Frequently Asked Questions: Boats

Borrowers must reside in the 48 states of the continental U.S. and be present in the country for the purchase and post purchase process. The vehicle must be registered in the United States and in the name of the individual borrower who applied. JJ Best lends to individuals only. We do not finance vehicles that are used for business or commercial purposes.

It’s easy! Applying online is fast and convenient and available all day, every day on your smart phone, desktop or other internet-connected device. You are also invited to call 1-800-872-1965 during business hours if you have questions beyond this FAQs section. Our Loan Officers are true experts in their field and can input your application information over the phone.

With your initial application, JJ Best’s credit department runs a soft inquiry with the Experian credit bureau. Make sure your credit history is unlocked with that bureau. The credit scoring model J.J. BEST uses with Experian favors individuals with auto loan history and/or mortgage payment history, so your score may vary from other credit score services like Credit Karma, for example.

Once reviewed by a Loan Officer, your application can receive a pre-qualification in 5 minutes or less. If you apply during peak times or on weekends or holidays, that timeline can be extended a bit. Funding can vary depending on how soon the vessel can be surveyed / inspected, but typically after obtaining all needed documents, the funds are usually sent within a few days, sometimes faster.

Our general requirements include good to excellent, established credit, a downpayment toward your purchase, verifiable income and a good debt-to-income ratio.

With few exceptions, any personal use boat is eligible no matter how old it is. Ineligible boats include high-performance boats over 15 years old, a boat that is inoperable in its current state, or a boat with a mooring location out of the country.

Absolutely. J.J. BEST rates are competitively priced and more importantly, structured to minimize the total interest our customers pay. Use our Boat Loan Calculator to get a payment estimate.

The shortest term available is 84 months, which is offered for boats that are 20 years old or older. The longest term is 240 months. If the vessel is less than 20 years old, but does not have a galley, berth, and head, the longest term is 180 months.

Generally, we require a 20% down payment for older boats and a 10% down payment for newer vessels.

We can finance your purchase in either case.

Once you have received an approval with an interest rate and term, the approval is good for 60 days.

If both you and your spouse have income it will usually help the debt to income ratio and any insurance issues. You should also apply with your spouse if you both intend to be listed as owner on the title/USCG Documentation. Only the persons listed on the loan may be listed on the title/USCG Documentation.

Debt to income ratio is the percentage of a consumer’s monthly gross income, as reported by the credit reporting agency, that goes toward paying debts. The maximum amount that we allow is 40% - 45% of all debt including mortgage and installment debt, auto loans, student loans, etc.

J.J. BEST is personally available to you during the following Eastern Standard Times: Monday through Friday 9:00AM to 9:00PM and 10:00AM to 4:00PM on weekends. We also accept internet questions at boatloans@jjbest.com 24 hours a day.