Boat title loans

A boat title loan allows you to cash in on the value of your boat when you need money fast or have trouble qualifying for traditional financing. But like other title loans, they typically come with high rates — and you risk losing your boat if you default.

How do boat title loans work?

Boat title loans work by using the title of your boat as collateral for a short-term loan. You can still continue to use your watercraft while paying it back. Typically, you can borrow less than half of how much your boat is worth.

Lenders that offer boat title loans

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APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted Loans Canada Vehicle Title Loan	9.99% - 35.00%	$500 - $50,000	3 - 60 months	Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Compare multiple loan options at once, accepts good and bad credit	Go to siteView details Compare product selection Compare	loading
Promoted LoanConnect Vehicle Title Loan	4.99% - 35.00%	$500 - $60,000	72 - 84 months	Note: LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Key features: Pre-approval in five minutes, compare multiple loan options at once	Go to siteView details Compare product selection Compare	loading
Fast Access Financial Vehicle Title Loan	15.75% - 35.00%	Up to $10,000	12 - 36 months	ContinueView details Compare product selection Compare	loading
Prudent Car Title Loan	19.99% - 34.99%	Up to $50,000	6 - 48 months	ContinueView details Compare product selection Compare	loading
Fast Action Finance Car Title Loan	Not Disclosed	Up to $25,000	Not available	ContinueView details Compare product selection Compare	loading
Pit Stop Car Title Loans	8% - 29%	$1,000 - $25,000	N/A	ContinueView details Compare product selection Compare	loading
getloanapproved.com Vehicle Title Loan	8.00% - 29.00%	$1,000 - $50,000	12 - 72 months	Key features: Easy approvals, paid off car as collateral	ContinueView details Compare product selection Compare	loading

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How we picked these

How are boat title loans different from auto title loans?

While boat title loans and auto title loans work are similar, you’ll find a few key differences:

• Larger amounts. If your boat or yacht has a higher resale value than your car, you might be able to borrow more.
• Longer terms. Larger loans tend to come with longer terms. Some boat title loans offer with terms of up to 42 months or more.
• Might not be as fast. Getting your boat inspected can be more of a hassle than driving your car to the lender or inspection center especially if your boat is moored farther away from your house.
• Less of a risk. While losing your boat is still losing an asset, you likely won’t risk losing your main means of transportation.

How do I apply for a boat title loan?

Like other title loans, finding a boat title loan that’s entirely online is rare. While some lenders advertise online applications, you’ll likely need to have your boat inspected before you’re approved.

Though the application process varies by lender, expect to follow 6 general steps when applying for a boat title loan:

1. Get an estimate of your boat’s value. Before researching lenders, narrow down a ballpark estimate of your boat’s resale value. You can fill out a quick form on sites like Boat Trader or Auto Trader Boats.
2. Compare lenders. Pay attention to the lender’s location, loan amounts, rates, terms, and eligibility requirements. Many boat title loan providers don’t list much online, so you might need to call to learn what it offers.
3. Start the application. Many lenders have a quick online application that asks for details like the model and age of your boat, as well as where it’s moored. Some ask you to upload photos of your boat — even if you still have to bring it in for inspection.
4. Bring in your boat and your documents. After you complete the online application, your lender should get in touch with instructions for the inspection and the documents to take. You might need to haul your boat to an inspection center, though some lenders send an inspector to you.
5. Review and sign your loan. Go over the rates, terms and conditions before signing off on your boat title loan.
6. Drive away with your money. You can often get your funds as cash or a cheque when you apply in person.

What do I need for a boat title loan?

Requirements vary by lender, though expect to provide your:

• Boat title. Title loan providers require a copy of a lien-free boat title in your name. You can’t use your boat if it’s collateral on another loan.
• Proof of income. Many lenders ask to see your recent pay stubs, bank statements or other proof of regular money coming in.
• Proof of residency. Because title loans are regulated by individual provinces and not the federal government, lenders will require you to live in the province you’re borrowing in. You might need to provide a recent utility bill, lease or mortgage agreement in your name.
• Boat key. A provider might ask for a copy of your boat’s key when you apply for a title loan, returning it after you’ve paid off the loan.
• Boating license. In addition to your title, you might need a copy of your boating license when you apply.
• Government-issued ID. Most lenders ask to see a driver’s license or passport to verify your identity.

Is a boat title loan right for me?

It depends on your particular situation. A boat title loan is doesn’t require good credit and doesn’t come with the risk of losing your car. However, title loans tend to come with APRs that soar well into the triple digits and the risk of losing a valuable personal asset. And because of the inspection, turnaround may not be as fast as other short-term financing options, like car title loans or payday loans.

Bottom line

A boat title loan can help you get the funds you need without putting your main form of getting around on the line. But it’s a high-cost loan that can take significant time and effort to process, even compared with other types of title loans.

Learn more about how these loans work and compare lenders in our guide to title loans.

Frequently asked questions

• Can I get a boat title loan for a boat without an engine?

  You might — if you have a title. This will depend on the lender and your boat’s as-is value. Check with the lenders in your province near you.

• Can I get a boat title loan if I don't have a bank account?

  Maybe. this depends on the lender. Most lenders require your bank account details. However, because many title loan providers offer loans in the form of cash or a cheque, you might find a lender that doesn’t require a bank account when you apply. Read our guide to no-bank-account loans to learn more about your options.

Written by

Anna Serio

Editor

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Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY. See full bio

Anna's expertise

Anna has written 49 Finder guides across topics including:

• Personal, business, student and car loans
• Building credit
• Paying off debt

Co-written by

Jaclyn Hurst

Associate Publisher, Investments

Jaclyn Hurst was an associate publisher at Finder. She has a Bachelor’s degree in Business from Redeemer University and a University Certificate in Management Foundations from Athabasca University. She’s as passionate about business and finance as she is about the great Canadian outdoors, organic Sumatra coffee and music. See full bio