Boat Dock & Boat Slip Financing

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Boat Dock Financing

Qualifying for a boat dock or boat slip financing may be easier than you think. If you have a credit score of 620 or higher you may qualify for a boat dock or slip financing. So where can you find the best boat dock loans? How much will you need to borrow? How long will you have to repay the loan? Find answers to these questions and so much more, below. It’s important to make an educated decision before committing to a boat dock loan. By the time you are done with this easy read, you’ll be educated and ready to apply for boat dock financing.

What is boat dock financing?

In simplest terms, boat dock financing provides the funds you need to build or repair a boat dock while allowing you to make affordable monthly payments. Personal loans are a top choice for boat dock locks. Personal loans can provide borrowers with a lump sum of cash that can be used to build or repair a boat dock. Personal loans can also be used for other expenses that may be involved with building a boat dock such as permits. When it comes to securing a personal loan you should find a lender that offers you an unsecured and fixed personal loan. Unsecured personal loans do not require collateral or down payment meaning there is little to no risk for the borrower. Fixed personal loans have a consistent monthly payment and interest rate that should not change during the loan term. PrimeRates can connect you with reliable lenders that offer boat dock financing up to $100,000 with terms up to 12 years and interest rates starting at 4.99%.

How does boat dock financing work?

The general idea of how boat dock financing works is simple -  you borrow a large amount of money and make smaller monthly payments until it’s repaid. We encourage borrowers to dive a little deeper than the general idea and have a more complex understanding of how boat dock financing works. If you use a personal loan you should receive the funds as a lump sum and interest can start accruing right away. If you use a personal loan you will most likely repay the loan monthly with interest. If your loan does not have an early payoff penalty you can pay the loan off early and save money on interest. Paying as little as 10% extra each month can save you hundreds of dollars in interest. If you are using an unsecured and fixed personal loan, the monthly payment and interest rate should not change during the loan term. For example, if you borrow $10,000 at 4.99% with a 5 year term your monthly payment should be about $189. If you use a line of credit for boat dock financing, you should only pay interest on the amount of money you use as opposed to the amount of money you have access to through the line of credit.

Boat Dock Financing Options

Boat dock financing can be used for just about any type of boat dock. Determining what type of dock you want to build can help more accurately estimate the cost. We recommend creating or getting an accurate boat dock estimate before applying for a loan. Having an estimate prior to applying for a loan can help ensure that you request the appropriate loan amount. If you borrow more money than you need you may pay extra interest charges that could have been avoided. Let’s take a look at some types of boat docks and what they cost on average. . .

Floating Docks

Hence to the name, floating docks float on the water. Floating docks are best for lakes that have a mud bottom or fluctuating or very deep water levels. Shorelines with aggressive wave action should not use floating docks. Seasonal boat owners may prefer floating docks because they are easy to install and remove. In addition, if you live in an area with extreme weather, you can remove a floating dock in preparation for a storm. Most floating docks are connected to the shoreline and anchored into the water. On average, floating docks cost between $15 to $35 per square foot for materials and labor. The cost can vary depending on the type of decking you choose. If you are looking for a more affordable floating dock you should consider a prefabricated aluminum type. On the cheaper side, prefabricated aluminum floating docks can cost as little as $1,500. 

Piling Docks

Piling docks are another type of temporary boat dock. Piling docks can withstand harsh weather conditions that floating docks may not survive. Compared to floating docks, piling docks can be more expensive to build and maintain. In addition, piling docks usually cannot adjust as water levels change. Piling decks can be best suited for larger boats or as a fishing dock. If you build a piling dock you will insert wooden beams known as pilings into the ground beneath the water. After the pilings are installed, attachments can connect the dock to the piling. If you decide to install a piling dock you should use an experienced professional. The structural integrity and proper installation is very important with piling docks. Improper installation or engineering can result in thousands of dollars worth of damage. In addition, wood pilings need to be properly treated. On average, piling docks cost about $20 to $40 per square foot including installation. If you want to add additional features such as lifts or rails you could pay $60 or more per square foot. 

Crib Docks

Crib docks are a permanent type of boat dock. Most crib docks are custom-built wooden frames or crates known as cribs. The cribs are placed along the bottom of the water and filled with large rocks. The crib dock is then covered with decking. Crib docks can withstand harsh weather and water conditions and are known for their stability and longevity. However, crib docks can be very expensive. In some areas, crib docks are prohibited because they can interrupt wildlife and the natural flow of water. Crib docks can cost anywhere from $10,000 to $50,000 or more. If you want to build a crib dock you’ll probably need to use boat dock financing.

What types of boat dock financing is available?

One of the most common types of boat dock financing is a personal loan. If you own a home with equity you may be able to use a line of credit. Below we will explain a personal loan and a line of credit. If you just need to finance materials, you may be able to use a credit card. If you use a credit card for boat dock financing you should try to pay the balance off as fast as possible. A personal loan is usually the easiest type of boat dock financing to qualify for. Boat dock financing options include. . .

#1. Personal Loan

Compared to a line of credit, personal loans involve significantly less risk for the borrower. Unsecured personal loans do not require any collateral or money down. This means if you default on the loan your credit will most likely be affected but you will not lose any collateral. Personal loans are typically issued as a lump sum of money that can be used for just about any purpose. You can secure a personal loan through a bank, credit union, or online lender. Online lenders usually have fast application processes and fast funding. Online lenders may also be easier to qualify for. Good and bad credit borrowers can qualify for personal loans through PrimeRates. PrimeRates partners with lenders that specialize in boat dock financing. 

#2. Line of Credit

If you have equity in your home you may qualify for a Home Equity Line of Credit (HELOC) that can be used for boat dock financing. When you use a HELOC loan you borrow against the available equity in your home while using your house as collateral. Most lenders allow homeowners to borrow up to 85% of the value of your home minus the amount you owe. Home equity loans can provide high loan amounts and low interest but are much more risky for the homeowner.

What are the requirements to qualify for boat dock financing?

While qualification requirements can vary from lender to lender, some of the basic requirements for PrimeRates lending partners are. . .

  • Credit score of 620 or higher
  • Consistent income
  • Reasonable debt-to-income ratio

How to apply for a boat dock

Applying for a boat dock loan is easy at PrimeRates. PrimeRates partners with top-rated lenders to provide a 100% online process that helps borrowers secure the best boat dock financing. Borrowers can submit one application through Primerates without affecting credit score. PrimeRates lending partners know they are facing competition encouraging them to make very competitive offers for PrimeRates applicants. Within minutes borrowers can get pre-qualified for boat dock financing. Here are 3 easy steps to apply for boat dock financing loans through PrimeRates. . .

#1. Submit easy online application

#2. Select the best boat dock  loan offer

#3. Receive funds quickly


In conclusion, PrimeRates can help you get the best deal on boat dock financing while saving you tons of time, money, and hassle. Before applying for a boat dock loan we recommend determining what your project will cost. If you are concerned that you may not qualify for boat dock financing you should add a cosigner to your application. If you do not have a cosigner you should consider using a secured personal loan. Secured personal loans require collateral but can be easier to qualify for. 

Get pre-qualified for boat dock financing. . . apply online today!

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