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 \u2014 and you risk losing your boat if you default.<\/p>
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.<\/p>