Most marine lenders cap loan-to-value (LTV) at 80-90% of the boat's appraised or purchase value, whichever is lower. Some lenders will go to 100% LTV on newer, higher-value boats for excellent-credit borrowers. If the purchase price exceeds the appraised value, the lender will base the loan on the appraisal — you cover the difference out of pocket.
What is the maximum loan-to-value ratio for a boat loan?
