Financing is available for most new and used boats. While the specific details of your loan are based on your credit approval, Hometown National Bank provides this information to help you understand the loan process and guide your decision-making.
- Documentation - Vessel loans are more complex and must be documented. Documentation confirms U.S. citizenship and ownership of the vessel.
- Finding Appraisals/Survey Services - Surveys must be completed by an accredited marine surveyor and not be over 30 days old.
- Insurance - Boats require hull insurance with a maximum deductible of $1,000. Pleasure vessels require an all-risk yacht policy (full general perils) that includes hull coverage and protection and indemnity liability ($100,000 minimum).