Can you finance a used boat?

Buying a used boat can be a great way to save money and land a great deal. However, there are generally a few extra steps required in order to obtain financing. What do banks require before backing you up on a used boat? Valuation A lender is obviously only going to fund you up to the estimated value of the boat. So how do they determine this value? The most common way is the NADA Guides which are a standard valuation tool for both cars and boats. While these values can vary with different boat manufacturers and are not exact, most lenders use Nada as a ballpark. When creating a Nada guide evaluation, be sure to add in options, trailer, etc to increase the chances of obtaining a larger loan…
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