What Is A Boat Title Loan & Why Would I Need One?
With a boat title loan, you use the available equity on a boat as collateral to get a loan. Title loans on boats aren't common as most boats have low values. But that's primarily because most boat owners aren't aware the option exists and because only a handful of title loan companies will underwrite a boat title loan. In most cases, you'll be able to maintain use of the boat, and the loan will function no differently than expected with a car title loan online. In rare situations, you may need to hand over the boat as equity for your loan. Either way, your lender will hold the boat's title as collateral and you'll get the pink slip back after paying off the title loan.
Why Apply With Car Title Loan Lenders USA
Car Title Loan Lenders USA makes it simple to cash out equity from your sailboat, speedboat, or any other type of watercraft. We even offer same day cash equity loans on yachts and jet skis if there's enough equity to use as security for a loan. We can take your application online or over the phone at 866-515-9866 and there's a decent chance your paid off boat can qualify you for a loan of $2,000 or more!
Most visitors to our site are looking for a car title loan because, quite simply, most of us have cars. However, most lenders will also accept a boat as collateral for a loan. Similar to those who use a motorcycle or other motorized vehicle as security for a loan, a lender wants to know if there's enough equity available if the loan payments fall behind.
How to get a boat title loan and what's needed to qualify
A typical lender will require a few documents to process the application. These often include your boat's DMV registration, title, and Government ID that says who you are. Each state has different documents and paperwork requirements but most will provide you with some vessel or watercraft registration form. You will also likely need to submit information and pictures to show the quality and condition of your boat as of that day.
Additional online lending requirements for title loans on a boat
Each situation is different, but title loan lenders want to ensure the boat matches all the specific DMV documents and there are no significant condition problems. A lender's inspection agent may request an inspection of your boat. This doesn't always happen, but it may be required if you ask for a significant amount as the lender wants to verify the boat's condition. Lastly, expect little to no requirements regarding your credit score. Instead of underwriting a title loan based on a credit report, the lender wants to ensure enough equity in the boat.
Can I apply for a boat title loan online or with a company near me?
Yes, similar to a car title loan, you can apply for an online title loan on your boat right from our website or with any other secured lending provider. You can also search our directory of top title loan companies to find local and licensed companies in your state that offer boat title loans. Another option is to apply with a boat title loan lender near you. By applying with a company in your neighborhood, you can meet face to face, and it's likely the process will be much quicker from start to finish. Either way, you can't go wrong if you have equity in your boat and apply with an online lender or a title loan company in your neighborhood. Be sure that lender is licensed in your state and knows what they're doing regarding boat title loans!
Call Car Title Loan Lenders USA at 866-515-9866 to borrow $1,000 or more with your boat as collateral for a loan. We can approve anyone with newer boat valued at $2,500 or more and some title loan companies in New Mexico and Michigan offer higher loan amounts for yachts and other boats valued at $10,000 or more.