The Credit Union offers both new and used boat loans with a
variety of terms. Boats currently financed through a different lender can be
refinanced with SECU. Powerboats and sailboats are eligible for financing;
although the Credit Union does not finance personal watercraft, such as jet
skis.
Fixed rate financing is available for loans less than $50,000 with a term of 72
months or less. Variable rate financing is available for loans greater than
$50,000 or that are financed for a term longer than 72 months. Variable rate
financing is available for a maximum loan term of 120 months (or 10 years).
Insurance must be maintained on the boat. The Credit Union offers boat and
watercraft insurance policies and can provide you with a quote.
New Boat Loan Specifications
Financing up to 75% of the MSRP or sales price, whichever is lower
% APR1 for terms up to 72 months using Payroll Deduction/Funds Transfer
repayment
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(% APR1 using Direct Pay)
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% APR1 for terms2 73 to 120 months and greater than $50K using
Payroll Deduction/Funds Transfer repayment
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(% APR1 using Direct Pay)
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Current year or prior year models
Used Boat Loan Specifications
Financing up to 75% of the purchase price or appraised value3, whichever is lower
% APR1 for terms up to 60 months using Payroll Deduction/Funds Transfer
repayment
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(% APR1 using Direct Pay)
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Terms up to 60 months available for 2004 to current year models
Terms up to 48 months available for models prior to 2004
You can apply for a boat loan in Member Access. Our
application form
can also be completed and provided to your local branch or to the Call Center.
1 APR = Annual Percentage Rate. 2 The interest rate on boat loans greater
than $50,000 or with a term longer than 72 months is variable and is subject to
change quarterly.
3 Appraised value based on the NADA Marine Appraisal Guide. To
find the appraised value of a boat, you can contact your local branch or the
Call Center.
