Yes. Many lenders and brokers offer finance for standalone outboard or inboard motors, whether it’s a replacement, upgrade, or part of a boat purchase. Loan terms are usually shorter than full boat loans because motors depreciate faster.

Most lenders prefer motors under 7–10 years old, though specialist marine finance providers may consider older engines with full service history. Approval for very old or high-hour motors is limited—expect higher deposits and shorter terms if approved at all.

Traditional banks and many other prefer new or close to new motors for finance. Specialist marine finance lenders provide more flexibility in terms of rate and motor age. In cases where a lender won’t approve a older motor, a personal loan may be the best option.

Marinewise works with experienced experts in the marine finance space and can help provide the best options to ensure the lowest rate and approval for older boat engines. Quickly check rates and eligibility here.

Other popular boat motor financing companies include: Yamaha Motor Finance, Mercury Finance, Honda Finance, Suzuki Finance

You can finance both outboard and inboard motors, new or used. Coverage often includes:

• Small portable outboards (e.g., 2–20hp)

• Mid-range recreational outboards

• High-horsepower outboards for offshore boats

• Inboard engines (petrol or diesel)

• Repowers and engine swaps (where you replace an old motor with a new or newer one)

A 10–20% deposit is common, depending on the lender and engine age. A bigger deposit helps offset depreciation risk, keeps repayments lower, and may improve your approval odds.

Rates for motor loans are usually a little higher than for full boat loans, because motors depreciate faster. Loan terms often range 2–5 years, with shorter terms more common for used engines. Your rate depends on motor age, condition, your credit profile, and whether the loan is secured or unsecured.

Both options exist.

• Dealers: generally easier (paperwork, warranties, receipts).

• Private sales: lenders often require extra checks—proof of ownership, serial number verification, and sometimes a mechanic’s inspection report.

• Proof of ID and income (payslips or tax returns if self-employed)

• Details of the motor (make, model, year, horsepower, serial number, hours if applicable)

• Sales contract or invoice (dealer or private)

• Proof of insurance (sometimes required if motor is part of a larger vessel)

Often yes. If you’re repowering, finance can usually cover:

• Motor purchase

• Professional installation labour

• Controls, gauges, propeller, steering, and rigging kits

• Related accessories (fuel system, batteries, wiring, electronics if bundled)

For used motors, some lenders may request an independent mechanic’s report to confirm condition, hours, and service history. This protects both you and the lender from unexpected failures. For new motors, the dealer invoice usually suffices.

This makes finance harder. Lenders may require:

• A larger deposit

• Shorter loan terms

• An inspection by a marine mechanic

High-hour motors often lose value quickly, so lenders are more conservative.

If the motor is financed separately, not always. But if it’s tied to a boat loan or secured against the vessel, lenders typically require proof of insurance. Even when optional, insuring your investment is strongly recommended.

• Unsecured personal loan (higher rates, fewer restrictions on age/condition)

• Credit card or line of credit (only for small motors—watch the interest rates)

• Home equity/redraw facility (lower rates, but puts your property at risk)

• Verify the serial number matches paperwork

• Check for encumbrances (ensure no finance is owing)

• Ask for service receipts and warranty status

• Get a mechanic’s inspection (compression test, water pump, seals, electrics)

• Avoid rushed or “too-good-to-be-true” private deals