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. If you’re an OP cooperative bank owner-customer, OP Tailored Consumer Credit earns you OP bonuses starting 1 January 2026.
Read more about unsecured OP Tailored Consumer Credit
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.
Read more and apply for an unsecured OP Tailored Consumer Credit
Read more and apply for a secured bank loan
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.
Read more about managing an unsecured OP Tailored Consumer Credit