Boat loan – a water-proof choice for financing a boat

Are you planning to buy a new boat? We can offer you an unsecured or secured boat loan. Learn more about our boat loan options, select the one that suits you best and file an online application.

OP Tailored Consumer Credit

Unsecured one-off credit on which you get a decision conveniently online.

2,000–30,000 euros
You don’t need collateral for your loan
Personal interest rate 3.5–10.95% margin + 3-month Euribor
Only for OP customers

Learn about OP Tailored Consumer Credit

Bank Loan

Secured one-off loan with a typically lower interest rate.

Starting from 20,000 euros
You need collateral for your loan
Typical interest rate 3–5% + 12-month Euribor
For any bank’s customers

Learn about Bank Loan

What kind of a boat loan would suit you best?

You can apply either for an unsecured or secured loan to finance a new boat.

For an unsecured boat loan, in other words OP Tailored Consumer Credit, you don’t need to pledge your assets in security for the loan. You can flexibly anytime apply for OP Tailored Consumer Credit to finance a boat. You can apply for it as an OP customer.
A secured boat loan, in other words a Bank Loan, is generally the most affordable option to finance a boat in terms of the interest rate. In security for a Bank Loan, you’ll always need to pledge, for example, your home or holiday home. You can apply for a Bank Loan from us even if you are not an OP customer.

It is advisable to allow time for comparing between boat loans and thinking of the loan amount. In comparing different types of boat loans, pay special attention to the total loan costs.

OP Tailored Consumer Credit – boat loan without collateral up to 30,000 euros

If you want an unsecured boat loan, apply for OP Tailored Consumer Credit. You can apply for an unsecured boat loan of up to 30,000 euros. The loan interest rate consists of a margin of 3,5–10,95 % + a 3-month Euribor.

File a loan application in the op.fi service or OP-mobile and you’ll receive our loan decision within two banking days. After you have accepted the loan agreement, you’ll receive the money in your account.

Please note that only OP customers can apply for unsecured loans.

Bank Loan – boat loan with collateral starting from 20,000 euros

The secured Bank Loan is often the most affordable option to finance a new boat in terms of the interest rate. You can apply for the Bank Loan alone or with another person starting from 20,000 euros without any upper limit, irrespective of whether you are an OP customer.

The interest rate for a secured loan is typically lower than that for an unsecured loan because collateral helps secure loan repayment to the bank. The secured Bank Loan interest rate is determined separately for each customer.

In general, a residential property, such as an owner-occupied home, a buy-to-let home or a holiday home, is used as collateral for the loan. The home doesn’t need to be free from debt to be used as collateral for the loan. Other assets, such as forest, investments or savings, can also be used as collateral. The boat to be bought or a consumable cannot be used as collateral for the loan.

As an OP cooperative bank owner-customer, you earn OP bonuses on the secured Bank Loan.

How to apply for a boat loan?

You can apply for OP Tailored Consumer Credit and Bank Loan in the op.fi service or on OP-mobile.

If you apply for an unsecured boat loan, in other words, OP Tailored Consumer Credit, you'll get a loan decision within two banking days, at the latest. When you finish your application and accept the loan agreement, you’ll receive the money in your account. You’ll commonly receive a secured Bank Loan decision within 1–3 days.

Why does it pay to apply for a boat loan from OP?

Applying for a boat loan from an OP cooperative bank is safe.

You can fill in an application conveniently online.
You can repay your loan in a flexible way and apply for a change to your repayment plan.
You will always see clearly the total costs of your loan.

How balanced your income and expenses are affects the granting of a loan. We always want to make sure that the size of a loan is suitable for your situation and that you won’t have any problems in repaying it. Compare between the options and assess your repayment capacity realistically. Apply for the loan with an amount so that you allow sufficient money for other regular expenses and saving.

Flexible boat loan according to your circumstances

You can anytime repay a larger amount than the agreed monthly repayment towards an unsecured or secured boat loan. You can also pay off the loan in full.

When applying for the boat loan, you agree on the size and schedule of the repayments for paying back your loan. However, if necessary, you can along the way change the payment amount and the loan’s maturity date or apply for a grace period or a repayment holiday.

Example calculation for Bank Loan

A bank loan is one-off credit. If the 12-month Euribor is 2.356% (December 3, 2024) and the loan’s interest rate is a 3.9% margin plus the 12-month Euribor, the annual percentage rate of charge on a bank loan of 20,000 euros with a five-year loan term will be 7.1%. A monthly servicing fee of 2.50 euros per month will be charged. An origination fee of 120 euros will be payable when the loan is drawn down. The estimated total amount payable will be 23,661.66 euros.

This calculation is based on the assumption that the entire loan has been drawn down, the loan interest rate, fees and charges are constant throughout the loan term, and the loan is repaid in equal instalments of 389,86 euros each month. The bank loan is granted by an OP cooperative bank.

Example calculation for OP Tailored Consumer Credit

Example calculation for a loan of 10 000 euros:

Loan with a personal margin of 3,5 per cent + a 3-month Euribor (2,92 %, 2.12.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 7,71 % if the personal margin were 3,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 11 974,57 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 210 euros up to and including the final instalment.

Loan with a personal margin of 6,5 per cent + a 3-month Euribor (2,92 %, 2.12.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 10,79 % if the personal margin were 6,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 12 773,50 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 225 euros up to and including the final instalment.

Loan with a personal margin of 10,95 per cent + a 3-month Euribor (2,92 %, 2.12.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 15,48 % if the personal margin were 10,95 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 14 079,16 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 245 euros up to and including the final instalment.

The loan is granted by OP Retail Customers Plc.

Owner-customer's OP bonuses and benefits from banking services

As an OP cooperative bank owner-customer, you get OP bonuses that decrease your banking and insurance service charges. As an OP cooperative bank owner-customer, you get 40% more OP bonuses compared to the normal level of 2022. We will continue the familiar benefit until the end of 2025.

OP bonuses come from

funds in savings accounts
home loans, student loans and secured bank loans
mutual fund units and unit-linked insurance
paid insurance premiums, such as home and motor vehicle insurance and continuous travel insurance.

OP bonuses are tax-free. Because of that they are automatically used for loan service and origination fees and insurance premiums, among other things.