Registrations and sales
Major Lowcountry & ICW yachting corridor with high tidal range and hurricane exposure
Part of the 2.2M-vessel South Atlantic marine corridor (+12.4% regional growth)
Source: NMMA South Atlantic Regional Report
South Carolina · SC
South Carolina boat loans and vessel title
Part of the 2.2M-vessel South Atlantic marine corridor (+12.4% regional growth)
USCG documentation vs state title
South Carolina property tax assessment on boats varies by county (several coastal counties have reduced marine assessment ratios to attract 40ft+ yachts). Lenders require USCG documentation on $250k+ loans.
Read the documentation steps on the MarineCG Documentation Guide, then match the abstract to the lender's closing checklist.
Educational comparison only; coverage binding and deductible selection must be completed with a licensed South Carolina marine producer.
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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