Buying a boat from a private seller should be an exciting experience, not a stressful one. Yet, most payment methods are slow, risky, expensive, inconvenient, or all of the above.
Let’s navigate your options and find the best way to pay for your boat—securely and quickly.
Before we dive into the details of each payment method, let’s take a bird’s-eye view of your options.
| Best for | Pros | Cons | |
|---|---|---|---|
|
Cash |
Cheap boats (<$5,000) |
Immediate, no fees |
Risk of theft, slow and awkward to withdraw and count, slow for seller to verify it’s not counterfeit |
|
Wire transfer |
Any boat transaction size |
Secure, no limits |
Only available during bank hours, delays, seller doesn’t want to share their banking info with you |
|
Credit card |
Not good for private-party transactions |
Cashback rewards
|
High fees, rarely accepted |
|
Cashier’s check |
Any boat transaction size |
Safer than a personal check, no limits |
Only available during bank hours, seller may insist on accompanying you to your bank to verify legitimacy |
|
PayPal |
Boats up to $60,000 |
Easy to use |
High fees (2.9% + $0.30 |
|
Venmo |
Boats up to $4,999.99 |
Easy to use |
Low transaction limit ($5k) |
|
Cash App |
Boats up to $7,500 |
Higher limit than Venmo |
Low transaction limit ($7.5k) |
|
Zelle |
Really cheap boats |
Bank-integrated |
Low transaction limit ($2k–5k) |
|
DealNow |
Any boat transaction size |
Secure, instant, no limits |
None, because we designed it that way |
Physical cash offers one big advantage: it’s immediate. No waiting for funds to clear, and no transaction fees. But for high-dollar boat sales, a cash payment is a bit risky and awkward.
Here’s why:
If you’re buying a sailboat or jet ski for a couple of thousand dollars, cash is fine. But for your $500,000 dream yacht, you need something as immediate as cash, without the risk and trouble.
Wire transfers are fairly secure and convenient. They don’t usually have transaction limits, which means you can pay for that Sea Ray Sundancer in one go. But they do come with some limitations.
Bank transfers only happen during banking hours. If you want to purchase a boat on the weekend, after work, on a holiday, or at night, you’re out of luck.
Try not to do a boat deal near the end of the banks’ closing time, the seller might not receive the funds until the next business day. This will turn your transaction into a multi-day affair, which nobody wants.
Wire transfers require you to collect the seller’s banking info. Many sellers are reluctant to give sensitive information to a stranger.
If you don’t like the inconvenience of bank hours or placing your trust in a stranger—but you do like the finality and certainty of a wire transfer—you’re going to love DealNow.
Most private sellers can’t accept direct credit card payments. To pay for a boat with a credit card, you need to use an intermediary payment processor. Stripe is the most common one.
Buying a Boston Whaler Montauk for $65,000? If you pay via Stripe, brace yourself:
If you’re set on a credit card payment, expect to cover Stripe’s $2k cut. There go any cashback rewards you were aiming for.
The cashier’s check is a tried-and-true way to transfer large amounts of money between strangers. They’re fairly easy, secure, and don’t usually have limits on the amount you can transfer (though some small banks and credit unions cap out at $50k). They’re backed by your bank (the bank takes the money out of your account and issues a check for the same amount), meaning the seller doesn’t have to trust you personally.
But cashier’s checks aren’t without friction. You’ve got to make at least one trip to your bank. Potentially two: smart sellers insist on meeting at your bank so a banker can verify the check’s not a forgery. You’re reliant on banker’s hours. And all of this takes time.
For a frictionless, fast solution, keep reading.
Peer-to-peer payment apps can be great if you’re purchasing a cheap boat, but they’re inadequate for large fund transfers. Here’s why:
Let’s look closer at the shortcomings of payment apps for boat transactions.
If you have a verified PayPal account, you can send up to $60,000 in a single transaction—if you don’t mind the fees.
PayPal charges a 2.9% + $0.30 fee for goods and services. For a $60,000 boat, that’s almost $1,800. If the seller insists on using PayPal, they might be charging you more to cover their fees.
Venmo allows verified users to send up to $4,999.99 per transaction. This works for cheaper boat types, such as used Jon boats, small sailboats, or fixer-upper projects. But for most types of boats, this is a no-go.
Like Venmo, Cash App can’t handle most boat transactions. It caps out at $7,500 per transaction and $17,500 per week.
Zelle’s limits are $2,000 to $5,000 per day. While that might work for some boat purchases for most seaworthy boats, paying with Zelle is too drawn out.
If only you could bundle up the perks of every payment method and toss out their pitfalls. DealNow does just that. Our transactional technology gives you the speed of a peer-to-peer payment app and the safety of a wire transfer. No more percentage-based fees, counting bills, or banker’s hours—just quick, secure transactions from your mobile device.
Here’s why DealNow is the best way to pay when buying a boat:
Ready to dive in? Here’s how DealNow simplifies your boat-buying journey:
Experience the future of boat buying with DealNow. Once you’ve tried it, you’ll wonder how you bought a boat any other way.
Here is how you can avoid scams when buying a boat from a private seller:
Credit cards are impractical for boat purchases. Most private sellers can’t directly accept them, and high processing fees offset any cashback rewards. Credit cards also have high interest rates that can add up to unaffordable monthly payments. Instead of financing a boat with a credit card, opt for traditional financing options, such as a boat loan or personal loan, to secure a lower rate.
Negotiation is common in boat sales, especially for used boats. Do your research on fair market prices, consider any necessary repairs or maintenance costs, and make a reasonable offer. Once you’ve agreed on a price, use DealNow to handle the payment securely.
DealNow is the least risky method of payment for buyers and sellers. Both parties undergo ID verification, so you know you’re dealing with a legal entity. Buyers transfer their funds to the platform, weeding out time wasters and scammers. Then, both parties sign a legally binding bill of sale, allowing you to finish the sale with confidence. After the seller gets paid, their funds are held in an FDIC-insured account until they transfer them to their bank.
The choice between cash savings and marine financing depends on your financial situation and goals. Cash payments eliminate monthly payments and interest charges, potentially saving you thousands over time.
Marine financing allows you to preserve your savings for emergencies or investments while spreading the cost over time. If you can secure a low interest rate and the monthly payments fit comfortably within your budget, financing might be the better option. Consult a financial advisor to evaluate which option best suits your circumstances.
Several boat financing options are available:
The best option depends on your credit score, down payment amount, and desired loan term. Compare offers from multiple lenders to find the most favorable terms and rates for your situation.
DealNow is the easiest way to close your own vehicle deal, anytime. It’s the safe and simple way to avoid fraud, sign documents, and instantly transact, all in one app.
