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Boat Loans

Time to drop anchor and explore your boat financing options.

You work hard and deserve to play hard, too. And our competitive rates on loans for yachts, sailboats and powerboats can be the answer. With an abundance of opportunities to get out on the water in Massachusetts and Rhode Island, we want to help you do it as economically as possible, whether you're purchasing or refinancing.

Navigate toward a better boat loan:

  • Borrow up to $500,0001
  • Fixed interest rate for the life of the loan
  • Available for purchases2 and refinances3
  • Available for new and used boats4
  • Boat must reside in MA or RI
  • Boat must be used for personal use only5
Special HELOC Offer

2.99% APR* Introductory rate for 12 months from date of funding. Wall Street Journal Prime Rate on a monthly float thereafter until maturity with a Floor of 3.25% APR*
Learn More

1Subject to credit approval. Fees may apply. Boat Loans are only available to residents of Massachusetts and Rhode Island. Customer responsible for closing costs. Minimum FICO score of 680, maximum debt to income based on net income is 40%. Prepayment penalty for the first 24 months. Automatic loan payment required.

2Downpayment of 20% required.

3Refinances are limited to 80% of NADA average retail value.

4Boats older than 5 years with loan amounts greater than $15,000 require a survey at borrower's expense. No salvage, rebuilt, or rebranded titles.

5Loan may not be used for the purchase of a commercial boat, and boat cannot be used as an owner occupied place of residency.

Borrowing Resources
Learn about other loan options and access handy financial calculators.