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.

Special Consumer Credit

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

  • 2,000–15,000 euros
  • Unsecured
  • Interest rate 7.95% + 3-month Euribor
  • Only for OP customers
Learn about Special Consumer Credit

Bank Loan

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

  • Starting from 10,000 euros
  • You need collateral for your loan
  • Typical interest rate 3–5% + 12-month Euribor
  • For any bank’s customers
Learn about Bank Loan
new

The new
OP Tailored Consumer Credit

A new unsecured loan of 2 000–30 000 euros with a personal interest rate. Interest of 4,5% + the 3-month Euribor rate. Request a loan decision to view your personal interest rate.

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 Special Consumer Credit, you don’t need to pledge your assets in security for the loan. You can flexibly anytime apply for Special 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.

Special Consumer Credit – motorcycle loan without collateral up to 15,000 euros

If you want an unsecured boat loan, apply for Special Consumer Credit. You can apply for an unsecured boat loan of up to 15,000 euros. The loan carries an interest rate of 7.95% + the 3-month Euribor rate.

File a loan application on 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.

Read more about unsecured Special Consumer Credit >

Bank Loan – boat loan with collateral starting from 10,000 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 10,000 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.

Read more about a secured bank loan >

How to apply for a boat loan?

You can apply for an unsecured or secured boat loan on the op.fi service or OP-mobile.

If you apply for an unsecured boat loan, in other words, Special 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 Special 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 Special Consumer Credit

Read more about managing a secured bank loan

Example calculation for Bank Loan

A bank loan is one-off credit. If the 12-month Euribor is 4.091% (August 18, 2023) and the loan’s interest rate is a 3.9% margin plus the 12-month Euribor, the effective interest rate on a bank loan of 10,000 euros with a five-year repayment period will be 7.9%. 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 12,046.06 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 196.28 euros each month. The bank loan is granted by an OP cooperative bank.

Example calculation for Special Consumer Credit

Special Consumer Credit is a one-off loan: the effective interest rate for a 6,000-euro loan with a 5-year payback period would be 14.01 % if the credit interest rate were the 3-month Euribor + 7.95% (11.75 % in September 2023) and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 8,249.19 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 also assumes that the loan is repaid in monthly instalments of 145 euros all the way to the final instalment.

The loan is granted by OP Retail Customers Plc

Example calculation for OP Tailored Consumer Credit

Example calculation for a loan of 10 000 euros:

Loan with a personal margin of 4,5 per cent + a 3-month Euribor (3,795 %, 6.9.2023)

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 9,58 % if the personal margin were 4,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 12 533,57 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 220 euros up to and including the final instalment.

Loan with a personal margin of 7,5 per cent + a 3-month Euribor

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 12,70 % if the personal margin were 7,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 13 389,07 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 235 euros up to and including the final instalment.

Loan with a personal margin of 12,95 per cent + a 3-month Euribor

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 18,55 % if the personal margin were 12,95 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 14 996,38 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 265 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. In 2023, you will earn 30% extra OP bonuses, and in 2024, up to 40% more than normal.

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.

As an owner-customer, you also get significant benefits and discounts. For example, you will get daily banking services without monthly charges until the end of 2024 and interest on your Current Account. Furthermore, you'll enjoy lower saving and investing costs than usual.

Terms and conditions, and forms
Take a look at the terms and conditions governing loans, pledges and guarantees. You will accept the terms and conditions of the loan and collateral agreement at the time of signature.
The financing is granted by OP Retail Customers plc, OP Corporate Bank plc or OP cooperative bank, depending on the financing product.