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  • Yacht financing qualifications and rates 2020

    Yacht Financing Qualifications & Rates | May 2020 Update

    By: | Date: May 12, 2020


    Yacht Financing Qualifications & Rates | May 2020 Update

    Since the Covid-19 pandemic, a few things in the yacht finance world have changed for yacht buyers. The bad news, lenders have raised the bar to qualify for loans for luxury items; and they have also tightened up the yacht financing process. The good news though, not everyone will be impacted by these changes.

    If customers have a credit score of 760 and above, have high liquidity, strong income, and are willing to put down a larger down payment, then they won’t be affected by the stricter policies. These positive factors are rewarded by the lenders in their interest rates. While it’s not impossible to obtain a loan on a yacht, customers with lower credit scores, limited liquidity, and minimum down payment will more than likely face more scrutiny

    Interest Rates

    Unfortunately, due to all that is going on right now, interest rates from nearly every lender have increased over the last 45 days. The good news, the rates have not increased by much. The rate range our finance department is quoting right now varies anywhere from 3.99% – 4.49%. Of course, interest rates can change at any time and are driven by multiple factors including:

    • Credit scores
    • Down payment
    • Age of boat
    • Finance amount
    • Term (some lenders give a rate benefit for a shorter-term)


    Patience is Required

    Nearly all underwriting and funding teams are working remotely at this time which has increased wait times. In addition, if a customer has credit issues and/or the customer’s financials are more complex, it will also extend the time it takes to finance a yacht.

    Financing Options

    At Galati Yacht Sales we understand that the best times are out on the water, that is why we ensure our finance process is hassle-free and best suited for your needs, to get you out on the water faster. Our qualified business team and certified sales professionals work diligently with you to ensure the process is simple and hassle-free. Marine dealers such as ourselves, understand the marketplace and the subtle differences when it comes to marine lending. Our financing team has well-established partnerships with some of the largest marine finance lenders in the industry that offer aggressive rates and terms that fit best for you.

    At GYS we also help secure yacht loans with no loan origination fees, closing fees, application fees, or points. Our finance specialists are available throughout your entire sales and closing process to answer questions and provide the “red carpet” customer service, that Galati Yacht Sales is known for. Not to mention, we are your convenient one-stop shopping center. After financing your yacht, we offer financing insurance, extended warranty, USCG documentation, state titling, and registration.

    Disclaimer: **Rates, terms, down payment, origination cost and pre-payment penalty vary based on the customer credit profile and approved lenders requirements

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