Boat Loan

We will loan you the money for a new or used boat, and you will pay it back with interest over a specified period of time.

It’s good to plan ahead by getting preapproved for your Boat Loan. That way you can have a better idea of what price range you should be shopping for. Being preapproved also gives you good negotiating power with the seller.

Elements can finance up to 90% of your boat’s value, including tax and license. It’s a good idea, though, to put down at least 20% of the purchase price. Of course, the more you pay up front, the lower your monthly payment will be.

Whether you're interested in purchasing a boat or other recreational water vehicle or would like to change your lifestyle, Elements can help you start your adventure.

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There are no prepayment penalties or an annual fee associated with a Boat Loan.

Elements boat loans include a low $160 processing fee and a $65 Vendor Single Interest (VSI) insurance fee. VSI insurance protects the lender, but not the borrower, in the event that the vehicle is damaged or destroyed.

Refinancing of an existing Elements boat loan has an additional $200 fee.

For boats over 25 feet, there is a standard Coast Guard Recorded Mortgage requirement. This includes a fee of $500 to $750 that is paid to a third party.

If approved, funds will be made available to the dealer directly.

Yes. As your financial wellness providers, we want to make sure that you’re covered, no matter what may happen. That’s why we provide loan and asset protection programs. It’s just one more way that we look out for your best interests.

To protect your purchase, the following programs are available and can be wrapped into your monthly payments:

• Guaranteed Auto Protection (GAP) is protection designed to eliminate your unpaid net loan or lease balance in the event your vehicle is stolen or damaged beyond repair. Learn more.
• Debt Protection protects your credit rating during uncertain and stressful times. Your loan payment will be cancelled or suspended for a period of time without penalty, added interest, or being reported as delinquent to the credit bureau when a covered event occurs. Covered events include death, disability, involuntary unemployment, family leave and hospitalization. Learn more.

Like a Bank, Only Better!

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves in being a trusted source for financial education. Your financial wellness expert will come to your workplace to answer questions and provide you with 1-on-1 assistance as you navigate the changes that come with each of life's stages.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally¹. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

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3 Easy Steps to Apply

1. Apply online - You can apply online in as little as 15 minutes! Submit your application online anytime or call 1-800-621-2105 to get started. Have ready your government-issued ID (driver’s license, state ID, or passport) and proof of residence.
2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions. We’ll also ask for your boat’s value, make, model, year, mileage, and VIN if not provided on the application.
3. That’s it! - We'll contact you with a decision within 1 business day. Once your application is approved, we’ll contact you to sign documents and your loan will be complete!

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