The Right Documents for a Boat Mortgage in Canada

Boat Mortgage in Canada

If you have been chewing on the idea of buying a boat, there has never been a better time than now. Before you know it, it will be boating season in Canada, and you do not want to be stranded on land while other boaters are out on the lake making waves. Still, it is not as though you can just snap your fingers and own a boat. Vessels can be prohibitively expensive, and if you have sticker shock from looking at the price tags that come with brand-new boats, you may want to look closely at alternative options. For example, buying a used boat can net you a great deal on a vessel that has been well cared for. Also, it is possible to finance the purchase of a boat with a bank loan, which is not too dissimilar to buying a car. This is commonly called a marine mortgage or a boat mortgage, and it can offer a viable pathway to first-time boat ownership. If you do have a boat mortgage in Canada, though, you will need to process some documentation with Transport Canada, and that is where we can help.

If you have ever obtained a loan for a car or a home, you know that there can be a fair amount of paperwork involved. When you buy a boat, you can expect to put some ink to paper as well. Beyond what is required by your bank or lender, you will also need to process some forms with Transport Canada. As the nation’s main agency for all transportation infrastructure on both land and sea, Transport Canada issues vessel documentation to boat owners across the country. During your years as a boat owner, you can expect to work with the agency from time to time, and the good news is, by working with a private business such as ours at the National Vessel Registry Center, you can handle much of your paperwork online. Read on to learn more.

Forms for a Boat Mortgage in Canada

Any boat that is purchased with a bank loan in Canada must obtain a vessel registration. This will also be the case should you plan to use your vessel for any sort of commercial means, or you plan to travel internationally while flying the Canadian flag. A vessel registration means you will not require a pleasure craft license (PCL), and instead of a registration number, your boat will primarily be identified by its official name, which must be entirely unique from other registered vessels. 

You will need to fill out Form 1 – Application for Vessel Registration to register your boat. A Form 3 – Statement of Qualification for Vessel Registration will also be required. Transport Canada will also ask for a tonnage measurement and photographs of all four sides of your vessel.

Boat Mortgage in Canada
Register Your Boat Online

You can register your boat online by using our fillable vessel registration web forms. Simply look for the documents you need in our navigation menu. You can also learn more by visiting our Frequently Asked Questions page.