While some dealerships offer manufacturer financing at lower rates with restrictive terms, lenders in Canada currently offer rates starting at 9.9% for pristine credit. For applicants with poor credit, rates can be as high as 29.9%.

There is no minimum credit score to get approved for a boat loan in Canada. Your approved rate will be tied to your credit history and, as such, it is important to ensure that you understand what rates are available for your credit situation prior to applying.

Fees vary from dealer to dealer and lender to lender. In many cases, you'll encounter the following fees:

Dealership Doc / Admin Fee - This fee is charged by the dealership to facilitate the extra admin time that acquiring financing involves. This fee is usually around $499 but can be much higher for less reputable dealers.

Private Sale Fees - If you're looking to get approved to buy from KIJIJI, Facebook Marketplace or anywhere else - there is usually a markup involved on the cost of the unit. Some companies do not disclose this amount and will simply "max out" your approval. Our partners at Revival Powersports charge a simple 10% markup on any boat financed through them from another source.

Lender Admin Fees - The lender will charge a fee that can range from $299 up to as high as $999. This is tied to a number of factors including loan amount, credit risk and term length.

PPSA Lien Registry Fees - To register a lien in Canada, lenders may charge a PPSA fee to cover their lien registry cost. Typically the amount is under $100 for this.