Boat Dock & Boat Slip Financing

Can you finance a boat dock?

The good news is that there are many options for anyone looking for boat dock financing. That will help you spread the cost over a few years and ease the pressure on your bank account. The sort of finance you apply for depends on your circumstances and the sort of budget you have in mind.

Best Boat Dock Personal Loans

Here is a small selection of some of the best loan providers for your boat dock:

Best Egg has loans of as much as $35,000 over 2-5 years

Best Egg

✔ Funding: Borrow $2,000 - $50,000
✔ Minimum Credit Score: 640
✔ APR: 5.99 - 29.99%
✔ Loan term: 3 - 5 years
✔ Funding turnaround: 1 - 3 business days

With Best Egg personal loans, borrowers with fair to good credit can get funding for 3-5 years and have the option to use the loan for a variety of purposes.

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Upgrade offer loans of a maximum of $50,000 spread over 3 or 5 years

Upgrade

✔ Funding: Borrow $1,000 - $50,000
✔ Minimum Credit Score: 660
✔ APR: 5.94% to 35.97%
✔ Loan term: 2 - 7 years
✔ Funding turnaround: as soon as next business day

Upgrade offers borrowers with fair credit scores to obtain loans up to $50k. Joint applications are allowed. Origination fees may apply.

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Discover can lend up to $35,000 for 3-7 years

Discover

✔ Funding: Borrow $2,500 - $35,000
✔ Minimum Credit Score: 660
✔ APR: 5.99% - 24.99%
✔ Loan term: 3 - 7 years
✔ Funding turnaround: within 24 hours

With Discover personal loans, borrowers can apply up to $35K in funding as fast as next business day. Best for those who want to consolidate debt and have a good credit score.

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SoFi has loans of a maximum of $100,000 for 2-7 years

SoFi

✔ Funding: Borrow $5,000 - $100,000
✔ Minimum Credit Score: 680
✔ APR: 4.99% to 19.53%
✔ Loan term: 2 - 7 years
✔ Funding turnaround: 1 - 3 business days

With SoFi personal loans, borrowers can get access to up to $100,000 with APR starting as low as 4.99% with extra bonus perks ($500 for each funded loan) and fast turnaround time. 24/7 customer support available.

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What are the different types of boat dock?

Boat docks come in many forms and price points. The five main types are:

1. Floating: A floating dock is the most cost-effective way to build a boat dock, coming in at $15-$35 per square foot depending on materials. They are not only the cheapest but offer other advantages too. They are easy to keep in good condition, they are moveable, and are great when water levels fluctuate. However, they are inherently less stable than other types and could be damaged by severe weather conditions.
2. Piling: A piling dock is so-called because large-diameter pilings (10”-12”) are driven into the lakebed to support the rest of the structure. They are a little more expensive than floating docks and, with maintenance, will last for many, many years. You do need a lake bed with the right qualities to support the pilings. You are looking at up to $40 per square foot so they are a little pricier than a floating dock.
3. Pipe: If your boat is not super-large, a pipe dock might be the best bet. These off-the-rack boat docks are built of aluminum and you can expect to pay anywhere from $1,000 to $10,000, including construction. You need a flat lake bottom or seafloor for a pipe dock and they are no good if you own a boat the size of an ocean liner.
4. Crib: A crib dock is a permanent structure with the decking supported by cribs – large square wooden containers filled with rocks. They are very practical, but you will need a permit to build one because of the possible threat to the local ecology, and they cost well into five figures.
5. Suspended: A suspended boat dock is the ultimate option – a dock built by an engineering company using the technology of a suspension bridge. They look great and have little impact on the environment but are top dollar.

What is the best material to use for a boat dock?

By its nature, a boat dock has to stand up to the prevailing condition, not the least of which is being wet most of the time. Though pressure-treated wood is the go-to material, metal and composites have their adherents. Whichever you choose, make sure it is of high quality to avoid problems down the line.

How can I finance a boat dock?

Cash

If you have savings, it’s best to use what you can. All other finance options will cost you money, so if you have the cash, it makes sense to avoid the costs inherent in taking out a loan.

Personal loan

A personal loan is the most common and most flexible way of financing a boat dock. If you have good credit and can easily afford the monthly repayments, then securing a personal loan may be the simplest way of financing the project, as you should be able to find a provider with low interest rates and terms of 2-5 years or more.

Home equity loan

A home equity loan allows you to borrow money against the equity you have in your home. The good news is that interest rates are usually low and you can spread the repayments over 5-30 years – it is essentially a second mortgage. The bad? Your home is at risk if you fail to keep up repayments.

HELOC

A home equity line of credit operates like a credit card with your house being the collateral. The provider gives you a credit limit which you can draw from as and when needed. Generally, credit limits are high and interest low but as with a home equity loan, the finance company can seize your home if you default.

Can I finance purchasing a boat slip?

Finance can be found for buying a boat slip but you’ll need to look into a personal loan. A boat slip is not generally something that can be used as collateral for the loan, so it won’t be possible to use a home equity loan or similar.