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Boat Loans*

Make your passion a reality!

Apply Now!

 

Whether you want to purchase a new or used boat, or refinance an existing lien on a boat you first financed elsewhere, our team of professional loan specialists is here to answer all your questions. BankNewport boat loans offer you:

  • Competitive fixed and variable rate programs
  • Financing the purchase of a boat or refinancing your existing loan
  • Financing available for many types of new and used sailboats and motorboats
  • Terms up to 20 years
  • 0.25% rate reduction with automatic deduction from a BankNewport checking account

More important information on BankNewport boat loans:

  • Minimum loan amount $25,000
  • Purchase & Sales Agreement required on purchase financing
  • Proof of Insurance required on all loans
  • Prepayment penalty of 2.00% the original loan amount within the first 24 months

Apply online, email us at intouch@banknewport.com or call 401.845.2265 or 877.709.2265 outside the Newport County area for more information.

Fixed Rate Boat Loans

Fixed Rate Loan $25,000 - $49,999

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Term APR Minimum Loan Amount Monthly Payment Amount Additional Requirements
60 Months 4.750% $25,000 $468.92 20% down
120 Months 5.625% $25,000 $272.87 20% down
180 Months 6.000% $25,000 $210.96 20% down

Fixed Rate Loan $50,000 - $99,999

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Term APR Minimum Loan Amount Monthly Payment Amount Additional Requirements
60 Months 4.500% $50,000 $932.15 20% down
120 Months 5.375% $50,000 $539.54 20% down
180 Months 5.750% $50,000 $415.21 20% down
240 Months 6.250% $50,000 $365.46 20% down

Fixed Rate Loan $100,000 - $2,000,000

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Term APR Minimum Loan Amount Monthly Payment Amount Additional Requirements
60 Months 4.240% $100,000 $1,852.50 20% down
120 Months 5.250% $100,000 $1,072.92 20% down
180 Months 5.625% $100,000 $823.73 20% down
240 Months 6.000% $100,000 $716.43 20% down

 

Adjustable Rate Boat Loans

5/1 Adjustable Boat Loans

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Product Term APR Minimum Loan Amount Monthly Payment Amount Additional Requirements
$25,000 - $49,999 15 Years 5.240% $25,000 $200.84 20% down
$50,000 - $99,999 20 Years 4.740% $50,000 $322.84 20% down
$100,000 - $2,000,000 20 Years 4.490% $100,000 $632.11 20% down

7/1 Adjustable Boat Loans

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Product Term APR Minimum Loan Amount Monthly Payment Amount Additional Requirements
$25,000 - $49,999 15 Years 5.490% $25,000 $204.14 20% down
$50,000 - $99,999 20 Years 4.990% $50,000 $329.70 20% down
$100,000 - $2,000,000 20 Years 4.740% $100,000 $645.68 20% down

The annual percentage rate (APR) is accurate as of: December 2, 2016