Boat Title Loans

Have you heard of boat title loans? You can get boat title loans online in California on any kind of boat these days, including new boats, old boats, used boats, personal watercraft like wave runners or jet skis, houseboats, fishing boats, yachts, racing boats, or anything else with a title.

While title loans on boats aren’t as common, they do exist, and they can be a great way to get the cash you need quickly. If you own a boat that you’ve already paid off or are close to paying off in full, it may have a purpose beyond catching fish or sailing the nearest lake or ocean.

A boat title loan is an easy way to unlock the equity stored in your boat. You get to keep using your vessel, and we lend you funds based on your ability to repay the loan and the value of the boat.

A boat title loan is an easy way to unlock equity stored in your boat. You get to keep using your vessel, and we lend you funds based on your ability to repay the loan and value of the boat

Can You Get a Title Loan on a Boat?

Yes, you can get a title loan on a boat, and the application process is straightforward. Whether you’re searching for boat title loans near me or exploring options online, a lender will approve the loan in exchange for temporary ownership of your boat’s title, as long as you show the ability to repay it.

As a qualified borrower, you can still use your boat as much as you want while you pay back your loan, and you will resume ownership of your boat’s title once your loan has been repaid in full.

Requirements to Get Approved for Boat Title Loans

As with every title loan, there are a few documents that you’ll need to provide to be approved for a boat title loan. These items include:

– DMV registration

– Government-issued ID

– Boat Title

With these documents in hand, as well as others, all you’ll need to do to walk out the lender’s door with cash in hand is sign the paperwork. It’s that simple! These items will prove to the lender that you are responsible and will pay back the money you owe.

In addition, the lender might want to ensure that the boat is insured and that your driver’s license is up to date. Lastly, lending money for a vehicle that isn’t in your name or is shared by you and someone else can be a bit of a hassle. While a title loan can still be administered, it becomes much harder for both you and the company lending the money.

Advantages of Boat Title Loans

Since you’re probably not using your boat as much as you would your car, there is a lot less risk involved.

Here are some extra advantages to “lending out” your boat:

• Boats are typically worth more than cars, meaning you can get more money out of them when taking out a title loan.
• Longer and more flexible lending terms. Because of their value, boat title loans can have a duration of between three to four years.
• It is possible to get financing through a boat equity loan even if your credit is poor or non-existent.

Call us now and check how much money you can save on your monthly payment with 5 Star Car Title Loans refinancing

Disadvantages of Getting a Boat Title Loan in California

There are a couple of potential problems associated with taking out a title loan on your boat as well.

Here are some of the disadvantages you could encounter:

• Higher interest rates – While you can get cash fast when lending off the value of your boat, keep in mind that interest rates on these loans will be a tad higher.
• Longer lending terms – This can be an advantage or disadvantage depending on your circumstances. With longer lending terms, you’ll be paying it off longer, but your payments will be lower.

For the most part, it’ll come down to a trade-off between when you need the money and how long you’re comfortable paying on the loan.

How Are Bad Credit Boat Loans Repaid?

In the case of 5 Star Car Title Loans, boat title loans require that the first payment be made 30 days from issuance, and typically come with a 36-month loan repayment schedule. However, we do not charge prepayment penalties or any other hidden fees, so if you come into money and want to pay your loan off earlier to avoid additional interest, that is completely acceptable.

If you cannot make the payments or default in some way, your boat, like any other vehicle, can be taken and sold by the lending company.

Flexible Payments with 5 Star Car Title Loans

We are also extremely flexible with how we take payments for boat title loans in California, allowing them over the phone, through regular mail, via online or electronic transfers, or even dropping by the office to pay in person with cash. When you take out a boat title loan from us, you can rest assured that we’ll be willing to accommodate your specific needs.

Are You Ready to Take the Next Step?

If you’re thinking about boat title loans, give us a call today. We, 5 Star Car Title Loans, are based in California, and we’ve been helping people like you get the money they need for years. Whether you’re searching for boat title loans near me or ready to apply online, our minimum loan is $2,600.

Contact us for a boat title loan free estimate. We look forward to hearing from you.