FREQUENTLY ASKED QUESTIONS
the application process
What kind of documentation will I need to fill out the application?
You may need to refer to documents such as mortgage and credit card statements, tax returns and bank account records when filling out your application. View a list of reference information you may need.
Keep in mind that you will need to know the exact make and model of your new boats for the application.
I've changed my mind about which boat I want to purchase. What should I do?
You can communicate any changes to the make and model you plan to purchase by contacting Bluewater Finance.
What happens after I submit my application?
You will receive an email notifying you of your loan offers, usually within a few business days. All loan approvals are valid for 30 days.
After I’ve submitted my application, can I make changes?
No, you cannot modify your application after it's been submitted. However, you can contact a Bluewater Finance representative to make changes to your application.
Does the loan application change if I want to refinance?
No, you will complete the same application as other loan applicants, though some sections of the application will be slightly different for you.
At the beginning of the application you will be asked if you plan to purchase a vessel from an individual or dealer, of if you plan to refinance. When answering the questions about your "new" boat, you should enter in information about the boat for which you currently carry the loan you plan to refinance.
What are the terms for loans?
Any loan amount, on approved credit, can be amortized up to 20 years.
What is the requirement for down payment?
For certain loan applications, it is possible to complete a purchase of your used boat with zero down payment. Down payment requirements vary by lender and region, but some lenders may require a 10% down payment of the total purchase. Purchases over $100,000 will typically require 20-30% of a down payment.
Loan Approvals & Offers
How quickly will my application be approved?
After you submit your completed application we can usually approve your loan within a few business days. You will receive an email notifying you of your loan offers as soon as they have been processed.
How do I close my loan?
Bluewater will work closely with your personal loan consultant and your seller/dealer, if you've selected one, to close your loan. We will work with the seller/dealer to prepare all the necessary paperwork and help you take the final steps in the loan process.
What are the closing costs?
In addition to your down payment, closing costs can include sales tax, processing fee, title and registration fees.
How secure is applying for a loan with Bluewater FinancE?
If you have any other questions, please feel free to contact us