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Financing for Boat Repowers

Fast, simple, with better terms than you suspect. You can repower your boat.

Gear & Tech
Financing for Boat Repowers

There are many reasons why someone might want to put a new outboard on their boat, ranging from sub-par performance to stories like Derek Horner repowering his boat because the old engine required incessant repairs. At some point in time, no matter how well you cared for it nor how well it was originally built, age can take its toll on an outboard engine. And if you love your boat and don’t want to give it up, repowering it could become a necessity.

Repower Financing Mercury MarineBut there’s one big roadblock to repowering: You need a huge chunk of cash up-front, right? Wrong — in fact, with 10 percent down you can commonly finance a repower job with Mercury Repower.

What’s even better is that Mercury Repower financing is fast, simple and has terms that are probably a lot better than you’d guess. From $5,000 to $50,000 you can arrange the financing quickly, often get same-day closing and finance a complete package including the engine (outboards, inboards or sterndrives), gauges and controls and even all the rigging.

Repower loans used to be considered risky, and a big problem was that banks required re-titling of the boat to act as collateral. But the Mercury Repower program is set up specifically to avoid these issues and make the process seamless, by using the engine itself as security and only offering the program through the Mercury dealers who do the installation. They have access to all the paperwork online, so from the dealer’s perspective getting the loan set up is usually just a matter of getting the down payment, filling out a few forms and sending a few emails. And from the buyer’s perspective it’s as simple as going to the same Mercury dealer you’ve grown to trust through the years.

What about the specific terms of the loan? Interest rates do run slightly higher than some other loans might. (These days the range is about 8.99 to 12.99 percent for repower, depending on your credit score, loan amount and term length, but naturally the specific rates offered can change over time.) The length of the loan can be as long as 12 years, although smaller amounts generally have shorter terms. If the repower were to cost $10,000 or less, for example, one should expect a five-year term.

400hp financing repower mercury marineAdded bonus: Repowering your boat won’t make it feel like new again – it’ll likely make it seem better than new. Take repowering with Mercury’s new 200hp FourStroke, for example. Since this engine is the lightest in its class, you’re likely to actually take weight off of your transom when replacing an older 200hp four-stroke outboard. In fact, both the new V8 and V6 models offer repower benefits that go beyond weight, including improved fuel economy and superior torque. Meanwhile, those in search of even more oomph will be tempted by a Verado repower, which can get you up to 400 supercharged horses.

Also remember that since the cost of new controls can be rolled into your repower financing, the door will be opened to a number of new cutting-edge features and functions. You can add SmartCraft digital technologies and get features like automatic trimming via Active Trim control. You can take advantage of Adaptive Speed Control (ASC), which maintains steady engine rpm regardless of conditions, while enjoying the latest smooth and reliable Digital Throttle and Shift (DTS) controls. As you take advantage of these major-league upgrades to your boat, also remember that in the long run repowering isn’t as expensive as it might initially seem. You’ll be saving on operational expenses, thanks to the improved fuel efficiency of the new FourStroke models. In the long run, the more you use your rig the more you’ll end up recouping — and that’s not even taking resale value into consideration.

Are there other options when it comes to financing a repower? Of course there are. But they may not include the costs of rigging and controls. They may force you to re-title the boat to serve as security. They probably won’t offer terms any more favorable, and they almost certainly won’t be as simple to set up as working directly through your Mercury dealer with Mercury Repower. Of course, repowering is a major decision and we understand that many people will still have some questions about the options at hand. So, visit our Repower Financing FAQ page to learn more.


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