Buying a boat is not just a dream. It's smooth sailing when you use our convenient Scotia Plan^® Marine Loan to finance your boat purchase.

What does Scotiabank offer for loans less than $150,000 or unregistered boats?

A Scotia Plan Marine Loan is a personal loan that can be fully secured by the purchase of a new or used Powerboat/Sailboat – up to $150,000 with loan terms from one to five years and full loan repayment up to 20 years. And, by fixing your interest rates now, you can save money by protecting yourself in a rising rate environment. It’s simple: for a regular monthly payment at a fixed rate, you can select a loan term and amortization that is most convenient to you - use the Scotiabank Personal Loan Calculator to budget your estimated payments.

Scotia Plan Marine Loans are also available under the Scotia Total Equity®  Plan. This innovative borrowing plan allows you to use the equity in your home to get the things in life you need or enjoy.

For used boats where the loan amount is greater than or equal to $20,000, we require general information on the Boat, Motor, Sail, Trailer, Condition, and Extras/Additional Options. View Checklist for Powerboat Evaluation or Checklist for Sailboat Evaluation. 

To protect you and your family, we also offer affordable Scotia Plan^TM  Loan Life and Disability Insurance.

What does Scotiabank offer for loans greater than $150,000 or registered boats?

If the boat is registered by name under the Canada Shipping Act or if the loan amount is greater than $150,000, the Scotia Plan Marine Loan features / procedures are the same except that a Ship Mortgage will need to be accepted and registered by the Department of Transport, Registrar of Shipping:
 
Regardless of the loan amount, if a boat or ship is registered by name under the Canada Shipping Act, the federal government requires that we register a Ship Mortgage.       

If a boat is not already registered by name under the Canada Shipping Act, but the loan amount requested is in excess of $150,000, Scotiabank will require that the boat be registered by name under the Canada Shipping Act and a Ship Mortgage will be required. 

Whatever you want, a Scotia Plan Marine Loan can make it happen. For more information or to arrange a personal borrowing solution for your unique needs, contact your local Scotiabank branch. See you at the helm!