Financing a boat or RV works differently from financing a car: the terms can run longer, the lender cares about the unit as much as about you, and the right lender depends on your situation. Here’s what Arizona buyers should know before they apply, and how our finance team works it.
Types of Boat and RV Loans
Secured marine or RV loans. The most common route. The boat or RV is the collateral, the way a car is on an auto loan, so rates generally come in below an unsecured loan and terms can run well past an auto loan on higher-value units, which keeps the monthly payment manageable. Secured loans cover new and pre-owned units alike.
Personal loans. For a smaller purchase, some buyers use an unsecured loan from their bank or credit union. No collateral, shorter terms, and typically a higher rate than a secured marine loan.
Credit union loans. If you already belong to an Arizona credit union, check its boat and RV rates. Credit unions are often competitive for members with strong credit.
Home equity. Some buyers use a home equity line. The rate can be attractive; the trade is that your house, not the boat, is the collateral, and a tax advisor should weigh in before you go that route.
Which Lenders, by Age and Price
Units under 25 years old. Most boats, RVs and vehicles less than 25 years old can be financed through conventional lenders. The lender we quote through most often is America First Federal Credit Union; big-bank lenders such as U.S. Bank, Wells Fargo and Chase are options as well, all subject to lender approval.
25 years and older, and high-performance boats. Classic cars and older vehicles fall outside most conventional programs, so we use equity lenders that underwrite the unit as collateral and the buyer as a whole, with equity down. High-performance boats such as Conquest sit in the same realm regardless of age.
Over $150,000. Most lenders won’t lend past about $150,000. A few go to $250,000 with more collateral down, and a small number of private equity lenders will go beyond that for the right buyer, judged on the buyer and the deal more than on a credit score alone.
Every loan is on approved credit and subject to lender approval. For classics specifically, see classic car financing: what lenders look at.
What Lenders Look At
Every lender weighs these a little differently, but they all look at the same things:
Credit profile. Score, history and how you’ve handled past loans. Stronger profiles get better terms; a less-than-perfect profile narrows the options without closing them. We work with lenders across the credit spectrum.
Debt-to-income. How much of your monthly income already goes to the mortgage, car payments, cards and other loans.
Down payment. More down means a lower payment, less total interest and often a better rate. Some manufacturer programs on new units run promotional down-payment options.
Income verification. Pay stubs, tax returns or bank statements. Self-employed buyers usually need two years of returns.
The unit itself. Newer boats from known builders tend to get the longest terms. Many lenders cap the term or ask for more down on older units.
Actual rate and term depend on your credit profile, down payment, loan amount and the lender’s guidelines. We don’t quote rates on a web page, because the lender sets the rate after reviewing your application.
What the Process Looks Like
- Apply. Fill out the secure credit application. It takes a few minutes. A formal credit application is a hard pull, which may temporarily affect your score by a few points.
- We shop it. Our finance team submits your application to multiple lenders at once, instead of you going bank to bank, and comes back with the options side by side.
- Pick the unit. Knowing what you qualify for before you walk the lot makes the shopping easier. Browse the inventory any time.
- Approval and closing. If a lender approves, you review and sign the loan documents, typically at the dealership, and take delivery once the lender funds.
With paperwork in order, the whole process can run in a few days.
Arizona-Specific Details
Sales tax and fees. Arizona charges sales tax on boat and RV purchases; Lake Havasu City’s combined rate is 7.6%, with the exact figure confirmed on the paperwork. Our fees are itemized on every listing page: $399 documentation, $110 processing and $495 safety inspection. Ask up front whether tax and fees roll into the loan or get paid separately.
Registration. Boats register through the Arizona Game and Fish Department; RVs and vehicles register through the Arizona MVD. Our Arizona boat registration guide has the details.
Insurance. Most lenders require full coverage before they fund. Get quotes early so insurance isn’t the thing holding up delivery.
How Our Finance Team Helps
We finance through multiple lenders, with options for every credit situation, subject to lender approval. Our finance team handles:
- Submitting one application to several marine and RV lenders
- Comparing the offers so you see the options side by side
- Paperwork, title and registration coordination at closing
- Credit challenges: if you’ve been turned down elsewhere, talk to us before you give up
We don’t make the lending decision; the lender does. What we know is which lenders work best for which profiles, and that’s what saves you time.
Get Started
Start the credit application. It takes a few minutes; the terms come back after a lender reviews the file, and then you shop with a real budget.
Want to see how payments change with term and down payment? Try the payment calculator. It’s an estimate; the lender sets the actual terms.
Browse the inventory: boats, RVs, and more. Every boat we sell includes a trailer.
Protecting the finish on a new pontoon? See the Vantage Protection wraps, guards and ceramic coating. Mechanical coverage is a separate question: we offer service contracts and maintenance plans at closing, and the finance team will go over what each covers.
Trading up? We consign your current boat or RV with no fees while you shop. Tell us what you have.
Call (928) 453-8833, text (928) 732-2281, or send us a message. The Boat Brokers, 1680 Industrial Blvd, Lake Havasu City, AZ 86403, family-owned here since 1986.
