Boat owners everywhere know that finding the ship of your dreams is a simple task, but figuring out how to pay for it can be an enormous headache. There are many different marine lenders to choose from, each one offering different interest rates, restrictions, conditions, and more. With all of these complications, it’s not hard to see why boat owners everywhere dread the idea of figuring out their financing. In fact, this process can be so daunting that boat owners are hesitant to refinance their marine loan, even if it is clear they can save a substantial amount of money. That’s why we’re here to help with an explanation of KeyBank Marine Loans, which can be a great option for aspiring boat owners as well as those looking to save money on their monthly payments.
Applying for a Boat Loan with KeyBank
The application process for a KeyBank Marine Loan is relatively straight-forward. Simply go to their website for boat loans, click apply, enter your zip code, fill out some personal and financial information, and you’re done. KeyBank will look at your credit report, income, debts, and other information and determine if you qualify for a loan. Unfortunately, KeyBank doesn’t offer any pre-qualification options open to the public on boat loans, so you’ll have to apply directly. If you’re unsure you can call KeyBank and get more information about whether it is a good idea for you to be applying for a marine loan. Once you qualify for a loan, KeyBank will offer you interest rates and an APR. You may be asked for collateral, which can include the title of the boat you’re requesting a loan to purchase. It is important to note that there are heavy restrictions against using the loan in ways other than intended. For example, you cannot take out a personal marine loan to buy a commercial vessel. It is also important to note that KeyBank only services certain areas, so you may find out that they do not give loans where you live.
Interest Rates at KeyBank
In general, we found that the interest rates at KeyBank are a bit lower than the industry average, which makes them a great place to go for a marine loan. The rates you get will depend on several factors, including the term of the loan, your credit score, and the value of the boat you are requesting a loan to purchase. Their interest rates as of writing were:
|Loan Amount||Length of Loan in Months||Min. Interest Rate||Max Interest Rate||Min. APR||Max APR|
|$5,000.00 – $24,999.99||12 – 84||5.84%||7.34%||6.09%||8.90%|
|$25,000.00 – $49,999.99||12 – 120||5.59%||7.09%||5.66%||7.72%|
|$50,000.00 – $74,999.99||12 – 180||5.59%||7.09%||5.62%||7.47%|
|$75,000.00 – $199,999.99||12 – 240||5.09%||6.59%||5.10%||6.76%|
|$200,000.00+||12 – 240||4.59%||6.09%||4.60%||6.21%|
As you can see, their lowest rate is 5.59%, and the highest interest rate is 7.09%. These are about 2% lower than the national average. KeyBank’s average rate is 6.06% and the national average is 6.17%, a 2% difference. Thus, it’s likely that customers who choose to go with KeyBank can save some money when compared to other lenders.
Another advantage that KeyBank has going for it is that they offer extended terms on larger purchases. This can make it even easier to afford a more expensive craft. The terms for loans above $75,000 can be for as long as 20 years, loans for $50,000 – $74,999 can be as long as 15 years, and loans from $25,000 can be for as long as 10 years. The result is affordable watercraft at an appealing rate.
As you can see, KeyBank is a solid choice for marine lending. If you’re considering buying a boat but stressing about finances, KeyBank may just be the answer you’ve been looking for.