Boat Loans and Jet Ski Financing

Get Out On The Water

Whether you’re dreaming about owning your first boat – or looking to upgrade your current watercraft to something a little bigger – how to finance your purchase can be a major consideration. FFCCU offers advice, experience, and competitive rates on boat financing and jet ski loans. Our goal is to help you find the best path to enjoying the open water.

How Do Boat Loans Work?

At FFCCU, we want to make it easy and affordable to get out on the water. In many ways, a boat loan for a smaller boat will work like an auto loan, with rates and financing options that extend a few years, monthly payments, and suggested down payments. Down payments typically range from 10% to 20%. Often rates will depend on the age of the boat. Because we’re a not-for-profit financial co-op, we’re able to offer great rates and low fees on all our boat financing options. Here’s what you can expect:

Our Rates

As of May 15, 2024
Motorcycle, ATV, Boat, Jet Ski, Camper, Trailer/MotorhomeInterest RateAPR**
as low as 8.27%*as low as 8.367%**
newer than seven model years
as low as 8.77%*as low as 8.868%**
seven model years or older
as low as 9.77%*as low as 9.869%**
*Approval and rates based on credit worthiness, number of years the loan is financed, amount financed, age of collateral and other qualifying criteria. Members must be 18 years of age or older. New rec vehicle definition: Current and previous model year, never titled and has less than 500 miles on it. FFCCU may consider a rec vehicle loan refinance as a “new” auto loan if the vehicle being refinanced is within one year of original purchase date and member is the original owner. Rates quoted reflect .25% discount for EasyPAY (to qualify for EasyPAY, enroll in Online Banking with e-Statements, Direct Deposit at least $200 per month, sign up for Auto Pay for loan payments). Higher rate may be offered upon approval. The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law. Contact FFCCU at 800.621.4644 for details and current rates as they are subject to change at any time and without notice.
**APR based on $40,000 financed for 48 months, with qualifying credit, including loan processing fee of $75. Other terms & conditions may apply.

*Calculations are based on a $250,000 purchase with 20% cash down, resulting in the financing of $200,000. APRs reflect fees of $4,500 and terms described above (30, 20, 15, and 10-year fixed-rate conventional loans). Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80%. All rates and estimates listed are based on qualifying credit. Rates and payments may be higher depending on credit score or other factors pertaining to credit-worthiness.


Not Sure Where to Start? Estimate Your Payments Using our Loan Payment Calculator

How to Apply For a Boat Loan

The first step is to fill out an online application. At FFCCU, you don’t even need to have a boat picked out – you just need to know if you’re in the market for a new or used one. From there, we’ll review your credit history to see if you qualify and determine your interest rate. The entire process typically takes no more than a few days, and in some cases is even completed the same day you apply. If you’re approved, we will cover the loan amount and set you up with a monthly payment. We also offer automatic payments through EasyPay, which will lower your interest rate by 0.25%. Interest rates are subject to change.


Already Have a Boat Loan? Let's Talk Refinancing

Sometimes you already own your perfect boat, but maybe your payment is less than ideal. Depending on your credit score, we may be able to get you a lower rate than what you already have. Complete our quick online application to see what terms we can offer.


FAQ's on Boat Loans

Any active member of FFCCU in good standing and who qualifies based on credit history and score. If you are not a member of FFCCU you would first need to become a member. Anyone who is eligible to become a member (lives, works, worships in our membership area) and qualifies for a boat loan can get a loan to purchase a new or used boat.

Yes, but you would need to get a home equity loan depending on your needs. There are two common types available. A Home Equity Fixed Rate Loan provides you with a lump sum of cash all at once, and you’ll be expected to pay it back starting the day you receive your lump sum payment, similar to a mortgage. A Home Equity Line of Credit (HELOC) may also be an option. This allows you to borrow a percentage of your home’s equity and use a pre-loaded credit card to use the money however you’d like – including a boat purchase or related equipment. This may be a better option if you’re still shopping for a boat, and are unsure when you’ll be ready to buy.

There is not necessarily a minimum credit score. Approval depends on many factors, with credit score being one of them. However, employment and credit history, collateral and more all come into play.

It often depends on each individual’s personal situation and history. Typically, the lower your credit score the more difficult it is to get approved for a loan. If you want to make a major purchase that requires a loan, consider taking steps to repair your credit and raise your credit score.

To complete our quick online application, you’ll need to provide some basic personal information, including your legal name, address, social security number, employment history and any collateral. You’ll also be asked for your permission to pull your credit report and history.
There are other details that will likely be required depending on the lender and their application process.

Typically you need a decent credit history to get a loan of any kind. This is because lenders want some assurance their loan will get paid back.
Those with lower credit scores can still qualify for loans, depending on their circumstances, but may pay more in interest because they are a “riskier” borrower. This could cause your estimated monthly payment to be higher.

Sites like nadaguide, JDPower or boattrader can all give you an idea of what it might be worth. The condition of the boat may cause the value to vary greatly so be sure to do your research. Try to see the boat in-person and even test drive it if possible.

Typical boat loan approval is 24-48 hours, provided we have all needed application info.

FFCCU will consider your entire financial picture, including your credit score, your employment history and any available collateral when looking at your eligibility for a boat loan. However, the higher your credit score, the better your chance of being approved for the loan. If you are worried about your credit history, consider taking steps to raise your credit score.

At FFCCU we offer boat loan terms of up to 72 months.

Boat Loan Lingo You Should Know...

  • Down Payment: This is the amount of money you will put down when buying the boat. It will reduce the loan amount you need. For example, if you are purchasing a $24,000 boat and put $5,000 down, you will need a boat loan for $19,000.
  • Refinancing: If you already have a boat loan but want to search for a better interest rate or extend the term of the loan, you can refinance.
  • Trade Allowance: If you own a boat that you’re trading in, any positive equity in that boat could help reduce the loan amount. Your boat dealer will let you know what your trade allowance will be.
  • Amount Owed On Trade: If you still owe money on your current boat, this can reduce the amount your receive from your trade-in.
  • Interest Rate: Boat loan interest rates are calculated based on your credit score and the length of the loan. The rate is how much the lender charges you to finance the purchase.
  • Pre-approval: Lenders will provide pre-approval for a specific loan amount. When shopping for a major purchase, like a boat, having a loan pre-approval can often help you negotiate a better purchase price.

Not a Member? No Problem!

Remember, we’re not just for Firefighters! Joining FFCCU is easy and offers you all kinds of perks including the opportunity to earn interest on a checking account! We also offer online banking and have our own mobile app! You can learn more about becoming a member here.