Coralville Lake Marina specializes in the marine financing program that is right for you. We work with numerous lenders that understand the marine industry, and together with our expertise we can find a financing solution that meets your personal needs. In addition we have financing available for all credit situations. Please fill out our secure credit app below and they will call you immediately to begin the approval process. Get pre-approved today and enjoy your new or pre-owned boat!
Call our Sales or Finance Department Today for more details! 319-351-8343
Q: What information do I need when applying for a boat loan?
A: The only information you will need to get started is Name, Birthdate, and Social Security Number along with other basic information for all applicants.
Q: What is the current rate?
A: Boat loan rates and terms are based on several factors: the amount being financed, age of the boat, down payment, and, most importantly, your credit score.
Q: How long is the rate locked for once I am approved?
A: Most of our lenders lock the rate for anywhere between 30-60 days. We will monitor the approval expiration date to ensure that we maintain an approval for you when you are ready to proceed. If the loan does not close during the given approval rate lock timeframe, you will be subject to the rate at the time of loan closing.
Q: What are the down payment requirements?
A: The standard down payment is 10-20% for loans up to $100,000 and 15-20% over $100,000. Any equity in a trade in may be counted as part of the down payment. Sometimes we can do loans with zero down payment.
Q: Is this a fixed rate loan?
A: Yes, fixed rates with a simple interest amortization, which establishes a permanent payment over the life of the loan.
Q: Are there any pre-payment penalties?
A: None of our lenders have a prepayment penalty.
Q: How long does the loan application process take?
A: We will take your credit application over the phone, via the internet, by fax or in person in as little as 5-10 minutes. Depending on the lender, day and time, we can have an answer in as little as one hour although it can save you time and hassle if we pre-approve you before arriving at the dealership.
Q: Should I apply for the boat loan with more than one company?
A: Every time you give permission to pull your credit file, it lowers your credit score. Be cautious of this and only give your application to the company that you are most certain that you will do business with. Having several companies reviewing your loan application can jeopardize your approval and loan rate. We are able to pull your credit only once then submit your application to several different lenders so that way we can get you the best possible deal out there.
Q: Do I have to provide income verification?
A: Generally lenders do not require income verification but sometimes it is necessary to get the best rate and approval possible.
Q: Once approved, how quickly can this loan close?
A: Often we can close in less than one hour!!