Can I finance a Mercury repower in Ontario?

Yes. The current standard path is TD "Always On" at 5.48% APR through December 31, 2026 (OAC / subject to lender approval), placed through Dealerplan Peterborough. Covers the full project: motor, rigging, controls, prop, install labour, on-water test on Rice Lake before pickup, hydraulic steering conversion if required, and HST. Terms 24 to 84 months. Build a real quote and see live payment options at mercuryrepower.ca.

What's the Mercury financing rate in 2026?

5.48% APR through TD "Always On", current through December 31, 2026. After that, standard tiered rates apply (typically starting around 7.99% APR for good credit, varying by lender and credit profile). Current promotion details are on the promotions page.

Is Mercury Repower Financing through Medallion Bank available in Canada?

No. Per Mercury Canada's fine print: "Financing is available to residents residing in the United States..." The Medallion Bank program is US-residents only. Canadian buyers use the TD path through HBW instead.

What can I finance in a Mercury repower?

Motor, rigging (controls, cables, gauges), new prop, install labour, on-water test on Rice Lake before pickup, hydraulic steering conversion (if required), battery and harness refresh, and HST. Everything except your old motor, which becomes trade-in credit instead.

What term lengths are available?

24, 36, 48, 60, 72, and 84 months are common options. Most repower customers land at 60 or 72 months as the sweet spot between manageable monthly payment and reasonable total interest. The financing calculator shows the math on each term.

Do I need a down payment?

We do not require a specific down payment percentage. Some customers put 0% down. Some put 30%. The math gets better with more down. Trade-in credit on your old motor counts as down payment for approval and total-financed purposes.

How does the trade-in credit work?

Your old motor has trade-in value, even if it's dead. Our trade-in valuation tool gives you an instant credit estimate. The credit reduces the financed total, which reduces your monthly payment.

What credit score do I need?

The TD path can work for a range of credit profiles, subject to lender approval. Excellent credit unlocks the best terms and rates. Fair credit may still qualify, sometimes at a higher tier. We do not pull your credit until you have built a serious quote and asked us to start the application.

How long does financing approval take?

Most decisions come back in 24 to 48 hours after you submit the online application.

Can I pay off my financing early?

Yes. No prepayment penalty on the TD program. If you sell the boat, get a bonus, or just decide to pay it off in full, you can do that without extra fees.

Should I pay cash or finance my repower?

If you have the cash and your other money is not earning more than the financing rate, paying cash usually wins mathematically. If your savings is earning more than the rate, or paying cash would deplete your emergency fund, financing is the right call. We will not push you either way.

Is HST included in the financing?

Yes. HST gets added to the project total and gets included in the financed amount. You do not have to pay tax up front separately.

How do I get started with Mercury financing?

Build a quote at mercuryrepower.ca. Three minutes. Then click through to the financing page to see your live payment options at the current TD rate. When you are ready, the application is online and approval comes back in 24 to 48 hours.

Boat Repower Financing in Ontario (2026 Guide)

Quick answer Mercury outboard financing in Ontario through Harris Boat Works runs at 5.48% APR through TD's "Always On" program (OAC / subject to lender approval), available now through December 31, 2026. Standard tiered rates apply after that (typically starting around 7.99%...

Mercury Platinum Dealer·Family-owned since 1947·Mercury dealer since 1965·Gores Landing, ON·Quote builder available

Quick answer

Mercury outboard financing in Ontario through Harris Boat Works runs at 5.48% APR through TD's "Always On" program (OAC / subject to lender approval), available now through December 31, 2026. Standard tiered rates apply after that (typically starting around 7.99% APR depending on lender and credit profile). You can finance the motor, rigging, install labour, prop, and HST in one package, terms 24 to 84 months, online application, decisions typically come back in 24 to 48 hours. Build a real quote and run live payment numbers at mercuryrepower.ca.

Heads-up: the Mercury Repower Financing program through Medallion Bank is US-residents only. The Mercury Canada page says so in the fine print: "Financing is available to residents residing in the United States..." If you've seen that program advertised, it doesn't apply in Ontario.

What's actually available to Canadian buyers

There are three paths to financing a Mercury outboard or repower in Ontario:

Marine-specialist financing through HBW (the standard path). We work with Dealerplan Peterborough, which places loans with TD Auto Finance and other Canadian marine lenders. The TD "Always On" promotional rate is 5.48% APR, available now through December 31, 2026. Online application, 24 to 48 hour approval. The rate stacks with Mercury's current 7-year warranty promotion.
Your own bank. Some boaters prefer financing through their existing chartered bank, RBC, TD retail, BMO, Scotia, CIBC. Rates vary; check your bank's secured personal loan or boat-loan product. We'll happily build the quote and let you take it to your bank.
Cash plus trade-in credit. If you have cash and a tradeable old motor, we'll value the trade and net it against the install total. Even a non-running motor has aluminum and parts value.

We do not require you to finance through us. Quote built first; credit pulled only when you're serious.

What changes your monthly payment

Five things move the number:

Total amount financed. Bigger motor and rigging package = bigger monthly payment. The all-in cost of your repower (motor + rigging + install + prop + HST) is what gets financed, not just the motor itself.
Down payment. Larger down payment shrinks the financed total. We do not require a specific percentage. Some customers put 0% down. Some put 30%. The math gets better the more you put down.
Trade-in credit on your old motor. A working old motor is worth real trade-in credit. Even a dead motor has aluminum and parts value. Our trade-in valuation tool gives you an instant credit estimate. Trade-in works the same as a down payment, it reduces the financed amount.
Term length. 24 months has the highest monthly payment but the lowest total interest. 84 months has the lowest monthly payment but the most total interest. Most repower customers land at 60 or 72 months as the sweet spot.
Promotional vs. standard rate. The 5.48% TD "Always On" rate is the current promotional rate through Dec 31, 2026. After it auto-retires on Jan 1, 2027, the standard tiered rate environment applies (commonly starting around 7.99% APR for good credit). Check the promotions page for the current state of the offer.

What you can finance in a Mercury repower

Some financing programs only cover the motor itself. The HBW path covers the full project:

What's included	Notes
Motor itself	The Mercury outboard you are buying
Rigging	Controls, cables, gauges, harness work
Prop	Aluminum or stainless steel, sized to motor
Install labour	Shop time to mount, wire, and rig the motor
Hydraulic steering conversion	If required; commonly reviewed on higher-horsepower repowers
Battery and harness refresh	New battery, connectors, fuse panel
On-water test	Every repower gets an on-water test on Rice Lake before pickup. No exceptions.
HST (13% Ontario)	Yes, the tax is bundled into the financed amount

Build a real quote on the motor selection page and the financing calculator pulls the total directly. You see your actual monthly payment options before you commit to anything.

How TD "Always On" works

This is the current standard path for HBW repower financing in Canada.

Rate: 5.48% APR
Lender: TD Auto Finance, placed through Dealerplan Peterborough
Window: Through December 31, 2026 (auto-retires Jan 1, 2027, standard tiered rates apply after)
Eligibility: A range of credit profiles may qualify, subject to lender approval. Excellent credit unlocks the best terms. Fair credit may still qualify, sometimes at a higher tier.
Term length: 24 to 84 months. Most repower customers land at 60 or 72 months.
HST: Bundled into the financed amount. You don't pay tax upfront separately.
Approval: Online application. Most decisions come back in 24 to 48 hours after the application is submitted.
Prepayment: No prepayment penalty. Pay it off early without extra fees.

The rate stacks with Mercury's current 7-year warranty promotion (3-year standard + 4-year promotional bonus through the current window). Confirm both are active at time of quote.

What HBW checks before financing approval

The lender wants to see a few things:

Credit score. Most marine financing programs want fair-to-good credit. Excellent credit unlocks the best tier. Lower credit can still get approved, often at a higher tier rate.
Income vs. payment ratio. The lender wants to see that the monthly payment fits your existing budget without stretching it.
Down payment. A higher down payment helps a marginal application get approved.
Trade-in credit. Same effect as down payment for approval purposes.
Existing debt load. Auto loans, credit cards, and other monthly obligations factor into the approval math.

We do not pull your credit until you have built a quote you are serious about and you have asked us to start the application.

Common scenarios

Three patterns we see most often. Your situation is somewhere in here.

Scenario 1: "I just want to get on the water." Old 2-stroke died last fall. Customer needs the boat running by Victoria Day weekend. Goes with a 90 to 115 HP FourStroke repower (mid tier), 10 to 20% down, 60-month term, TD 5.48%. Monthly payment lands somewhere around what they were spending on premium fuel and oil mix for the old 2-stroke. They're on the water in three weeks.

Scenario 2: "I'm thinking about it for next season." Comes in November or December. Plans the repower with the install scheduled for the week we reopen in April. Locks in the TD 5.48% rate before the December 31, 2026 retirement. Often finances for 84 months to keep the monthly low. Boat is ready to launch the day the ice comes off Rice Lake.

Scenario 3: "I'm stretching the budget." Wants to upgrade to bigger HP than they currently run. Needs every dollar of trade-in credit and a longer term to make the monthly fit. We run multiple quote configurations on the motor selection page and the financing calculator to show what changes when they pick a 90 vs a 115 vs a 150. Honest math wins this one. Sometimes the right answer is to wait a season and save more down payment.

When to repower with cash vs financing

If you have the cash to do the repower outright, and your other money is not earning more than the financing rate, paying cash usually makes the cleaner math. You skip the interest and you own the motor outright.

If your money is in something earning above the financing rate, or your emergency fund would get depleted by paying cash, financing the repower at 5.48% (while the promo lasts) often makes sense. You keep your liquidity, and the math is roughly a wash or favours financing.

We will not push you either way. Choose the option that fits your budget, cash flow, and comfort level.

What doesn't usually help the math: financing a repower at 5.48% AND keeping a big chunk of cash in a low-interest savings account earning 1.5%. Run the numbers before deciding. This is general guidance, not financial advice.

Ready to run real numbers?

Build a repower quote on the motor selection page at mercuryrepower.ca in three minutes. You see the motor, rigging, install, total, and live financing payment options before you ever talk to us. Then run the financing calculator to see how down payment, term length, and trade-in credit change your monthly number.

If you would rather talk it through, call (905) 342-2153 or send us an email. We answer the phone.

Pricing ranges in this article are HBW's working 2026 estimates, verified May 2026. The 5.48% TD "Always On" APR is current as of May 2026 and runs through December 31, 2026. Standard tiered rates apply after the promo retires. The actual price and live payment options for your specific configuration are at mercuryrepower.ca. Mercury model years change every July 1, and we refresh ranges in articles annually.

Related guides:

See live CAD pricing for every Mercury we stock at the Mercury pricing reference.

Related guides

Boat Hull Replacement vs Repower: The Honest Decision (2026): For most Ontario boats under 20 years old with a sound, dry hull, repowering wins on cost: a new Mercury.
Financing a New Boat Motor: What Ontario Boaters Need to Know: Explore boat motor financing options in Ontario. Learn about payments, terms, and how to get approved for a.
Is My Boat Eligible for a Mercury Repower? The 5-Check Eligibility Guide (2026): Find out if your boat is eligible for a Mercury repower. The 5-check eligibility test: transom, hull.
Ontario Cottage Boat Motor Repower Guide (2026): For Ontario cottage owners, repowering an existing aluminum or fiberglass boat with a new Mercury usually.

Frequently Asked Questions

Can I finance a Mercury repower in Ontario?: Yes. The current standard path is TD "Always On" at 5.48% APR through December 31, 2026 (OAC / subject to lender approval), placed through Dealerplan Peterborough. Covers the full project: motor, rigging, controls, prop, install labour, on-water test on Rice Lake before pickup, hydraulic steering conversion if required, and HST. Terms 24 to 84 months. Build a real quote and see live payment options at mercuryrepower.ca.
What's the Mercury financing rate in 2026?: 5.48% APR through TD "Always On", current through December 31, 2026. After that, standard tiered rates apply (typically starting around 7.99% APR for good credit, varying by lender and credit profile). Current promotion details are on the promotions page.
Is Mercury Repower Financing through Medallion Bank available in Canada?: No. Per Mercury Canada's fine print: "Financing is available to residents residing in the United States..." The Medallion Bank program is US-residents only. Canadian buyers use the TD path through HBW instead.
What can I finance in a Mercury repower?: Motor, rigging (controls, cables, gauges), new prop, install labour, on-water test on Rice Lake before pickup, hydraulic steering conversion (if required), battery and harness refresh, and HST. Everything except your old motor, which becomes trade-in credit instead.
What term lengths are available?: 24, 36, 48, 60, 72, and 84 months are common options. Most repower customers land at 60 or 72 months as the sweet spot between manageable monthly payment and reasonable total interest. The financing calculator shows the math on each term.
Do I need a down payment?: We do not require a specific down payment percentage. Some customers put 0% down. Some put 30%. The math gets better with more down. Trade-in credit on your old motor counts as down payment for approval and total-financed purposes.
How does the trade-in credit work?: Your old motor has trade-in value, even if it's dead. Our trade-in valuation tool gives you an instant credit estimate. The credit reduces the financed total, which reduces your monthly payment.
What credit score do I need?: The TD path can work for a range of credit profiles, subject to lender approval. Excellent credit unlocks the best terms and rates. Fair credit may still qualify, sometimes at a higher tier. We do not pull your credit until you have built a serious quote and asked us to start the application.
How long does financing approval take?: Most decisions come back in 24 to 48 hours after you submit the online application.
Can I pay off my financing early?: Yes. No prepayment penalty on the TD program. If you sell the boat, get a bonus, or just decide to pay it off in full, you can do that without extra fees.
Should I pay cash or finance my repower?: If you have the cash and your other money is not earning more than the financing rate, paying cash usually wins mathematically. If your savings is earning more than the rate, or paying cash would deplete your emergency fund, financing is the right call. We will not push you either way.
Is HST included in the financing?: Yes. HST gets added to the project total and gets included in the financed amount. You do not have to pay tax up front separately.
How do I get started with Mercury financing?: Build a quote at mercuryrepower.ca. Three minutes. Then click through to the financing page to see your live payment options at the current TD rate. When you are ready, the application is online and approval comes back in 24 to 48 hours.

Harris Boat Works · 5369 Harris Boat Works Rd, Gores Landing, ON · (905) 342-2153

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