Registrations and sales
1.2M registered vessels in 2024 (10% of the US fleet, up 26.9% YoY)
#1 US state in marine retail sales ($6.3B in 2022) and #1 in total 2025 marine spending
Source: NMMA 2024/2025 U.S. Recreational Boating Statistical Abstract
Florida · FL
Florida boat loans and vessel title
#1 US state in marine retail sales ($6.3B in 2022) and #1 in total 2025 marine spending
USCG documentation vs state title
Florida caps sales and use tax on vessels at $18,000 when documented and berthed under Florida Department of Revenue rules. For loans over $250,000, marine lenders record a USCG Preferred Ship Mortgage rather than relying solely on a Florida FLHSMV paper title.
Read the documentation steps on the MarineCG Documentation Guide, then match the abstract to the lender's closing checklist.
Florida insurance referrals operate strictly on a fixed administrative introduction basis and never depend on policy binding or premium volume.
Simple interest vs precomputed
The precomputed column uses a Rule of 78s rebate on the scheduled finance charge. Both columns share the same scheduled payment. Payoff month is when you sell, refinance, or pay the note off early.
Scheduled monthly payment
$3,161.50
Total interest if held to term
$358,760.95
Simple interest
- Interest paid by month 60
- $136,018.69
- Balance at payoff
- $346,328.46
- Scheduled interest avoided
- $222,742.25
Precomputed (Rule of 78s)
- Interest charged by month 60
- $156,678.79
- Balance at payoff
- $366,988.56
Precomputed penalty
$20,660.10
Extra interest a precomputed contract keeps, compared with simple interest, if the note is paid off at month 60. Your retail installment contract controls the actual rebate.
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