Start with a soft-pull pre-qual
You can see ranges in about a minute and save your progress. That way, you’ll know budget and timing before you lock a deal.
Step 1 — Get the payoff letter
Ask the seller for an official payoff letter (PDF) with the good-through date and per-diem. If there’s no lien, collect proof of clear title.
- Lienholder name, address, account number
- Good-through date and per-diem
- Payoff wire instructions (if separate)
Step 2 — Confirm the boat and HIN
Match the HIN on the hull, the bill of sale, and the registration. Take clear photos. For twin engines, record engine serials.
Step 3 — Draft the purchase agreement
Your purchase agreement should include buyer/seller info, boat details, price, taxes/fees, and contingencies (e.g., clean survey).
- Buyer & seller full legal names
- Boat make/model/year + HIN
- Purchase price, taxes, fees
- Deposit terms and contingencies
Note
Buying through a dealer instead? See Dealer Purchase: From Quote to Funding.
Step 4 — Survey or inspection (if required)
Some lenders request a marine survey or inspection for older or higher-value used boats. Choose an accredited surveyor.
Step 5 — Bind insurance
Obtain a binder naming the lender/loss payee effective at funding. Share it in your Boatal Portal.
Binder timing
Don’t bind too early. Your specialist will confirm the target funding date so your policy starts at the right time.
Step 6 — E-sign closing documents
You’ll e-sign closing documents electronically. Review apr, term, payment schedule, and any financed taxes/fees.
- APR, term, monthly payment
- Taxes/title/registration financed?
- Disbursement/wire instructions
Step 7 — Funding & handoff
Once everything is verified, the lender disburses funds to the payoff/lienholder and the seller (or escrow). Complete title and registration per your state.
Get pre-qualified (soft pull)or go straight to pre-qualification.