee, Naples, Crystal River, The Treasure Coast, and more.
Above: Boats at the Haulover sandbar in Miami, FL in March 2021. Photo by Felix Mizioznikov.
Boat Ownership In The Sunshine State
Whether you live in the sunshine state and own a boat, spend winters here and keep your boat in storage at a Florida marina, or are a visiting a friend who owns a boat while you’re here on vacation, you will definitely enjoy the mild winters, diverse scenery, and stunning turquoise waters. One advantage to owning a boat in Florida is the year round boating season meaning you won’t need to winterize your boat the way you would in other states.
Throughout Florida boaters can get up close with marine wildlife including watching manatees play in the intracoastal, dolphins swim in the ocean and sea turtles nest near the beach. Palm trees dot the coast, breezes sweep through the mangroves, beautiful birds fly overhead and the weather is almost always sunny.
Above: Captain Eric Lund poling his Maverick HPX 16 flats skiff, along with Ryan McVinney and Dr. Ross Boucek, Florida Keys Initiative Manager for Bonefish & Tarpon Trust, taken from a scene in Stomping Grounds EP. 4. Photo by Scott Sanders for Boat Trader.
Fishing in the Peninsula State offers an abundance of opportunities too, with diverse ecosystems ranging from shallow, mangrove-lined inshore waters to deep offshore expanses. Florida’s fishing landscape supports a robust market for both saltwater and freshwater boats. Inshore, anglers use bay boats and flats skiffs to target prized species like redfish, snook, and tarpon in backcountry estuaries and bays, while nearshore reefs and wrecks are popular for center console anglers pursuing grouper, snapper, and kingfish. Offshore, the warm Gulf waters and the Gulf Stream along Florida’s Atlantic Coast provide prime hunting grounds for pelagic giants like mahi-mahi, marlin, sailfish, and tuna, often pursued on larger sportfishing yachts. Additionally, Florida’s extensive freshwater systems, including lakes, rivers, and the Everglades, offer excellent opportunities to catch largemouth bass, crappie, and catfish.
Start Your Florida Boating Adventure At Boat Trader
When you’re ready to go boating in Florida, your adventure is likely to start at Boat Trader, which is by far the biggest marketplace for buying and selling boats in the country. As of August 2024, there nearly 30,000 boats for sale in Florida alone, with around 120,000 vessels listed nationwide. The marketplace is full of different types of boats to fit every style and budget, with everything from kayaks to cruise ships and jon boat to superyachts. First time boat owners often opt for pre-owned vessels and there are thousands of used boats and classic vintage vessels for sale in Florida. Of course, there are also brand new luxury yachts and family boats available fresh off the factory line from nearly 3,000 boat dealers across the nation.
Above: Two boats in a bay in Islamorada Florida. Photo by Unspoken Tales via Pond5.
Our data shows that in Florida, the most popular types of boats are saltwater fishing boats, center consoles, cruisers, high performance speed boats, deck boats and pontoon boats. You can search by the location of the boat, the boat’s price, overall condition, length, make, type of hull, fuel and more.
Thoroughly check out the marketplace and see which boats really catch your eye but before you take a deep dive into your search and begin the buying process. Once you have decided the type of boat you want to buy, you’ll need to find out more about financing a boat in Florida specifically. Your dream boat may be only a click away but first, figure out how to pay for it before you fall in love with a boat that may be out of your price range.
Tips For Securing The Best Rates In The Sunshine State
Boat Trader makes getting a boat loan in Florida easy. We do the work for you. In fact, our marine finance specialists compare 15 lenders so we can offer you the best rates and terms. Our company has been around since 1991, is an industry leader, is reputable and maintains excellent reviews. Loans typically range from $25,000 to $2 million.
Boat Trader provides each client with knowledgeable and personalized service regardless of their budget. We have relationships with major banks, so are sure to match you with the best boat loan for your specific needs. Our boutique-like service makes the entire loan process smooth sailing.
You can check out our free boat loan calculator to see how much boat you can afford and then apply for a boat loan online in just a few minutes. Your loan will be finalized in as little as 24 hours. We offer 60 day deferred loan payments and if you qualify, we also offer 0% down loans up to $100,000 and stated income boat loans up to $250,000. This flexible financing is ideal for entrepreneurs and small business owners.
Boat Loans in Florida: Everything You Need to Know
By now, you have heard how amazing boat life in Florida can be, so let’s get into the nitty gritty of boat loans in Florida. This way, you can figure out how to pay for your boat and head on down to the Sunshine State.
A boat loan is made up of principal and interest; exactly how much depends on the interest rate you qualify for. The boat serves as the collateral for the lender that is lending you the money to purchase the vessel. The lender can repossess your boat if you don’t meet your payment obligations or if you violate the contract.
Basically, a boat loan is a type of installment loan. It falls somewhere between a mortgage loan you would take out on your home and a car loan. A boat loan is generally paid back over seven to twenty years, although different lenders do offer different loan terms.
Boat Loan Terms
The length of the loan is referred to as the term. Typically, you will repay the loan with monthly payments until the loan is paid off in full. The longer your term, the smaller your monthly payments will be, but the more interest you will pay over the life of the loan. And the opposite is true as well: The shorter your loan term, the larger your monthly payments, but you will pay less interest over the life of a loan. Boat Trader offers terms up to 20 years.
Let’s take a look at an example so you can decide which term best suits your goals. Let’s assume you’re purchasing a beautiful, brand new cabin cruiser for $250,000. You put down 20% as your down payment which is $50,000. This leaves $200,000 as your loan amount. Assuming you have an excellent credit score in the 800 – 850 Fico score range, your rate will be around 6.99%. If your loan term is 20 years, then your monthly boat loan payment will be approximately $1,549.40. Over the life of the loan, you will have paid a total of $371,855.42.
Let’s compare this to a 7 year loan term. Your monthly payment will be $3,017.56. Over the life of the loan, you will have paid a total of $253,474.91.
As you can see, with a shorter loan term, your monthly payment just about doubles, but you do save a substantial amount in interest if you keep the boat for the entire 20 years. Typically, most boat owners choose longer loan terms to make their monthly payments more manageable. And you can always sell the boat, trade it in, or refinance the boat loan in the future.
Boat Loan Down Payments
Generally, a boat loan down payment between 10 and 30% is required for a boat loan. This means that if you want to purchase a $100,000 boat, you will need to put down $10,000 to $30,000. The exact amount of the down payment will be determined by the amount of the loan, the type of loan, the loan term, and the borrower’s credit score, and overall financial profile.
The purpose of a boat loan is to help you purchase a boat without using all of your own money. Instead, you can leverage the bank’s money, save your own, and just put down the amount required for a down payment. With the money you saved, you can invest in an income-producing asset, save it, or dabble in the stock market etc. Boat loans make buying a boat much more attainable than if you had to use all of your own money. For example, it’s much easier to come up with $30,000 as a down payment than $100,000.
How to Apply for Boat Loans in Florida
Applying for Florida boat loans is relatively straight forward. Let’s go through the process of boat financing in Florida.
First, use our online boat loan calculator to get an idea of how much boat you can afford, what your potential interest rate will be, and what your monthly boat loan payment will be. You can play around with the numbers. For example, if the payment on a $200,000 boat is too much for your budget, you could input $125,000 and see what the difference will be.
Then start the application process and work with one of our chosen lenders to get pre-approved for a boat loan. You will need to provide a copy of your identification, social security number, and proof of employment. Additionally, you will need to provide proof of income in the form of tax returns, bank statements, or profit and loss statements. You will also give the lender authorization to pull your credit. They will look at your credit score, credit history, and your debt to income ratio.
Know Your Budget
It’s important to know your budget and what boat you can actually afford before you start shopping for boats. A brand new yacht may not be in your budget but Boat Trader’s marketplace has tens of thousands of boats in different price ranges.
Choose Your Model
Let the boat shopping begin. Now you know your budget, it’s time to browse online using Boat Trader’s marketplace. Consider new and used models, and choose a boat that best fits your lifestyle. Consider how many people will be onboard, where you will take the boat, and how often you will use it. After you look online, it’s time to see some boats in person. Check dealerships, boat shows, marinas, private sellers, and boat manufacturers.
Work With Your Lender
Once you select the boat you want to purchase, let your lender know and you will finish the boat loan application process. Your loan will go to underwriting where all the documents you submitted are reviewed with a fine tooth comb. The underwriter may verify your employment, may ask for supporting documents, and may pull your credit again. Now is Not the time to quit your job, switch careers, or make any major purchases.
Sealing The Deal
Depending on if the boat is used or new, you may need a boat inspection and may even need a U.S. Coast Guard inspection. Then it’s time for closing. You will need to register the boat in your name and provide proof of insurance. Also, don’t forget to find a place to keep your boat: whether that’s at your house, at a marina, or in a boat yard.
Boat Lenders Florida
Boat Trader is Florida’s top boat marketplace and marine lender. We offer new and used boat loans in Florida, as well as boat loan refinancing and yacht loans, special purpose entity ownership, private party purchases, dealer purchases, and some charter options.
The company has a dedicated team of top professionals to assist you with all of your marine financing needs. They provide attentive service and will match you with the right lender and loan product specifically suited for your needs. You’re never treated like another number, but instead like a friend or family member. You can apply online, call to speak to a loan specialist, or stop into one of the company’s boutique-like branches.
Some additional places to find boat loans in Florida include:
- Florida credit union boat loans
- Local and national banks that offer boat loans
- Personal loans with no use restrictions
- Dealer or manufacturer financing offered in house or through referral lending partners
- Online loans, specifically online boat loans
Some alternatives to boat loans include:
- Borrowing the money from friends or family
- Using your savings to fund the purchase of a boat
- Liquidating investment accounts
- Using a HELOC (home equity line of credit) or a home equity loan to pay for the purchase of a boat. Keep in mind you and your property would have to qualify to get these types of loans
Boat Loan Rates Florida
Boat loan rates are constantly changing. They’re affected by the economy and supply and demand. Your specific rate will also be based on a number of factors including the amount of the boat loan, the year of the boat, if it’s new or used, your credit score, your overall financial history, the type of loan, and the loan term.
As of August 2024, boat loan rates in Florida are approximately:
- Around 6.74% – 6.99% for excellent credit (800+)
- Around 7.37% for great credit (700-799)
- About 10.74% for good credit (680-699)
Keep in mind these rates are just an estimate based on a $100,000 new boat loan. If your credit score is under 680, you may still qualify for a boat loan, but may need to put more money down, and will need to go over the details of your finances with a boat loan specialist. Remember that the higher your credit score, the lower your interest rate will be.
Additional Expenses Not Included in Florida Boat Loans
Some expenses to consider when purchasing a boat include:
- Boat insurance
- Storage and docking fees
- Maintenance and service costs
- Cleaning costs
- Repairs
- Fuel
- Boat accessories and water toys
The Wrap Up: Boat Financing Florida
Boat loans in Florida offered by Boat Trader can help you finance the boat of your dreams. Whether you want a fishing vessel to expand your business, a deck boat to take out on the weekends, or a yacht to island hop around The Keys, a boat loan can make your boating dreams a reality. Work with a reputable lender, use an online boat loan calculator to see how much boat you can afford, and choose a boat loan term that best suits your budget.
Above: The silhouette of a center console fishing boat at sunset in Clearwater, Florida. Photo by Unspoken Tales via Pond5.
Frequently Asked Questions: Florida Boat Loans
Why Go Boating in Florida?
There are so many reasons to go boating in Florida. Some of the top reasons include:
- Year Round Boating: Boating can be done year-round in most parts of Florida. You rarely have to worry about snow or cold weather and it is sunny all year long, meaning you don’t have to winterize your boat or put it into expensive boat storage facilities.
- Scenery and Wildlife: Stunning scenery and amazing wildlife is everywhere. There’s South Florida and its Art Deco architecture that can be viewed from the intracoastal and many canals, to the Gulf Coast’s turquoise waters and pearl white sands, to the Everglades and the thrill of spotting alligators in your airboat.
- Great Boating Amenities: Boating is a popular pastime in Florida which means boats are plentiful, easy to rent, and there are lots of options for storage, marinas, cleaning services, and mechanics.
- World-Class Fishing: Florida’s diverse fishing landscape drives a thriving market for both saltwater and freshwater boats, with anglers using bay boats and flats skiffs to target redfish, snook, and tarpon in estuaries, center consoles for grouper and snapper nearshore, sportfishing yachts for pelagic species like mahi-mahi and marlin offshore, and freshwater bass boats for bass, crappie, and catfish in the state’s extensive lakes and rivers.
What are the Advantages of a Boat Loan?
Some of the advantages of getting a boat loan include:
- Keeping your money in your pocket and using the lender’s money instead
- Investing the money you saved by financing the boat instead of paying for it cash. You could make more money with this money, invest in assets, and then use it to pay for your monthly boat loan payment.
- Less risk: If something happens like an emergency or an unexpected expense, you don’t need to sell your boat. You can use the money you saved to pay for the emergency and then move on.
- You’re building your credit. As long as you pay your monthly boat loan payments on time, it’s regarded as a positive line of credit. It shows creditors that you’re responsible and pay bills on time so they may be more likely to lend you money for various purchases.
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