Marine credit file
Assemble the file lenders actually read, then compare a simple-interest payoff with a precomputed Rule of 78s balance.
Checklist
The interactive score uses the same items. Income is collected for your notes; the score itself keys off down payment, reserves, tax returns, the personal financial statement, and documentation.
State titles still matter for registration. On a loan this size, the mortgage that gets recorded is usually a USCG Preferred Ship Mortgage through the National Vessel Documentation Center. The MarineCG Documentation Guide walks through documentation, mortgage recording, and PSIX hull lookup — use it while you build the file, then confirm the abstract with your documentation agent.
Built for $250,000 to $1 million-plus heavy fiberglass loans. The monthly carry uses a 7.25% / 240-month benchmark plus an 8% annual operating allowance. It is a packaging checklist, not a credit decision.
$500k–$1M Jumbo Tier
100
Loan readiness score, out of 100. This is the loan worksheet, not the Deal Meter.
Worksheet is ready to send to a marine underwriter
This price tier calls for USCG documentation so a lender can record a Preferred Ship Mortgage.
Met
Down payment meets 20% guideline for 2021 vessel
Putting 20% down ($130,000).
Met
Post-closing liquidity covers 6 months of debt + slip/insurance carry
Reserves cover target $50,658 6-month buffer.
Met
Two years of complete federal tax returns + K-1s / W-2s assembled
Required by marine underwriters for loans above $150k–$250k.
Met
Signed Personal Financial Statement (PFS) with verified asset statements
Mandatory for $250k+ heavy fiberglass credit packages.
Met
USCG Vessel Documentation (NVDC) for Preferred Ship Mortgage
Marine lenders require USCG documentation (rather than state title alone) to record a Preferred Ship Mortgage on $250k+ vessels.
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
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.
By state
1.2M registered vessels in 2024 (10% of the US fleet, up 26.9% YoY)
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.
Florida boat loan pageTop-5 US boating market with heavy Gulf Coast sportfish and cruiser concentration
Texas Parks & Wildlife (TPWD) titles vessels under 115 feet unless the vessel is USCG documented and registers for a Texas validation decal. Lenders financing $250k+ cruisers require USCG documentation via the NVDC.
Texas boat loan pageSouth Atlantic region grew 12.4% to 2.2M boats; central East Coast transient and homeport hub
North Carolina Wildlife Resources Commission rules coexist with USCG NVDC documentation; $250k+ sportfish and motor yachts use USCG documentation to satisfy First Preferred Ship Mortgage recording.
North Carolina boat loan pageMajor Lowcountry & ICW yachting corridor with high tidal range and hurricane exposure
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.
South Carolina boat loan pageGreat Lakes states hold nearly 25% of the US recreational fleet; freshwater preservation premium
Freshwater Michigan yachts command a 5% to 12% resale valuation premium and qualify for 20-year simple-interest terms on newer hulls. Lenders still require USCG NVDC documentation on $250k+ balances.
Michigan boat loan pageFinance math
Side-by-side math on a $350,000 boat loan showing how precomputed finance charges front-load interest and what that means at payoff or early sale.
11 min read · Reviewed November 4, 2026 · All
Finance math
From tax returns to marine surveys and proof of hurricane plan, here is the document stack marine lenders typically request on $250k+ deals.
9 min read · Reviewed November 4, 2026 · All
Finance math
Break-even math on refinancing a $420,000 balance: closing costs, remaining term, and when a 1-point rate drop actually puts cash back in your pocket.
10 min read · Reviewed November 4, 2026 · All
Finance math
Model 15% versus 20% down on a $650,000 sportfish and see how 15-year versus 20-year terms change monthly payment and total interest paid.
12 min read · Reviewed November 4, 2026 · All