Financing a boat slip, dockominium, or long-term marina leasehold is not the same product as a boat loan. One collateralizes (or prices) a place to park the vessel; the other finances the hull, engine, and trailer. Mixing the two quotes is how people undercount wet storage, association dues, and electric while staring at a “low” monthly payment.
Vessel and RV notes: Boat and RV financing. Same four numbers for any installment offer: Comparing financing offers. Towables only: Trailer loans.
What is actually being financed
| Product | Typical collateral / claim | Common lenders | Watch-outs |
|---|---|---|---|
| Boat / yacht loan | The vessel (and often trailer) | Credit unions, Bank of America, LightStream-style unsecured/secured, dealer F&I | Insurance, survey, winterization, separate slip fees |
| Slip / dockominium loan | Deeded slip, marina co-op share, or leasehold interest | Local banks, credit unions, marina-affiliated finance | HOA/marina assessments, transfer fees, usage rules |
| Personal loan for dockage | Unsecured cash | Credit unions, online personal lenders | APR vs marina “in-house” plan; no vessel lien (When to use a personal loan) |
| Marina payment plan | Contract with the marina / association | The marina itself or its partner | Prepayment penalties, seasonal true-ups, eviction-style remedies |
If the marina “bundles” slip dues into a boat loan pitch, demand a line-item cash price for the vessel and a separate schedule for dockage. APR vs interest rate still applies to each note.
Cost stack the boat-loan quote skips
- Wet slip or dry stack annual or monthly contract
- Electric, water, Wi-Fi, liveaboard surcharges
- Association / marina dues and special assessments
- Property taxes or possessory interest taxes on deeded slips (jurisdiction-specific)
- Insurance requirements for the slip or for liability at the marina
- Transfer, initiation, or wait-list fees when you buy or assign a slip
A cheap boat payment plus a $400–$800/mo slip can exceed a slightly higher boat payment at a cheaper yard. Map all-in carrying cost the same way storage appears in boat/RV math.
Worked example: $28,000 slip add-on vs cash + personal loan
Casey buys a used cabin cruiser with a credit-union boat loan already shopped. The marina offers a deeded slip for $28,000 plus $220/mo dues and electric. Options:
- Marina partner loan: $28,000 at 9.9% APR for 12 years ≈ $330/mo (illustrative), plus $220 dues → ≈ $550/mo before electric.
- Credit-union personal loan: $20,000 at 8.5% for 5 years (Casey puts $8,000 cash down) ≈ $410/mo, plus $220 dues → ≈ $630/mo early years but debt-free on the slip sooner.
- Cash for slip: $0 slip payment; still $220/mo dues; opportunity cost on the $28,000.
Casey soft-prequalifies where offered (Hard vs soft credit checks), reads whether the marina loan is secured by the slip, and checks resale rules if the household moves. The boat loan and the slip loan stay separate spreadsheets.
Questions before you sign dockage financing
- Is the interest a deeded real-property-style loan, a co-op share loan, or an unsecured plan?
- What happens to the note if the marina changes ownership or you sell the boat?
- Are assessments and dredging specials in addition to the payment?
- Can you sublease or assign the slip, and does the lender restrict that?
- Is there a balloon, prepayment penalty, or seasonal payoff demand?
- Does the contract require you to keep the boat insured with the marina as interest holder?
This guide stays on dockage / slip money. Deep mortgage product shopping (primary residence, HELOC-as-mortgage theater) is out of scope here—keep primary-home borrowing shallow and separate.
Checklist
- Separate vessel price from slip / marina price on paper.
- Run the four numbers (cash price, APR/fees, term, total cost) on each note.
- Add dues, electric, taxes, and insurance to monthly reality.
- Soft-prequalify at a credit union or bank before marina “same-day” financing.
- Read assignment, assessment, and default clauses on slip contracts.
- Decline bundled add-ons you can price cheaper elsewhere.
Educational only. Not lending, real-estate, or marina-law advice. Products and state rules vary; confirm with lenders, the marina association documents, and a qualified professional before you sign.