Boat financing that puts you at the helm
Our dedicated Marine Lending team will help you expertly navigate your boat financing.
Marine Lending
Experience that runs deep
We're not just another financial institution offering marine loans. We’re boaters who understand banking and bankers who understand boats.
Our Marine Lending team brings together generations of being on the water with decades of specialized financial expertise who will help you get the right loan.
Benefits
Fixed rates
We offer 15 to 30 year terms, which will depend on the loan’s dollar amount and amount of your down payment. Rates are fixed for the term of the loan.
20% down payment (minimum) qualifies for a maximum term length of 240 months
25% down payment qualifies for a maximum term length of 300 months
30% down payment qualifies for a maximum term length of 360 months
Broad loan range
Our minimum loan amount is $72,000 and our maximum loan amount is $1,000,000, However, larger boats will be reviewed on a case-by-case basis.
No prepayment penalty
You may pre-pay or pay-off the loan at any time.
Buying power
With a minimum 20% down payment, we’ll finance up to 80% of the purchase price, including sales tax. Sales tax rate is determined by the location of the dealer. The maximum tax rate that can be financed is 12.5%.
What’s required?
Minimum 680 credit score
Coast Guard documentation
Marine survey on your vessel
$499 origination fee
For more information, download our Marine Lending FAQ.
Fixed rates available with terms from 20 to 30 years. For example, vessel with a purchase price of $200,000 with a 20% down payment and 7.541% APR results in 240 monthly payments of $1,288.95. APRs vary based on credit profile. Minimum down payment: 20%. No prepayment penalties. Loan amounts from $72,000 to $1,000,000. Minimum credit score: 680. Loan fee: $499. Subject to credit approval. Not all applicants will qualify.
Benefits of choosing Portage
Dedicated team
We have a team solely focused on marine financing.
Fast approval
In-house underwriting makes for quick decisions.
Flexible terms
We’ll work to find the terms that work best for you.
Specialized expertise
Years of marine lending experience means we’ve seen it all and have the knowledge to help.
Take Portage wherever you go
Our free mobile app gives you fast, secure, 24/7 access to your finances.
