Why Finance with an NMLA Member?

Boat buyers have choices when it comes to paying for their purchase, and financing is both an affordable and sensible option. But it’s just as important to know where to go for a boat loan.

The National Marine Lenders Association (NMLA) is a national organization of marine lending specialists who understand the boat business. NMLA members -- national and local banks, financial service firms and credit unions -- offer competitive financing simply because they have made boat loans an important part of their business. And because it’s their business, many marine dealers and brokers work with NMLA lenders daily to help put boaters on the water.

Here are the advantages you will receive by financing your purchase through a member of the NMLA:

  • Realistic Down Payments

The down payment is based on the age, type and price of the boat you are buying, as well as your own credit profile. In today’s market, NMLA marine lenders offer financing with down payments typically in the 10 percent to 20 percent range. A number of NMLA members have created special programs available through various manufacturers and dealers that could allow you to qualify for less on new boat specials.

  • Help with Loans on Pre-owned Boats

Many NMLA lenders work with dealers and brokers who sell pre-owned boats, so they can take care of your needs quickly and knowledgeably.

  • Faster Credit Decisions

Because you are working with professionals in the marine industry, NMLA lenders understand boats and their buyers. You can apply for a loan and be approved often within 24 hours.

  • Longer Financing Terms

NMLA marine finance specialists recognize the value of a well-maintained boat, so terms generally will be more attractive than those offered by lenders not actively making boat loans.

  • Lower Monthly Payments

Because NMLA marine lenders understand that boats have longer life cycles than cars; they tend to extend longer terms on boat loans. That means monthly payments are likely to be much lower than expected.

  • More Electronics and Extras

NMLA marine lending specialists will allow you to finance optional equipment, electronics, extended service plans and life/disability insurance coverage with your purchase. By financing your boat purchase you can usually afford a newer, larger, or more powerful boat and all the gear that it takes to make boating safer and more enjoyable!


You can find NMLA marine lenders at boat shows, through ads in boating magazines, and on the web, including our “Member Directory”.  Ask your dealer or broker to help you gain the financing benefits offered by NMLA marine lenders.


National Marine Lenders Association
1 Melvin Avenue
Annapolis, MD 21401
(410) 980-1401