Vehicle/Boat Loans

Magothy Marina

Pictured Above: Magothy Marina

Cruise Away with your Dream Car or Boat…

Whether you are looking for a shiny, new car or boat, The Bank of Glen Burnie has the right loan for you. Explore your vehicle and boat loan options below and call one of our lenders for more information at 410-766-3300.

Become a BofGB loan customer today:

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Vehicle and Boat Loan Programs

Vehicle / Boat Loan

  • Fixed monthly payments

  • Competitive interest rates

  • Direct debit repayment options available

  • Discount applied to loans with automatic debit from a savings or checking account at The Bank of Glen Burnie

Boat Slip Loan

  • Advantage of owning a slip vs. renting (listed below table)

  • Up to 20 year term; As little as 15% down

  • Available for marinas located in Anne Arundel County, MD

  • Slip must come with a deed

  • Auto Debit discount could apply

Advantages of Owning a Boat Slip vs. Renting

  1. More control of your boating water access, lifestyle and destiny.
  2. Building equity by owning as opposed to leasing.
  3. If the boat and slip can qualify as a second home, the interest could be tax deductible.
    Additionally, the real estate taxes paid in connection with the slip could also be tax deductible. Always consult with your tax advisor.
  4. The after-tax cost to many boat owners will be less than the rental rate they would be paying for the same period. After the loan is paid off, the ongoing cost of owning the slip is a small fraction of rental.
  5. Ownership of a slip protects a boat owner from the consistent increases in
    rental rates. The slip becomes an asset instead of a cash drain.
  6. The boat slip can be sold, transferred, or passed by inheritance.
  7. If an owner is not using his slip, the slip could be rented for income.
  8. Increasing governmental regulation limiting the number of marinas which can be built, coupled with the consistent demand for boat slips, create the potential for an appreciation in your slip’s value.

Apply for a Loan

Apply for a vehicle or boat loan with The Bank of Glen Burnie by clicking here:

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