Question 1

Who can apply for a J.J. BEST boat loan?

Accepted Answer

J.J. Best provides boat financing to individuals purchasing personal-use vessels in the 48 contiguous states. Borrowers must reside in one of those states and be in the United States throughout the purchase and post-purchase process.

The boat must be registered in the United States and titled or documented in the name of the borrower or borrowers listed on the loan. We do not finance boats purchased for business or commercial use.

Question 2

How do I apply for a boat loan?

Accepted Answer

You can apply online at any time or speak directly with one of our Marine Loan Officers by phone. Our online application can be completed from a smartphone, computer, or other internet-connected device.

You can also call 1-800-USA-1965 Monday through Friday from 9:00 a.m. to 9:00 p.m. Eastern Time or on weekends from 10:00 a.m. to 4:00 p.m. Eastern Time. Our Marine Loan Officers can answer questions or take your application information over the phone.

Questions can also be sent to boatloans@jjbest.com at any time.

Question 3

Who reviews my application?

Accepted Answer

J.J. Best’s credit department and an experienced Loan Officer review your application. As part of the initial review, we run a soft credit inquiry through Experian, so your Experian credit file must be unlocked.

Our Experian scoring model considers factors such as established auto loan or mortgage payment history. As a result, the score used during our review may differ from scores shown by consumer services such as Credit Karma.

Question 4

How long does it take to get approved?

Accepted Answer

A pre-qualification may be available in five minutes or less after a Loan Officer reviews the application. Timing may be longer during peak periods, weekends, or holidays.

Final approval and funding take additional time and depend on how quickly we receive the required documents, insurance, and any necessary survey or inspection. Once the file is complete, funds are typically sent within a few days and may be available sooner in some cases.

Question 5

Can I buy from a private seller or dealership?

Accepted Answer

Yes. J.J. Best can finance eligible boat purchases from dealerships, brokers, and private sellers.

The documents and closing process may differ based on who is selling the vessel, but your Loan Officer will explain what is needed to keep the transaction moving.

Question 6

Can I purchase a boat with an out-of-state title?

Accepted Answer

Yes. J.J. Best can finance eligible boats with out-of-state titles.

Title, registration, and lienholder requirements vary by state. Review the state lienholder and ELT codes below or contact our title department for guidance on your purchase. Our title team can help identify what is needed before closing.

Question 7

How long are my approval and interest rate good for?

Accepted Answer

An approval with an established rate and term is valid for 60 days from the date it is issued. The boat, purchase price, and transaction details must still meet the conditions of the approval before funding.

Question 8

What determines whether I will be eligible for a boat loan?

Accepted Answer

Boat loan eligibility generally depends on established credit, verifiable income, an acceptable debt-to-income ratio, a down payment, and the boat being purchased.

Our team reviews the complete application rather than relying on any single factor.

Question 9

What is debt-to-income ratio?

Accepted Answer

Debt-to-income ratio is the percentage of your gross monthly income used to pay existing debts. J.J. Best generally allows a total debt-to-income ratio of 40% to 45%, including obligations such as mortgages, auto loans, student loans, and other installment debt.

The acceptable limit depends on the strength of the complete application, including credit, income, down payment, and requested loan amount.

Question 10

Should I apply alone or with my spouse?

Accepted Answer

Applying with your spouse may help the debt-to-income ratio when both of you have income. It may also help address insurance requirements when both spouses will be connected to the purchase.

You should apply together if both spouses plan to be listed as owners on the title or USCG Certificate of Documentation. Only borrowers listed on the loan may be listed as owners of the financed boat.

Question 11

Do you have good rates?

Accepted Answer

J.J. Best offers competitive boat loan rates for qualified borrowers and structures loans with the total cost of borrowing in mind. The rate and terms available depend on the borrower, down payment, requested loan amount, repayment period, and boat being purchased.

Use our Boat Loan Calculator to estimate payments based on different loan amounts, rates, and terms. Calculator results are estimates and do not represent a final approval or quoted rate.

Question 12

What terms are available?

Accepted Answer

Boat loan terms range from 84 to 240 months, depending on the vessel and financing program. For boats that are 20 years old or older, the available term is generally 84 months.

For boats under 20 years old, terms may extend to 240 months. If the vessel does not have a galley, berth, and head, the maximum term is generally 180 months.

Question 13

How much do I need for a down payment?

Accepted Answer

J.J. Best generally requires a 20% down payment for older boats and a 10% down payment for newer vessels.

The exact amount may depend on the boat, purchase price, requested loan amount, and complete application.

Question 14

Will the boat I want be eligible for a J.J. Best loan?

Accepted Answer

With few exceptions, J.J. Best finances personal-use boats of nearly any age. Eligibility depends on the vessel’s condition, intended use, location, market value, and supporting documentation.

Age alone does not determine whether a boat can qualify.

Question 15

Can I finance an older or classic boat?

Accepted Answer

Yes. J.J. Best finances many older and classic personal-use boats, including vessels that traditional lenders may overlook because of their age.

We review older boats based on their condition, market value, maintenance history, ownership records, and insurance. Additional documentation or a marine survey may be required before funding.

Question 16

Are there boats J.J. Best does not finance?

Accepted Answer

Yes. J.J. Best does not finance boats used for business or commercial purposes, vessels that are inoperable, boats moored outside the United States, or high-performance boats more than 15 years old.

Our Marine Loan Officers can review a particular vessel before you commit to the purchase.

Question 17

What do you need from me to process my loan?

Accepted Answer

Before the loan can be funded, J.J. Best needs complete information about the borrower, purchase, title, insurance, and vessel.

Required documents generally include:

A copy of the front and back of the seller’s title or, for a documented vessel, the Certificate of Documentation
A copy of the purchase and sale agreement
Proof of insurance
Proof of down payment
Proof of income
For boats 20 years old or older, a full NAMS or SAMS marine survey completed within six months of the application

Providing these documents early helps our team identify missing items and keep the purchase moving toward funding.

Question 18

When is a marine survey required?

Accepted Answer

A full marine survey is required for boats that are 20 years old or older. The survey must be completed by a NAMS or SAMS marine surveyor within six months of the loan application.

The report helps confirm the boat’s condition, equipment, and supported market value before funding. A survey or inspection may also be requested when more information is needed about the vessel.

Question 19

Do you offer insurance quotes?

Accepted Answer

Yes. J.J. Best Insurance, an affiliated company, can provide program information and a boat insurance quote.

Call 1-888-4BEST-IN or 1-888-423-7846 to speak with an insurance agent. Available coverage and pricing depend on the vessel, owner, intended use, location, and other underwriting factors.

Question 20

What type of insurance do you usually require?

Accepted Answer

J.J. Best typically requires guaranteed value, full coverage, and liability insurance for a financed boat.

The exact policy requirements depend on the vessel and transaction. Your Loan Officer can confirm the required coverage and how J.J. Best must be listed on the policy.

Question 21

Do I need insurance to receive the loan proceeds?

Accepted Answer

Yes. The required boat insurance must be active before loan proceeds can be released.

You will need to provide J.J. Best with an insurance binder or other acceptable proof of coverage before funding.

Question 22

Can you get the boat USCG documented for me?

Accepted Answer

Yes. J.J. Best works with Annapolis Yacht Documentation to assist with USCG documentation.

Before the process can begin, the purchase and sale agreement, marine survey, and completed loan contracts must be available. A service fee applies, and your Loan Officer can provide additional details.

Question 23

How do I register my boat?

Accepted Answer

Boat registration requirements vary by state. J.J. Best’s title department can explain the process and the documents needed for your purchase.

Email titles@jjbest.com for assistance.

Question 24

Who should be listed as the owner?

Accepted Answer

Only borrowers listed on the J.J. Best loan documents may be listed as owners on the boat’s title or USCG Certificate of Documentation.

A spouse or other individual cannot be added as an owner unless that person is also included on the loan agreement.

Question 25

How should J.J. Best be listed as lienholder?

Accepted Answer

J.J. Best & Co. must be listed as the lienholder on the boat’s title, registration, or USCG documentation when required. Use the applicable state ELT code listed below for electronic lien records.

Because title and lien-recording procedures vary by state and transaction, contact our title department before submitting the paperwork to confirm the correct name, address, and code.

Question 26

View J.J. Best lienholder and ELT codes by state

Accepted Answer

AZ: 043283632

CA: Z62

CO: E0432836320001

FL: 22838177

GA: 001108869403

IN: 0432836320001

LA: ENJB

MA: VJJ

MD: 0422

MI: LH010556

NC: 36390768

NE: 0882517

NY: 71273

NJ: 480-089-197-02740-0

NV: JJ0001

PA: 04328363201

SC: JJB7787

SD: 043283632

TX: 04328363200

Frequently Asked Questions: Boats

Choose a Category

Before You Apply

Credit and Income Requirements

Down Payments, Rates, and Terms

Boat Eligibility and Older Boats

Documents and Marine Surveys

Boat Insurance Requirements

Titles, USCG Documentation, and Lienholder Information

State Lienholder and ELT Codes

Testimonials

Anthony A, Ohio

Casey M, Kentucky

Dennis M, Maine

Douglas L, New Jersey

John I, Tennessee

Ryan F, South Carolina

Scott W, New York

William W, Florida

Ana J, California

Here’s why customers choose JJ BEST BANC & COMPANY

Oldest and Largest
Classic Car Financier

Industry
Experts

Unparalleled
Customer Service