Boat Dock & Slip Financing

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Boat Dock Financing with Acorn Finance

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Are you in the market to build a boat dock, or thinking about renovating an old dock to store your new boat? Or maybe you’re a contractor with a customer that wants to build a boat dock but needs financing. No matter what your reason is, let Acorn Finance help you secure a boat dock loan or financing today with zero hassle. Secure financing for a boat dock for up to $100,000, even with bad or average credit. You will also get some of the lowest rates around when financing your boat dock through Acorn. Repair your current dock or build a new one today by financing through Acorn Finance.

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Loans up to $100,000; Terms up to 12 years; APRs as low as 3.99%.

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In some cases, receive funds in as little as one business day.

“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”

 

– Mike T. (TN)

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– Carol R (FL)

“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”

 

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Dock Loans & Boat Slip Financing Options

Can you get a loan to finance building a boat dock or slip? Yes, you sure can and it could be much easier than you think to qualify. If you are new to the boat ownership world you should understand that a boat dock and boat slip are different. The boat slip can be compared to a parking spot. The boat dock is the actual structure of the metal or wood pier that the boat is parked at. Whether you need to finance building a boat dock and or slip a personal loan may be one of the best options. You can apply online and receive funds as soon as 24 hours on approved loans. Keep reading to learn more about building and financing boat docks and slips.

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Can you finance a boat dock?

Yes, you can finance a boat dock. If you have excellent credit you may qualify for lower rates and higher loan amounts but many credit types can qualify for boat dock financing. Boat docks can be a smart investment if you are able to build your own. If you don’t have your own dock you may have to pay hefty fees to use someone else’s dock. Acorn Finance makes boat dock financing easy. Acorn Finance can connect borrowers with lenders that can provide boat dock financing. Personal loans are a great choice for boat dock financing. Personal loans do not require collateral, and may be easier to qualify for than secured loans. At Acorn Finance you can receive instant pre-qualification for boat dock financing and next-day funding in some cases. Before applying for a boat dock loan we recommend determining how much your project will cost and what kind of monthly payment you can afford. This can help you apply for the correct loan amount and choose the most favorable terms for your budget.

How long can you finance a boat slip?

Boat slip financing terms vary depending on the type of loan you use and what you qualify for. Secured loans may offer longer loan terms than unsecured loans but may not be necessary for boat slip financing. In most cases, unsecured personal loan terms are flexible enough to provide affordable monthly payments that are easy to manage. Acorn Finance has lending partners that can offer boat slip financing up to 12 years. While a longer term may mean a lower monthly payment, you should think twice before choosing the longest term available. The longer the loan term, the more interest you’ll potentially pay. If you can’t afford the payment on a shorter loan term then yes you can go with a longer term. However, if you can afford the payment for a shorter term you may want to consider that as a lower-cost option. Before committing to any loan you should make sure you can cover the monthly payment.

Do boat manufacturers offer financing?

Some boat manufacturers may offer financing or partner with a trusted lender that can offer financing. Similarly, boat retailers may offer in-house financing or partner with outside lenders. Most boat loans are secured loans that use the boat as collateral. If you default on a boat loan they can repossess the boat. Since boat loans are secured loans based on the value of an asset, you usually cannot borrow much more than the boat is worth. Therefore, if you want to finance a boat and a boat dock you’ll most likely need two separate loans. Financing a boat can be compared to financing a vehicle. While the processes may be similar, the restrictions may vary. For example, you may be able to secure more than one car loan at a time if you have a good credit score. However, if you are still making payments on a current boat loan, it will be nearly impossible to get another boat loan. You’ll most likely need to trade in or pay off the current boat loan before securing a new loan.

What are typical boat loan terms?

Some lenders offer boat loan terms up to 20 years. Boat loan terms can depend on the borrower, loan amount, the lender, and other factors. Before purchasing a boat you’ll need to figure out how to afford your purchase. If you are financing, the loan term can weigh heavily on your monthly payment. We recommend estimating what your purchase will cost and how much you will need to finance. Once you have ballpark estimates you can use online boat loan calculators to determine what term provides you the most favorable payment. If you have excellent credit you should be safe to assume that you’ll secure a low rate. However, if you have credit challenges you may want to use a higher interest rate when estimating payments with a boat loan calculator. Most boat loans are secured through dealer financing. Most dealerships have relationships with banks and financial institutions so that they can provide financing. If you plan on using dealer financing, you can visit the dealership to get pre-approved and estimate monthly payments.

What credit score is needed to buy a boat?

Most lenders consider a boat to be a luxury item purchase – something you want but probably don’t need. In addition, boats can be very expensive to purchase and maintain. Lenders want to ensure that a borrower is financially stable before approving them for a boat loan. To qualify for a boat loan you may need a credit score of 700 or higher. You may qualify for a boat loan with a credit score below 700 but you’ll most likely need money down. Even with money down, the interest rate will probably be higher. If you have credit challenges but want to purchase a boat you might consider a personal loan. Personal loans may have higher interest rates but can be easier to qualify for. You can explore options for personal loans for a boat dock or boat financing at Acorn Finance.

Is boat financing hard to get?

Compared to other types of financing such as vehicle loans, boat financing may be harder to get. Unlike homes and cars, most people do not need a boat. This is one of the reasons why it may be more challenging to secure financing. However, if you have good credit and solid income getting a boat loan may be easier than you think. You can check with your bank or credit union to see if they offer boat financing. In some cases, banks and credit unions can offer better rates and terms than boat dealerships. Keep in mind that if you’re buying a used boat, it has a value just like a used vehicle. Most lenders evaluate the value of a boat using NADA. It’s important to make sure you’re paying a fair price for a boat so that your loan to value requirements are in line. If you have credit challenges you may be able to use a personal loan for boat financing.

How expensive is owning a boat?

Boat ownership is a dream for some of us, until we find out what owning a boat really costs. Of course you have the initial cost of purchasing a boat but that’s just the beginning. On top of purchasing the boat you’ll need to store or moore, maintain, insure, register, and fuel the boat. In some states you may even have to pay a boat tax. If you can’t keep the boat in the water all-year, you may need to pay for winter storage which can cost about $2,000. Maintenance costs can vary but you can estimate annual maintenance costs at about 10% of the cost of the boat. When considering what you can afford as a monthly payment for a boat loan you should consider the extra expenses you may have to come out of pocket for.

Is it easier to finance a new or used boat?

The answer to the question is a toss up. While you may get a lower rate on a new boat loan, you’ll most likely have to finance more money. In addition, you may experience significant depreciation in the first few years of owning the boat. If you get in a financial jam it may be harder to sell a brand new boat versus a used boat.

Who has the best boat financing?

The lender with the best boat financing can vary depending on the borrower. If you have excellent credit, you can probably obtain competitive boat financing from multiple lenders. However, if you have credit challenges you may have to shop around a bit more. LightStream, an Acorn Finance lending partner, is one of the best boat loan lenders for quick funding.

How much does it cost to rent a boat slip?

The cost of renting a boat slip mostly depends on the size of the boat and the location. Renting a spot or slip off the dock in the US costs an average of about $50/ft per year. However, location can significantly impact the cost. In some places, it can cost $240+ per foot annually. At $50/ft per year, a slip for a 45’ boat should cost about $2,250 annually.

How much does it cost to finance a boat dock?

On average building a boat dock typically costs somewhere between $3,118 and $25,306. There are many factors that can impact the cost of building a boat dock. These factors include climate, location, depth, saltwater or fresh application, and type of dock. Permanent boat docks such as crib, suspended, and piling can be some of the pricier options. Floating boat docks can be one of the least expensive options and are easy to maintain. If you have a small floating dock it should be easy to remove it from the water if needed. Using prefabricated aluminum floating docks can help keep the cost down. Pipe docks are another affordable option for lakes or calm waters. Pipe docks are usually easy to assemble and not permanently affixed. While wood may be the cheapest material for a dock, concrete may be a better investment. On average, wood docks cost between $80-$150 per linear foot and concrete docks cost between $150-$300 per linear foot. However, concrete docks can last for 50+ years. Wood docks usually only last about 15-20 years. Let’s take a look at boat dock prices by type…

– Floating boat dock $15-$35 per square foot

– Crib boat dock $10,000-$50,000 total

– Pipe boat dock $1,000-$10,000 total

– Piling boat dock $20-$40 per square foot

Is financing a boat dock or boat slip a good idea?

If you don’t have the cash available to build a boat dock or slip, financing might be the next best option. Even though you will most likely pay interest at least you will own your boat dock once the loan is paid off. If you have to rent a boat slip or dock you are required to pay monthly or annually. In exchange you have a place to keep your boat but you do not have an asset to show for the money paid.

What to consider before building and financing a lakeside boat dock:

#1. Stationary vs. floating

Stationary or permanent docks are typically built on wood or concrete piles. They are stable and strong when installed properly. While floating docks can be more versatile, they can rise and drop with water levels. Floating docks float on the surface of the lake, hence to their name. Before building a lakeside boat dock you should consider whether you need a stationary or floating dock.

#2. Depth of water and lake bed

If the lake bed is rocky or has a big drop in depth it may not be an ideal spot to build a dock. For best results, the lake bed should be as flat as possible and sandy. If you have a less than ideal lake bed and unreliable water depth you should consider building a floating dock.

#3. Materials

You may be tempted to use materials such as wood because it’s cheaper but you should remember that better materials can last longer. If you live in an area with harsh weather conditions you should do your research to select the most durable material for conditions.

#4. Hire a professional or DIY

If you are pretty handy with a nice collection of tools you may be able to build a small floating dock on your own. However, building a dock can be complicated especially if you lack experience with waterfront structures. In most cases hiring a professional is a worthy investment to ensure your dock is built properly.

Best financing options for boat docks

If you need a loan to finance a boat dock or slip you should look into using a personal loan. Personal loans do not require collateral, are easy to qualify for, and can allow you to borrow generous amounts. Once you are approved and receive funds you can use the money however you would like. Whether you have good credit or bad credit you can qualify for a personal loan. So where can you get a personal loan? Acorn Finance is an online platform that partners with hundreds of reliable lenders that offer personal loans. Simply submit one online application that does not affect your credit and receive multiple personalized loan offers within seconds. Let’s take a look at some of the pros a personal loan can offer…

Low APR Personal Loan for Boat Slips

 Personal loans up to $100,000

– Competitive interest rates as low as 4.99%

– Terms up to 12 years

– Receive pre-qualified offers without impacting your credit score

– Easy to activate

Closing Thoughts

In conclusion, anytime you can own something versus rent something you should choose ownership if possible. However, in many desirable boating locations, it’s not possible to own or build your own dock or slip. If it is possible to build your own boat dock you should consider using a personal loan to finance the project.

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