Boat Loan Refinancing: Drop From 9% to 6%
Boat loan refinancing replaces your current high-rate marine loan with a lower-rate, longer-term alternative — often cutting monthly payments by $1,000 to $3,000+ on vessels in the $500,000–$5,000,000 range. Clear Asset Solutions specializes in refinancing $500K+ vessels.
How Much Can You Save by Refinancing a Boat Loan?
On a $750,000 boat loan, dropping from 9% to 6% over a 20-year term saves approximately $1,155 per month — that is $13,860 per year. Over the life of the loan the interest savings exceed $230,000. On larger vessels the savings scale accordingly.
Loan Balance | Old Rate (9%) | New Rate (6%) | Monthly Savings | Annual Savings |
|---|---|---|---|---|
$500,000 | $4,496/mo | $3,582/mo | $914 | $10,968 |
$750,000 | $6,744/mo | $5,372/mo | $1,372 | $16,464 |
$1,500,000 | $13,488/mo | $10,745/mo | $2,743 | $32,916 |
$3,000,000 | $26,976/mo | $21,490/mo | $5,486 | $65,832 |
Estimates based on 20-year (240-month) term. Actual rates depend on credit profile, vessel age, and LTV.
Who Is a Good Candidate for Boat Loan Refinancing?
You are a strong candidate if any of the following apply:
You financed your vessel at 8–12% or higher and rates have dropped
Your credit score has improved since original financing
You want to extend to a longer term (15 or 20 years) to reduce monthly payment
You are paying on a 10-year loan and want to extend to 20 years to free up monthly cash flow
What Are the Requirements to Refinance a Boat Loan?
Minimum loan amount: $500,000
FICO score: 720+ for best rates
Post-closing liquidity: 12–24 months of total debt servicing in liquid assets
DTI: 40% or less of gross taxable income
Vessel age: Under 20 years for standard programs; older vessels may require additional survey
How Long Does a Boat Loan Refinance Take?
Most refinances close in 2–4 weeks. Pre-qualification happens in 24–48 hours. You will need: two years of tax returns, 90 days of bank statements, current loan payoff statement, and a recent marine survey if the vessel is more than 10 years old.
What Is Our Success Fee Model?
Our origination fees (success fees) reflect your total first years savings, we only get paid if we lock in the lower annual payment.
Want us to fund your next deal?
Bring us the numbers and the timeline. Our originations team will tell you what it can be financed at — and what it would take to close.
Frequently Asked Questions
Can I refinance a boat loan I just took out?
Yes, but most lenders require the original loan to be at least 6–12 months old before refinancing. Pre-payment penalties on your existing loan should be reviewed before proceeding.
What documents do I need to refinance a boat loan?
2 CONSECUTIVE Years of Personal & Business tax returns (Most Recent) (example: 2023/2024 or 2024/2025 or 2025/2026)
Personal Financial Statement (List of all assets and liquidity from last 30 days)
Survey of Vessel
Loan Payoff Amount
Full Credit Report for All 3 Credit Bureaus
Can I refinance a used boat loan?
Yes. Used vessels qualify for refinancing. Boats over 20 years old face stricter LTV requirements but may still qualify depending on the survey result and borrower profile.
What is the maximum term for a refinanced boat loan?
Up to 240 months (20 years) for qualifying vessels and borrowers. Longer terms reduce the monthly payment substantially on large loan balances.
Does refinancing a boat loan affect my credit score?
A refinance triggers a hard inquiry, which typically affects your score by 5–10 points temporarily. The impact is minimal for borrowers with 720+ FICO and strong profiles.
