HomeFrequently Asked Questions What information do I need when applying for a boat loan? Have all your boat information available for discussion: year, make, model, length, engine horsepower, optional equipment, and any upgrades. We'll need the purchase price and costs for any upgrades and electronics you are adding. Sales tax and license fees can be included in your loan. What is the current rate? Boat loan rates and terms are based on several factors: the amount being financed, age of the boat, down payment, and, most importantly, your credit score. At Russo Marine, we quote rates that we are confident the majority of individuals will qualify for. That's our style. We strive to keep our boat loan process simple, easy, and enjoyable. How long is the rate locked for once I am approved? Most of our lenders lock the rate for anywhere between 30-60 days. We will monitor the approval expiration date to ensure that we maintain an approval for you when you are ready to proceed. If the loan does not close during the given approval rate lock timeframe, you will be subject to the rate at the time of loan closing.
What are the down payment requirements? The standard down payment is 10-15% for loans up to $100,000 and 15-20% over $100,000. Any equity in a trade in is counted as part of the down payment. Is this a fixed rate loan? Yes, fixed rates with a simple interest amortization, which establishes a permanent payment over the life of the loan. We also have variable rate programs and will custom tailor a loan to suit your particular needs. What are your fees? Russo Marine will fully disclose any and all fees that you will be charged. We have a modest conveyance fee, including the state titling and registration fees and/or the documentation costs. These fees are normally included in your loan, but if you would prefer to pay them separately, we can accomodate that as well. How long does the loan application process take? We will take your credit application over the phone in as little as 5-10 minutes. We usually have an answer from the lender the same day. Generally speaking, loans under $100,000 can be approved in as little as an hour. Loans over $100,000 may take a little longer, but are normally approved within a day or two. Should I apply for the boat loan with more than one company? Every time you give permission to pull your credit file, it lowers your credit score. Be cautious of this and only give your application to the company that you are most certain that you will do business with. Having several companies reviewing your loan application can jeopardize your approval and loan rate. Do I have to provide income verification? Yes, for all loans over $100K, the lender will require income verification. Additionally, loans under $100K may require verification at the lenders discretion. Once approved, how quickly can this loan close? Your finance specialist will work with you to obtain the necessary paperwork to proceed with the closing. This loan closing can happen in as little as a day or two. The loan closing can take place in our office or via overnight currier service. If you choose the overnight service, there will be documents that require the witness of a notary. Who handles the titling, state registration, or U.S. Coast Guard Documentation? Russo Marine can handle your state registration and titling, and, in many cases, are required to do so to ensure that the title is issued properly and sent to the bank. We do not leave any loose ends. We are an approved documentation agency for all the lenders we use. This means one-stop shopping. We will take care of your loan needs, registration, and/or documentation. Just one more thing that you don't have to think about when doing business with Russo Marine. Why should I choose Russo Marine? It's simple. We love what we do, we do it well, and we help make your dreams come true. One-stop shopping - from application to state registration or documentation, and even boat insurance. We are there for you every step of the way! |
| North of Boston | Medford, MA | T: (866) 722-8977 | F: (781) 396-8536 |
| Boston Harbor | Boston, MA | T: (866) 722-9517 | F: (617) 282-5728 |
| Rhode Island | Wakefield, RI | T: (866) 722-9524 | F: (401) 783-0878 |