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Boat Loan

Because it’s fun to make a splash.

Apply Now Get Preapproved Refinance

Or call 1-800-621-2105

Boat Loan Interest Rate  APR  Monthly Payment Loan Term (Months)
New & Used 2016+ 8.34% 8.51% $372.62 120

Rates effective as of June 1, 2024, and subject to change without notice. Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. A $160 processing fee and a $65 Vendor Single Interest (VSI) fee apply to all booked boat loan applications. Boats 2016 or newer — APR calculation and example monthly payments based on loan amount of $30,000, FICO® score of 730 or greater, and term of 120 months. Rate includes 0.25% reduction for automated payments from an Elements checking account. Additional conditions may apply. Subject to credit approval. Payments shown do not include taxes and insurance premiums.

Boat Loan

Your weekends could get a lot more fun with this loan.


  • Rates as low as 8.51% APR for 120 months
  • Finance up to 90% of your boat’s value plus sales tax and licensing fees
  • Good toward all types of new and used sailboats, motorboats, and yachts
  • Flexible terms to fit your budget, up to 180 months. Call 1-800-621-2105 for additional rates.
  • Boat loan refinancing is also available


  • Closings typically in as quick as one business day

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How does a Boat Loan work?

Couple hugging, watching a sunset on their sailboat.

We will loan you the money for a new or used boat, and you will pay it back with interest over a specified period of time.

It’s good to plan ahead by getting preapproved for your Boat Loan. That way you can have a better idea of what price range you should be shopping for. Being preapproved also gives you good negotiating power with the seller.

Elements can finance up to 90% of your boat’s value, including tax and license. It’s a good idea, though, to put down at least 20% of the purchase price. Of course, the more you pay up front, the lower your monthly payment will be.

Whether you're interested in purchasing a boat or other recreational water vehicle or would like to change your lifestyle, Elements can help you start your adventure.

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What are the fees?

Three generations of men fishing on a boat

There are no prepayment penalties or an annual fee associated with a Boat Loan.

Elements boat loans include a low $160 processing fee and a $65 Vendor Single Interest (VSI) insurance fee. VSI insurance protects the lender, but not the borrower, in the event that the vehicle is damaged or destroyed.

Refinancing of an existing Elements boat loan has an additional $200 fee.

For boats over 25 feet, there is a standard Coast Guard Recorded Mortgage requirement. This includes a fee of $500 to $750 that is paid to a third party.

How do I get the funds once my loan is approved?

A mom and two girls on a boat

If approved, funds will be made available to the dealer directly.

Does Elements offer loan or asset protection coverage?

Yes. As your financial wellness providers, we want to make sure that you’re covered, no matter what may happen. That’s why we provide loan and asset protection programs. It’s just one more way that we look out for your best interests.

To protect your purchase, the following programs are available and can be wrapped into your monthly payments:

  • Guaranteed Auto Protection (GAP) is protection designed to eliminate your unpaid net loan or lease balance in the event your vehicle is stolen or damaged beyond repair. Learn more.
  • Debt Protection protects your credit rating during uncertain and stressful times. Your loan payment will be cancelled or suspended for a period of time without penalty, added interest, or being reported as delinquent to the credit bureau when a covered event occurs. Covered events include death, disability, involuntary unemployment, family leave and hospitalization. Learn more.

Why should I go to Elements for my Boat Loan?

A woman paying for drinks with her phone

Like a Bank, Only Better!

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves in being a trusted source for financial education. Your financial wellness expert will come to your workplace to answer questions and provide you with 1-on-1 assistance as you navigate the changes that come with each of life's stages.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally1. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

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How do I apply?

Screenshot of Elements online application

3 Easy Steps to Apply

  1. Apply online - You can apply online in as little as 15 minutes! Submit your application online anytime or call 1-800-621-2105 to get started. Have ready your government-issued ID (driver’s license, state ID, or passport) and proof of residence.
  2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions. We’ll also ask for your boat’s value, make, model, year, mileage, and VIN if not provided on the application.
  3. That’s it! - We'll contact you with a decision within 1 business day. Once your application is approved, we’ll contact you to sign documents and your loan will be complete!

Apply Now

I have used Elements for a mortgage, two auto loans, and now a boat loan. It's great that I have been able to count on my credit union for all of my loan needs. They have great service!

- Tammy L. | Member since 1997

What Will My Boat Payments Be?

Boat Loan Calculator


  1. 1 Based on asset size as of 12/31/2022.