How to get a boat loan in Hawaii

1. Set your budget first

   • Decide the purchase price and how much you can put down.

   • Include Hawaii-specific costs such as registration, insurance, moorage/slip fees, maintenance, and possibly transportation between islands.

   • For a larger boat, lenders may also require a marine survey and insurance before closing.

2. Get pre-approved before shopping
   Look at:

   • Local Hawaii banks and credit unions

   • National marine/boat lenders

   • Your existing bank or credit union

   • Dealer financing

   Boat loans can be secured by the boat itself, while some lenders offer unsecured personal loans. Rates and terms vary considerably by lender and borrower. TThe Wall Street Journal

3. Have your documentation ready
   Expect to provide things such as:

   • Driver's license/ID

   • Proof of income

   • Employment information

   • Tax returns or financial statements for some larger loans

   • Information about existing debts

   • Purchase agreement/bill of sale

   • Boat year, make, model, HIN and purchase price

4. For a used boat, expect additional requirements
   Depending on the lender and loan size, you may need a marine survey, title search, valuation, and proof of insurance. Older boats can be harder to finance.

5. Make sure the Hawaii title/registration works for the loan
   Hawaii requires most undocumented vessels principally used in the state to be titled, and registration is separate from the title. New purchases and ownership transfers generally have to be completed in person through the Division of Boating and Ocean Recreation (DOBOR). DDepartment of Land and Natural Resources+1

   Hawaii DOBOR vessel registration & titling information

6. Compare the actual loan—not just the interest rate
   Ask each lender about:

   • APR

   • Down payment

   • Loan term

   • Maximum boat age

   • Maximum loan amount

   • Application/origination fees

   • Prepayment penalties

   • Whether they finance boats purchased from private sellers

   • Whether they finance boats located on a different Hawaiian island

A good strategy

If, for example, you're looking at a $100,000 boat, I'd get quotes from at least 3 lenders before making an offer. A 10–20% down payment can also make the application substantially easier, particularly on a used boat