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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 401.846.3400 or 800.234.8586 for more information.

Fixed Rate Boat Loans


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

Term

APR*

Minimum Loan Amount

Monthly Payment Amount

Additional Requirements

60 months

4.50%

$25,000

$466.08

20% down

120 months

5.625%

$25,000

$272.87

20% down

180 months

6.25%

$25,000

$214.36

20% down



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

Term

APR*

Minimum Loan Amount

Monthly Payment Amount

Additional Requirements

60 months

4.25%

$50,000

$926.48

20% down

120 months

5.375%

$50,000

$539.54

20% down

180 months

6.000%

$50,000

$421.93

20% down

240 months

6.375%

$50,000

$369.12

20% down



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

Term

APR*

Minimum Loan Amount

Monthly Payment Amount

Additional Requirements

60 months

3.99%

$100,000

$1,841.20

20% down

120 months

5.15%

$100,000

$1,068.00

20% down

180 months

5.740%

$100,000

$829.88

20% down

240 months

6.00%

$100,000

$716.43

20% down

 

Adjustable Rate Boat Loans


5/1 Adjustable Boat Loans

Product

Term

APR*

Minimum Loan Amount

Monthly Payment Amount

Additional Requirements

$25,000 - $49,999

15 years

4.50%

$25,000

$191.25

20% down

$50,000 - $99,999

20 years

4.250%

$50,000

$309.62

20% down

$100,000 - $2,000,000

20 years

4.125%

$100,000

$612.59

20% down


7/1 Adjustable Boat Loans

Product

Term

APR*

Minimum Loan Amount

Monthly Payment Amount

Additional Requirements

$25,000 - $49,999

15 years

5.00%

$25,000

$197.70

20% down

$50,000 - $99,999

20 years

4.615%

$50,000

$319.44

20% down

$100,000 - $2,000,000

20 years

4.49%

$100,000

$632.11

20% down

The annual percentage rate (APR) is accurate as of: April 24, 2014

* Monthly payment amounts are based on the minimum loan amount for each term; Annual Percentage Rate reflects a .25% rate reduction for having monthly payment automatically deducted from a BankNewport checking account. Automatic payment is not a requirement to obtain a loan. APR subject to change without notice. For Adjustable Rate Loans, the APR may increase after consummation of the loan. Other terms and rates are available. Subject to credit approval.