How to Assume a Boat Loan


There are different ways to purchase a boat. You can choose to pay for the boat outright, in which you won’t have a monthly payment. Another option is traditional financing. However, this generally requires a down payment. If you want to purchase a boat, but you don’t have cash for a down payment, consider an assumption.

Things You'll Need

  • Credit report
  • Loan documents
  • Assumption package
  • Pay stubs
  • Bank statements

Find a boat with an assumable loan. There are several boat financing options. Unfortunately, some loans don’t allow assumptions. Keep an open eye for boat advertisements that mention an assumable loan.

Request a copy of the boat loan papers from the seller. Before proceeding with the purchase, ask the seller for a copy of the loan documents. Once you have the documents, read them carefully. Make sure the loan features an assumable option.

Call the boat lender and request an assumption package. These packages vary. The majority of boat lenders don’t require a down payment on assumptions. Still, it’s important to request the package and familiarize yourself with the lender’s requirements.

Check your credit and make needed improvements. Credit scores play a role in boat assumptions. If you have a bad score, the lender may deny the request. Review your credit report beforehand. If necessary, postpone the purchase and increase your credit score.

Gather your personal information and present it to the lender. Before the boat lender approves the assumption, they need to review your financial information and credit history. In other words, they want to assess your ability to repay the boat loan.

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