Boat Title Loans In Florida – How They Work

Did you know you can use a boat as collateral for a title loan and in some cases you can borrow $2,000 or more by tapping into the equity from your boat. At Florida Title Loans, we’ve offered access to vehicle title loans for nearly a decade and just over the past few years, boat title loans have become quite popular. We all know that boats are a part of life in Florida and now there are more than 1 million registered vessels within the state. They don’t call it the Boating Capital of the World for nothing! So why not use some of the equity in your boat as collateral when you need a loan? Read on to find out how a title loan on a boat works and what’s required.


Boat Title Loan Requirements

Similar to if you took out a car title loan, there’s a few things you need to qualify for a title loan on a boat. The boat needs to be titled in and registered in your name. It has to have a clear title and you must have the actual title of the boat showing you as the sole owner. Most boats will qualify, but we’ll need basic details about the boat such as the year, make, model, and current mileage to get you a quote. Other requirements include proof of identity using a drivers or license or passport and proof of residency in Florida. We’ll need proof of income to ensure you can repay the loan in a timely matter. You can show income with a letter from your employer, banks statements, or other types of pay stubs. Lastly, we’ll need proof that the boat has full insurance coverage in case it’s damaged, destroyed, or stolen while it’s used as collateral.


Boat Title Loans are now available in Florida!


Bad Credit Title Loans On A Boat

When listing off the requirements, you may have noticed that you don’t need good credit and that’s one of the best things about a boat title loan. Since you’re using the boat’s equity as collateral, there’s less emphasis on having to check your credit. Most customers for title loans in Florida won’t even have their credit checked and even if you do, it’s to look for recent defaults or to verify your identity. Are you looking to rebuild your credit score to avoid having to take out a high interest loan? A title loan on a boat may be able to help you with future loan requests as most lenders in Florida report your payments to the credit bureaus! Stay on time with your monthly payments and you can see a significant increase with your credit score!


What Types Of Boats Qualify For A Title Loan

We could list off the hundreds of makes and models that you can use for a title loan on a boat, but ultimately your boat will qualify if it has enough value to secure a loan. That includes sail boats, cabin cruisers, motor boats, yachts and pontoon boats. We’ve even see people qualify for title pawns using the equity from jet ski’s and other types of personal watercrafts!

Lenders will typically offer a loan that’s based on 60% or less of your boat’s value. That means a loan of $4,000 is possible if you have a boat valued at $8,000 or more. We use the current resale value of boats in Florida to determine your lending estimate and most lenders will require a quick inspection of the boat before they agree to a loan. During the inspection they’ll verify the boat’s physical state, verify the certificate of documentation and look for any damage or defects that may lower the boat’s resale value.


Get Your Boat Title Loan Now

If you need cash today and own a boat, there’s a good chance you can cash out some of that equity and get a title loan that doesn’t require good credit! Call Florida Title Loans at 888-986-8505 or apply online to find out the title loan value of your boat. We’ll get right to work putting together a quote and most lenders will let you keep the boat while you make payments on the loan.  Call us today to start your application!