Frequently Asked Questions

Select a category below:

How long does the process take? 

  • We can process your loan request in just a few days. Under normal circumstances we can have funds wired for you within 4 days.

What information do you need to approve my application?

  • For loan requests up to $100,000 we will normally need last year's W-2 and a recent pay statement.
  • 2 years tax returns for self employed.
  • Personal financial statement.

What are the closing costs?

  • In addition to your down payment, closing costs can include sales tax, processing fee, and title and registration fees

What are the terms for loans?

  • For loans $25,000 to $75,000, typically 15 years.
  • For loans greater than $75,000, typically 20 years.

What is the requirement for down payment?

  • Down payment requirements vary by lender and region.
  • Most lenders require a minimum of 10% of the total purchase.
  • Loans over $100,000 normally require 20%.

Am I required by law to have insurance on my boat?

  • Liability insurance for your boat is required for specific types of boats in some states. Most marinas will require boat insurance in order for you to keep your boat at their facility. If you have a loan on your boat or are using your boat as collateral on a loan, the bank will require hull and other coverages as well as be listed as a loss payee to cover their interest in the boat.  

    Check with a Newcoast agent to see what coverage may be required for your vessel.

How much does boat insurance cost?

  • Your boat insurance policy cost will depend on several factors, including the amount of coverage you want, the boat’s location, normal usage, size of boat, age of boat, power type, as well as your ownership and operating experience.

    For a free quote, contact Newcoast today to determine the right insurance plan for your needs.