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Best boat loans of September 2024

• • Personal loans
• • Debt management

• • Personal finance

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What to know first: A boat loan is a type of financing — typically a personal loan — used to fund the purchase of a boat or related expenses. Similar to auto loans, they generally come with fixed monthly payments and fixed interest rates. The approval process is mostly dependent on credit, with the lowest rates going to those with the best credit profiles. Read more

Bankrate experts have sifted through personal loan lenders that offer loans specifically geared toward marine craft-related purchases. To find the best of the best, our team made sure each lender offers competitive rates, generous repayment terms and a range of loan amounts.

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Table of contents

• Compare Bankrate's top picks for boat loans

A closer look at our top boat loan lenders

• What is a boat loan

How to compare boat loans

How to get a boat loan.

• Alternatives to boat loans
• Methodology

Definition of terms

APR Annual percentage rate, or APR, represents the interest rate plus any additional fees that may impact the annual cost of your loan.

Estimated monthly payment How much you can expect to pay on your loan each month based on the loan principal, loan term and interest rate.

Term The period of time until your loan achieves maturity and is paid off in completion. Terms can be expressed in months or years, depending on the details of your loan.

Total interest and fees Total interest and fees include estimated interest over the life of your loan and origination fees, if applicable.

AutoPay Automated payments are recurring monthly charges on a bill's due date that are automatically deducted from the borrower's account. These are normally used for loans, mortgages and other bill payments.

Bankrate Score Bankrate's scores for personal loan lenders evaluate 11 data points related to loan costs and terms, as well as customer experience.

Max Loan Amount The max loan amount is the largest sum a lender will give. This amount may not be available to borrowers who don't have good or excellent credit.

Settlement Fee The estimated range of fees, as a percentage of your total debt amount resolved, that are owed to the debt settlement provider as payment for their services.

BBB Rating Represents the Better Business Bureau's opinion of how the business is likely to interact with its customers. The BBB is a non-profit organization which has helped provide unbiased information to consumers for over 100 years. The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB assigns ratings from A+ (highest) to F (lowest).

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PERSONAL LOANS

LightStream: Best overall boat loan

Bankrate Rating = 4.7 /5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

The annual percentage (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing.

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This lender is registered in states where it does business, has a Consumer Loan Company License and was vetted by the Bankrate Editorial team.

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LightStream offers some of the most competitive boat loan terms of the lenders Bankrate reviewed. Its low APR range, flexible repayment terms and high loan amount maximum make it a great financing option for a pricey new boat purchase. Lightstream's minimum credit score requirement is on the high side, so check your credit before you apply.

• Several years of mixed credit
• Assets or savings
• Stable, sufficient income
• Few reported delinquencies

Same day if approved before 2:30 p.m. ET, Monday through Friday

• Longer terms
• High maximum amount
• Low minimum and maximum APRs
• Requires very good to excellent credit
• No ability to prequalify
• Fixed due date

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are .50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 9.99% APR with a term of 3 years would result in 36 monthly payments of $322.62. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

UPGRADE: BEST FOR BUYING BOAT ACCESSORIES

Check rate with Bankrate

Upgrade’s low minimum loan amount makes it a good choice if you want to finance some bells and whistles for your new boat. Whether it’s a GPS fish finder to help you catch the “big one” or fenders to prevent dents, Upgrade’s $1,000 minimum should cover the costs. If you don’t qualify for a boat loan on your own, Upgrade allows joint applicants.

• U.S. citizen or permanent resident
• At least 18 years old
• Valid email address
• Valid bank account
• Origination fee of 1.85%-9.99%
• $10 late fee
• $10 returned check fee

Up to four business days; up to two weeks if sent directly to creditors

• Secured and joint loans offered
• Rate discounts
• Low loan amount minimum
• No payment date flexibility
• Origination fee
• Creditworthiness requirements not disclosed

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.

Best for bad, low or no credit boat loans

Bankrate Rating = 4.8 /5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Upstart is unique in that it doesn't require a credit score for approval. Rather than looking exclusively at credit health for approval, the lender considers a multitude of factors to match you with banks and credit unions, including education and career history. However, if you have poor credit, you likely won't be approved for the maximum loan amount.

• Have a valid email address
• Have a Social Security number
• Have a personal bank account
• Have steady income or job offer starting within 6 months
• Earn a minimum annual income of $12,000
• Late fee of 5% or up to $15
• Origination fee up to 12%
• $15 returned check fee
• $10 one-time paper copies fee

As soon as one business day

• Nontraditional qualification requirements
• Option to change payment dates
• Prequalification offered
• Higher than average origination fee maximum
• Small maximum loan term
• No same-day funding

The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 

Best for consolidating debt for future boat financing

Achieve's personal loans are best for consolidating your existing debt to boost your credit scores if you want a better future boat loan rate. For one, Achieve will pay your creditors directly if you use a loan to consolidate debt. The lender also offers a rate discount for those who use at least 85 percent of the loan proceeds to pay off qualifying existing debt. 

• Proof of income and employment
• Social Security number
• Proof of identity
• Origination fee of 1.99% to 6.99%

Within 24 to 72 hours of approval

• Optional loan consultant
• Multiple mobile apps
• Multiple discounts available
• Not available in every state
• Lower loan maximum

Home Equity loans are available through our affiliate Achieve Loans (NMLS ID #1810501), Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Home loans are a line of credit. Loans are not available to residents of all states and available loan terms/fees may vary by state where offered. Line amounts are between 15,000 and $150,000 and are assigned based on debt to income and loan to value. Example: average HELOC is $57,150 with an APR of 12.75% and estimated monthly payment of $951 for a 15-year loan. Minimum 640 credit score applies to debt consolidation requests, minimum 670 applies to cash out requests. Other conditions apply. Fixed rate APRs range from 9.75% - 15.00% and are assigned based on underwriting requirements and offer APRs include a .50% discount for automatic payment enrollment (autopay enrollment is not a condition of loan approval).10 and 15 year terms available. Both terms have a 5 year draw period. Payments are fully amortized during each period and determined on the outstanding principal balance each month. Closing fees range from $750 to $6,685, depending on line amount and state law requirements and generally include origination (2.5% of line amount) and underwriting ($725) fees if allowed by law. Property must be owner-occupied and combined loan to value may not exceed 80%, including the new loan request. Property insurance is required as a condition of the loan and flood insurance may be required if the subject property is located in a flood zone. You must pledge your home as collateral and could lose your home if you fail to repay. Contact Achieve Loans for further details

PROSPER: BEST FOR FAIR CREDIT BOAT LOANS

Bankrate Rating = 4.6 /5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

on Bankrate

Prosper is Bankrate’s 2024 best lender for borrowers with fair credit. And its peer-to-peer lending model may be an option if your credit doesn’t meet boat dealership requirements. 

• Have a U.S. bank account
• Origination fee of up to 5 percent
• $15 or 5 percent late fee
• $15 insufficient funds fee
• $5 or 5 percent check payment

Same day as approval

• Joint applications allowed
• Fair credit-focused
• Payment date flexibility
• High maximum interest rate
• No rate discounts

For example, a three-year $10,000 personal loan would have an interest rate of 9.88% and a 7.99% origination fee for an annual percentage rate (APR) of 15.70% APR. You would receive $9,201 and make 36 scheduled monthly payments of $322.11. A five-year $10,000 personal loan would have an interest rate of 11.64% and a 7.99% origination fee with a 15.36% APR. You would receive $9,201 and make 60 scheduled monthly payments of $220.63. Origination fees vary between 1% and 9.99%. Personal loan APRs through Prosper range from 8.99% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank.

SOFI: BEST FOR LOWER CREDIT LUXURY BOAT LOANS

SoFi offers loans of up to $100,000 to borrowers with credit scores as low as 680. However, borrowers near that minimum might not qualify for SoFi’s biggest loan amounts. SoFi doesn't charge any mandatory fees and offers benefits like rate discounts. If you don’t qualify for LightStream’s boat loan options, SoFi is a solid backup choice.

• Be age of majority
• Be a U.S. citizen or resident
• Be an eligible nonresident
• Have sufficient income or job offer
• Live in an eligible state
• No fees required

In a few days; larger loans may take longer

• High loan amount range
• Lower minimum credit score
• Financial criteria not listed
• Higher APRs than other high loan amount lenders

Fixed rates from 8.99% APR to 29.99%APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.

Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

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• Compare Bankrate's top picks for boat loans

Compare boat loan rates from Bankrate’s top picks

Taking the time to get acquainted with all of the best boat loan lender’s terms is a great way to start your boat loan shopping. You may cross some off the list right away because you don’t qualify based on your credit score, or you need a higher loan amount or longer term than some of the lenders offer. 

Taking an even deeper dive into our top boat loan lenders, we focus on how each lender differs from one another and why they stand out. We also include data when available on how Bankrate users use their loans. This can give you an idea as to your possible lending relationship with each lender.  

Overview: Owned by Truist Bank , LightStream has been an online loan marketplace since 2012. It provides loans up to $100,000, which is more than what most of our best personal loan lenders offer.

Who it's for

Borrowers in good financial health looking to finance a larger boat or related expense. Due to the lender's low APR range and few fees, it could also be helpful for those who wish to take out a smaller loan with a shorter repayment period. 

Stand-out features

• Established in 2012
• Online application
• Available in all 50 states
• Rate beat program
• Loan experience guarantee

Bankrate insights on Upstart borrowers

Here is what borrowers who took out loans with Upstart used their funds for.

• Credit card refinancing 9%
• Debt consolidation 35%
• Emergency 21%
• Home improvement 6%
• Major purchase 12%

Upstart: Best for low or no credit 

Overview: Upstart is an online lending marketplace that connects applicants to over 100 banks, lenders and credit unions. It claims its flexible lending model allows it to offer significantly lower rates than a traditional lending model would. 

Individuals with low credit who are in need of a small or midsize boat loan. It also is a good option for borrowers who have good credit, seeing as the APR minimum is the lowest out of our best boat loans. However, Upstart's inflexible repayment options of three or five years makes it ideal for those who have a steady, predictable income. 

• No minimum credit score requirement
• Next-day funding available
• No prepayment penalty

Achieve: Best for consolidating debt for future boat financing

Overview: While many lenders offer consolidation loans, not many offer a discount just for taking out the loan. Individuals who use at least 85 percent of their Achieve funds to consolidate debt are eligible for a rate discount. 

Borrowers with at least fair credit who have a minimum of $5,000 of debt are most likely to benefit. Individuals with a qualifying co-signer could also benefit, due to the lender's co-signer rate discount. 

• Established in 2004
• Direct payment discount
• Prequalification 
• Customer service offered 7 days a week
• Dedicated Achieve loan consultant

Bankrate insights on Achieve borrowers

Here is what borrowers who took out loans with Achieve used their funds for.

• Credit card refinancing 10%
• Debt consolidation 31%
• Home improvement 26%
• Major purchase 16%

Upgrade: Best for buying boat accessories

Overview: Over the last five years, Upgrade made over $24 million in credit available to its customers. The online consumer lending platform is headquartered in San Francisco and opened its doors in 2016. Unlike many of our best online lenders it has multiple offices across America.

Upgrade’s small loan amount minimum makes it a good choice for buying accessories from waterproof first-aid kits to fish finders and boat grills. It caters to borrowers with fair credit and offers rate discounts for borrowers who qualify — plus there are joint and secured loan options. 

• Established in 2016
• Available in all 50 states 
• Online application 
• Joint applications
• Customer service 7 days a week 
• Adjustable payment date 
• Secured loan options

Bankrate insights on Upgrade borrowers

Here is what borrowers who took out loans with Upgrade used their funds for.

• Credit card refinancing 13%
• Debt consolidation 39%
• Emergency 24%
• Home improvement 4%
• Major purchase 5%

Prosper: Best for fair credit boat loans

Overview: Prosper started in 2005 as an online peer-to-peer lender. It specializes in low-interest loans and is the only peer-to-peer lender in our fleet of best boat loans. In almost 20 years, the company has connected customers with $27 billion in loans. 

You may have a better shot at approval since Prosper puts your application in front of several different lenders. You can also apply jointly to qualify for a newer or larger boat if your income isn’t enough flying solo. The peer-to-peer model is often more inclusive of borrowers across the credit range.

• Established in 2005 
• Available in 48 states 
• Online and phone applications 
• Financial tools and resources 
• Large portfolio of loan options 
• Prequalification available 

Bankrate insights on Prosper borrowers

Sofi: best for buying a luxury boat.

Overview: SoFi is an online lender offering a suite of member benefits and competitive loan products. It's one of our newer boat loan lenders and was founded in 2011 by Stanford graduates. Since then, it's become one of the most popular companies in the personal loan marketplace with over 7.5 million members. 

Borrowers who have sufficient monthly income or a recent job offer who want to finance a larger boat, but need a lender that allows credit scores down to 680 to qualify may benefit from a SoFi loan.

• Established in 2011
• No mandatory fees 
• Same-day funding available
• Member discounts and benefits

Bankrate insights on SoFi borrowers

What is a boat loan.

A boat loan is financing you take out to buy a new or used watercraft. The loan may be used for just the boat itself, or you can finance all the bells and whistles you need for fishing, water skiing or entertaining. You can take out an unsecured personal loan to buy your boat, or secure a loan on your boat through a dealership or bank.

Types of boat loans

• Unsecured boat loans
• Secured boat loans

The lenders featured on our rate table mostly offer unsecured personal loans to buy boats. An unsecured loan doesn’t require collateral, and generally comes with higher interest rates than secured loans because the lender doesn’t have any collateral to sell if you default.y pose a higher risk to the lender. They may be easier to get, especially if you’re buying an older used boat, since the lender doesn’t vet the boat to approve your loan. 

You don’t need a down payment and funds at some lenders may be available the same day you apply. However, fees may be higher, and repayment terms at most lenders are not more than seven years. That could make your payment higher than a secured loan option. 

A secured loan is backed by collateral — property, a vehicle or a valuable item that's used to recoup the loan value if the loan payments aren't made. In the case of a secured boat loan, the boat is collateral. 

Most boat dealerships, credit unions and banks offer secured boat loans. Rates are often more competitive since the lender can repossess your boat if you default. You may also be able to borrow more money, qualify with lower credit scores and spread the payments over a longer period than most unsecured boat loans allow. 

You may need to make a down payment on a secured boat loan. The lender may set restrictions on the type, age and usage of a boat they’re willing to finance.

Pros and cons of getting a boat loan

• Depending on the financial institution and your credit score, you may be able to purchase a boat without making a down payment.
• Terms of up to 20 years may be available if you get a secured loan through a marine finance company.
• Opting for an unsecured loan means you own the boat outright.
• An unsecured personal loan gives you funds quickly if you’re competing to buy a used boat with a private owner.
• Origination and administrative fees may be in the double digits for unsecured boat loans.
• Taking out a larger loan could boost your debt-to-income ratio significantly, which makes it harder to get approved for other forms of financing, such as a home mortgage.
• You’ll have more limitations on loan amount and terms with unsecured boat loan lenders.
• Secured boat loan lenders may not approve your boat if it’s an older used model.

Is a boat loan a good idea?

Mark Kantrowitz

Denny Ceizyk

Nationally recognized student financial aid expert

If a boat is a luxury, as opposed to a necessity, buying a boat with a boat loan may not be a good idea. You may have trouble making the loan payments. The value of the boat will depreciate over time. There will also be ongoing costs involved in keeping the boat even if you don’t use it, such as insurance, maintenance and storage. You may be better off renting a boat if you don’t use the boat very frequently.

Senior Loans Writer

Committing to a boat loan makes sense if you’re more than just a once or twice-a-year weekend water warrior, and don’t have the cash to buy one outright. Like any recreational purchase, make sure you budget for the initial and ongoing costs. You’ll need some way to get the boat to the water, a place to store it and will spend money to maintain it before, during and after your local boating season. Pick the shortest term you can afford so you can enjoy payment-free boat ownership sooner rather than later. If you have a tough time finding a secured loan for an older used boat, an unsecured personal loan may be a good alternative.

What makes a lender "best" for a boat loan depends on your plans for boat ownership. Look at these factors when choosing the best boat loan lender .

• Used boat restrictions: An older pre-owned boat may be viewed as a risk by a lender. If you're financing an older boat, don't be surprised if your lender requires a full inspection of the vessel to ensure it's in good condition before approving the loan. The loan-to-value (LTV) ratio will determine how much a lender is willing to finance.
• Member benefits: Banks, lenders and credit unions may offer benefits to existing members that marine-specific lenders lack. Some potential perks include interest rate discounts, extended grace periods or payment relief options. Plus, the application process will likely be streamlined with a financial institution that already has your information.  
• Rates and terms: Your credit profile largely determines the annual percentage rate (APR) you'll be offered. An excellent credit score paired with a large down payment may give you leverage to negotiate. Prequalify with at least three lenders to get an idea of what a competitive low interest rate could look like for you. If you need a low payment, make sure you shop around for lenders that offer terms as long as seven years or longer.
• Fees: Carefully read the terms and conditions to see what fees each lender you're considering charges. Some waive every fee while others charge administration, prepayment and origination fees, to name a few. Unsecured personal loan fees can be more than 10 percent so make sure you borrow enough to pay them and cover the cost of your boat.

Getting a boat loan can be a quick and relatively painless process if you know what to expect. Before starting your search , have a clear idea of exactly how much you need to borrow, what you need from the loan and the rate you can afford. 

• Create a budget: Calculate how much boat you can afford before you start the process. Besides the monthly payment, consider how much cash you’ll need for a down payment if you plan to buy new from a dealership. If you can’t afford to own and maintain a boat or only want to use it once or twice a year for a few days, consider renting a boat instead .
• Check your credit score and employment stability: Like any loan, the best credit scores will get you the lowest rates, largest loan amounts and longer terms. You’ll also need to document a steady income to qualify.
• Decide on the type of boat you want: A new boat will typically come with a high price tag, a down payment requirement and a secured loan. If you’re buying used, it may be easier to budget for an unsecured loan since the loan isn’t based on the boat’s features. 
• Shop around: Look at multiple lenders before completing full applications. Make sure you meet the basic credit score requirements and that the lender offers a loan for the amount you need. From there, create a list of the top three to four lenders. 
• Prequalify: Find lenders that allow you to prequalify first. Prequalification is a process that allows you to check your predicted interest rates and approval odds without any negative impact on your credit score.
• Compare offers and apply: Banks, credit unions and marine dealer finance companies usually require that you be present for certain portions of the process. After applying, most lenders let you know within minutes if you’re prequalified. Funding timelines will vary by lender and loan security.

Where to get a boat loan

Find out where to get the best boat loan.

Alternatives to boat loans 

There are other ways to finance a boat or cover additional costs like repairs. Keep in mind that these options could put you at risk of losing your home, since they are both secured by your home. 

• Home equity loans can also be used to finance a boating-related purchase by securing a loan against your house. Home equity loan rates are usually fixed with terms that can be spread out for 30 years. One major drawback with this choice is by tying your home’s equity for the boat purchase, you risk losing your home, or netting a much smaller profit if you have to sell the home.
• Home equity lines of credit (HELOCs) are like credit cards secured by your home, and may be a good option if you have several boat-related costs to cover over time. You can use, pay off and reuse the line of credit as often as you wish during the draw period. The payment is only based on the amount you’ve used. 

Frequently asked questions about boat loans

What credit score is needed for a boat loan.

You typically need at least a fair credit score to qualify for a boat loan. You may qualify for a bad credit personal loan, but the rate and term may make the payment unaffordable. However, you will get better interest rates if you have a higher credit score. 

How long is a boat loan term?

The term of the loan depends on the type of loan you choose, the lender you choose and the amount you borrow. Unsecured personal loans typically have maximum terms of seven years or less while many secured boat lenders offer terms up to 20 years. 

What is a good interest rate for a boat loan?

If you have strong credit, you have a good chance of qualifying for a lender’s lowest rates. If you choose to go with a secured personal loan, rates may be in the six percent range. The average unsecured personal loan rate is currently around 12 percent , so anything less than that would be considered a good interest rate for a personal loan.

Can I get yacht financing?

You can finance a yacht, but only if you can qualify for a large enough loan to cover it. The average cost of a yacht is $640,000 , and prices range to more than $15 million. It's more likely that you'll be able to finance a portion of the yacht, rather than the entire cost.

How we made our picks for best boat loans

Bankrate's trusted personal loans industry expertise.

years in business

lenders reviewed

loan features weighed

data points collected

To select the best boat loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories :

Affordability

The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 

Availability

Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.

Customer experience

This category covers customer service hours, if online applications are available, online account access and mobile apps.

Transparency

For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.

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Best Boat Loans in 2023: Finance Your Boat

Boat loans can be unsecured or secured by the boat. Compare financing options from online lenders, banks and credit unions.

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. This does not influence our product evaluations or star ratings.

Setting sail on your own boat is a priceless experience. But unless you’ve saved a lot of cash, you’ll need a boat loan to make your dreams a reality.

Here are lenders that offer boat loans, plus information on how to finance a boat with a personal loan — including unsecured and secured loan options. Learn where to find boat loans and factors to consider before applying.

• 20+ years of combined experience covering personal loans and financial topics.
• Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
• Governed by NerdWallet's strict guidelines for editorial integrity .
• 35+ personal loans reviewed and rated by our team of experts.

Our pick for

Unsecured boat loans

Sofi personal loan.

8.99-29.99%

$5,000-$100,000

LightStream

6.99-25.49%

Achieve Personal Loans

8.99-35.99%

$5,000-$50,000

8.49-35.99%

$1,000-$50,000

7.80-35.99%

Laurel Road Personal Loan

8.99-24.25%

$5,000-$45,000

Rocket Loans

9.12-29.99%

$2,000-$45,000

How do boat loans work?

A boat loan is an installment loan with fixed monthly payments typically over two to 20 years. You can get a boat loan from a bank, credit union or online lender.

Interest rates and loan terms vary based on the lender, the size of the loan, your credit score and income, and whether the loan is secured by the boat or unsecured.

Applying for an unsecured boat loan is typically fast, and some loans can be funded the same or next day after you’re approved. Lenders usually deposit the funds into your bank account, from which you can withdraw the money to purchase a boat.

Secured boat loans vs. unsecured boat loans

Boat loans can be secured by the boat or unsecured and backed by your signature. Here are basic differences.

Secured boat loans

Secured boat loans use the purchased boat as collateral. They may have higher loan amounts, longer repayment terms and lower rates than unsecured loans. The risk is that you can lose your boat if you default.

With a secured boat loan, you may also need to make a down payment, which means you’ll need cash upfront.

Secured loans work best for borrowers who don’t qualify for an unsecured loan, want a higher loan amount and are comfortable with the risk associated with secured loans.

An unsecured boat loan doesn’t use the boat or anything tangible as collateral. Without that backing, rates on unsecured loans may be higher and terms shorter.

Approval for an unsecured boat loan is based on factors like your credit score, income and existing debt.

If you default on an unsecured loan , you may not lose the boat, but you’ll still face consequences, including a damaged credit score and wage garnishment if the lender takes you to court.

Pros and cons of secured and unsecured boat loans

How long are boat loans?

Repayment periods for boat loans vary depending on the type of loan you choose.

Unsecured personal loans typically have shorter repayment periods — two to seven years. If you choose a secured boat loan, your term can be as long as 20 years.

Keep in mind the term you choose affects the interest you pay. Shorter terms have higher monthly payments but carry less interest.

For example, a four-year, $30,000 boat loan with an annual percentage rate of 15% will have monthly payments of $835 and cost $10,076 in interest. The same loan with an eight-year repayment term will have monthly payments of $538 and cost $21,683 in interest.

Use NerdWallet’s boat loan calculator to calculate your boat payments.

What is the average interest rate on a boat loan?

Boat loan interest rates vary by lender. An unsecured boat loan will have an annual percentage rate ranging from 6% to 36%. See the table below for average unsecured interest rates based on your credit bracket.

Secured loans may have lower APRs, with many lenders offering single-digit rates. If you're not sure what credit bracket you fall into, check your credit score for free on NerdWallet .

Where to get a boat loan

In addition to getting a boat loan from an online lender, you can also get a secured boat loan from a bank, credit union or marine lending specialist. Here are some examples.

Secured boat loans from banks

You’re more likely to find secured loans from banks. Banks may offer perks to existing customers, like discounts and favorable loan terms. If your bank offers boat loans, it’s a good place to start.

Secured boat loans from credit unions

Credit unions can offer low-rate secured boat loans to their members. These not-for-profit lenders may look past a low credit score or rocky credit history on a loan application and consider a borrower’s whole financial picture, including the relationship with the credit union.

Your local credit union is a good first stop, though national credit unions also offer boat loans. Navy Federal and First Tech , for example, both offer boat loans with 15-year repayment terms with rates starting below 10%.

Loans from marine lending specialists

Marine lending specialists are financial service companies that act as brokers to find you a boat loan. They secure funding through outside sources such as banks.

Boat loans from marine lenders may have similar rates and repayment terms to personal loans. One advantage might be the ability to work with a specialist who understands the boating business, according to the National Marine Lenders Association.

These loans must be secured by the boat and require down payments from 10% to 20% of the purchase price.

How to get a boat loan

To get boat financing directly from a lender, you’ll need to apply for a loan . Most loan applications are online and require you to submit personal information like your name, address, contact information and Social Security number. You may also need to submit proof of identity, employment and income.

If you’re applying for a secured loan, you’ll want to have information about the boat on hand, including the builder or manufacturer, model, model year and purchase price.

Once you submit your application, you’ll wait for an approval decision. If you’re approved, you may need to visit the bank or credit union to close the loan and receive funds. Unsecured personal loans, especially from an online lender, can typically be closed online and funded the same or next business day.

Can I get a boat loan with bad credit?

Borrowers with bad credit may still qualify for a boat loan. Some online lenders offer unsecured personal loans specifically to borrowers with bad credit.

Secured loans from a bank or credit union may also be a smart option for borrowers with bad credit since approval decisions rely less on their credit.

» COMPARE: Best unsecured loans for bad credit

Alternatives to boat loans

Financial experts don't recommend personal loans for discretionary purposes, particularly if you already carry credit card or other debt. If you can’t afford to buy a boat today, or you’re not quite ready to make the commitment, here are some alternatives.

Save up for the purchase. Consider holding off and starting a savings plan toward buying a boat. You may be able to negotiate a cheaper price by paying with cash, and you’ll avoid paying interest on a loan.

Join a boat club. For a one-time fee and ongoing monthly or annual dues, boat clubs provide access to a fleet of boats for their members and guests.

Consider peer-to-peer rentals. Similar to renting a house on Airbnb, you can temporarily rent a boat through a peer-to-peer rental marketplace, such as Boatsetter or GetMyBoat.

Last updated on April 19, 2022

NerdWallet's Best Boat Loans in 2023: Finance Your Boat

• SoFi Personal Loan : Best for Unsecured boat loans
• LightStream : Best for Unsecured boat loans
• Achieve Personal Loans : Best for Unsecured boat loans
• Upgrade : Best for Unsecured boat loans
• Upstart : Best for Unsecured boat loans
• Laurel Road Personal Loan : Best for Unsecured boat loans
• Rocket Loans : Best for Unsecured boat loans

Frequently asked questions

Boat loan repayment terms are usually between two and 20 years. Unsecured boat loans have shorter repayment terms — about two to seven years — while secured boat loans have longer terms. Calculate your boat loan payments to see how the term affects your monthly payments and overall interest.

You can find secured boat loans for used boats at U.S. Bank and Bank of the West, among others. With a secured loan, a lender may consider the boat's age and how much it has been driven when deciding your rate and loan term. With an unsecured loan , that information doesn't usually factor into your rate and term.

Most lenders want to see a good credit score of 690 FICO or higher on a boat loan. You may qualify for a secured or unsecured boat loan with a lower credit score, but borrowers with fair or bad scores (below 690 FICO) are likely to receive higher annual percentage rates.

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More From Vault

Best Boat Loans of September 2024

Jerry Brown

Personal Loans & Debt Consolidation Expert

Jerry is a freelance contributor to Newsweek’s personal finance team. He primarily covers loans, including personal loans, home equity loans and student loans. When he isn’t writing, he enjoys spending time with family, riding an electric bike or scooter through the French Quarter in New Orleans and traveling.

Robert Thorpe

Senior Editor

Robert is a senior editor at Newsweek, specializing in a range of personal finance topics, including credit cards, loans and banking. Prior to Newsweek, he worked at Bankrate as the lead editor for small business loans and as a credit cards writer and editor. He has also written and edited for CreditCards.com, The Points Guy and The Motley Fool Ascent.

Updated August 29, 2024 at 4:03 am

Whether you enjoy deep-sea fishing, boat racing or just relaxing on the water with friends and family, you may want to purchase a boat. But the price of a new or used boat can be steep, and you may not have enough money to pay for it out of pocket. One potential solution is a boat loan.

The best boat financing option for you will depend on factors like how much you need to borrow, your credit score and income. Comparing your options will help you find the most affordable loan. To help, we’ve compiled our top picks below, including tips for comparing boat loans and how to apply.

Newsweek Vault’s loan experts evaluated multiple data points to help our readers make sense of their borrowing options across student loans and personal loans. To narrow down the best available offers, we weigh the product pros and cons across five core categories, including:

• Application process
• Eligibility requirements
• Interest rates
• Loan amounts (minimum and maximum)
• Repayment flexibility
• Best for Low Rates: LightStream 
• Best for Fast Funding: SoFi
• Best for Used Boat Loans: PenFed
• Best for Bad Credit: Avant
• Best for Large Loan Amounts: BHG
• Best for Luxury Boats: Southeast Financial

Compare Personal Loan Rates Now

6 best boat loans of 2024, best for low rates.

LightStream

on Credible’s website

Why We Chose It : LightStream’s low APR range makes it a good choice for borrowers with good or excellent credit. It’s also a great fit if you’re looking to avoid fees, as the lender doesn’t charge origination, late payment or prepayment fees. 

• As a whole, there’s repayment terms up to 240 months depending on the loan type
• Large maximum loan amount
• Rate discounts
• No adjustable due date
• Good or excellent credit required
• No prequalification option

See our review of Lightstream Personal Loans

Best for Fast Funding

Why We Chose It : SoFi’s possible same-day funding speed makes it an excellent choice for applicants seeking quick funding for a boat.

• Possible same-day funding
• Wide range of repayment terms
• Unemployment assistance
• No co-signers allowed
• The minimum credit score needed is 680
• The lowest rate requires paying an origination fee

Best for Used Boat Loans

Vault Verified

Why We Chose It : PenFed’s loan amounts range from $600 to $50,000, making it a good choice for borrowers seeking small- to medium-sized boat loans.

• Flexible loan amounts
• Physical branches
• No origination fees
• Membership required
• Must open a PenFed savings account
• No interest rate discounts

Best for Bad Credit

Why We Chose It : Avant offers personal loans up to $35,000 that are accessible to borrowers with poor credit.

• Low minimum credit score requirement
• Fast funding
• Loan amounts start at just $2,000
• Administration fee of up to 4.75%
• Low maximum loan amount
• High maximum APR

See our review of Avant Personal Loans

Best for Large Loan Amounts

Why We Chose It : You only need a minimum credit score of 660 to apply, and the large maximum loan amount of $200,000 makes it a good option for borrowers looking at more expensive boats.

• Borrow up to $200,000
• Option to prequalify
• Repayment terms from three to 10 years
• The minimum loan amount is $20,000
• Funding takes at least five business days
• Not available in Maryland or Illinois

Best for Luxury Boats

Southeast Financial

Why We Chose It : Southeast Financial offers a wide range of loan amounts, maxing out at $4 million, which might be ideal if you want to purchase a luxury boat for personal use.

• Repayment terms up to 20 years
• Possible same-day decision
• Loan amounts up to $4 million
• $10,000 minimum loan amount
• Not available in Hawaii or Alaska
• Personal use only

How to Get a Boat Personal Loan

The exact application process varies by lender, but here are the typical steps to apply for a boat personal loan.

• Determine how much you want to borrow.  Before applying for a loan, calculate how much you’ll need to borrow to pay for the boat that has your desired features.
• Shop around. To find the right option for you, compare fees, repayment terms and rates across as many lenders as possible.
• Submit a formal application. Once you’ve selected a personal loan company, submit an application. Personal and financial information you’ll likely need to provide includes your name, Social Security number (SSN), bank account statements and most recent pay stubs.
• Repay your loan. If approved, make on-time payments to avoid late fees and damage to your credit.

How to Compare Boat Loans

While shopping around for a boat loan, pay special attention to these factors:

APR is one of the most important factors when evaluating how much a boat loan will cost you since it takes into account interest and any fees a lender charges. Some lenders offer prequalification, which allows you to preview rates you might receive after approval without affecting your credit. Just keep in mind prequalifying is not a guarantee pf approval.

Repayment Terms 

Choose a lender that offers a loan term that fits your financial situation. Shorter repayment terms typically result in paying less interest over the life of the loan but have higher monthly payments. On the flip side, longer repayment terms generally have lower monthly payments but higher total borrowing costs.

Loan Amounts 

Loan amounts vary by lender. Make sure to choose one that offers the amount you need for the boat you want to buy.

Frequently Asked Questions

What credit score is needed for a boat loan.

Credit score requirements vary based on the lender you’re applying with. Some financial institutions require applicants to have good credit, while others have less stringent credit requirements. Usually, the higher your credit score, the better your approval odds and chances of securing a more favorable APR.

What is the Average Repayment Term for a Boat?

The term length depends on what type of boat loan you’re getting. For unsecured personal loans, repayment terms generally range from two to seven years. A secured boat loan, on the other hand, may come with repayment terms of up to 20 years or longer.

Is it Hard to Get a Boat Loan?

How challenging it might be to qualify for a boat loan depends on individual factors, like your credit score and income. If you have a strong credit profile and stable income, you may find it easier to get approved for a loan than a person with bad credit. Note that getting approved with a lower credit score is possible, but you may have to pay a higher rate and fees.

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.

Best boat loan rates

Boat loan rates are the interest rate that you pay for borrowing money. The term of the loan and how much down payment or equity you have on your boat will affect what interest rate you get, but we are here to help!

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If you're in the market for a new boat, it's time to start shopping for financing. Boats are a big investment, and if you're looking for the best deal on your new boat, then you should consider what lenders specializing in boat loans can offer.

Some people think that boats have higher interest rates than cars or other types of vehicles, but this isn't always true. If you've done your research beforehand and know where to look, then it's possible to find some great deals on financing options when buying a secondhand or new vessel.

Boat loan rates vary greatly depending on several factors: The size of the boat itself will play an important role as well as whether or not it's being purchased outright or financed through an institution such as [insert bank name here]. Because there are so many variables at play when determining how much money needs paying back over time after purchase date occurs during checkout process (e-commerce sites like Amazon), analyzing interest rate projections based solely off current market conditions doesn't give consumers enough information about how much they'll actually owe after taking care of monthly payments over time until payoff day arrives within contract period duration (which could be anywhere from one month up until 10 years).

Best lending rates for boats, yachts and marine vessels

If you are in the market for a new or used boat, then you should know that there are many lending options available to you. A lot of people think that they don't qualify for a loan because they have bad credit or no credit. But that's not true! If you've got a decent job (or even if you don't), and if your income is high enough, then there are some great lenders out there who can help get you financed in no time at all.

With this article as your guide, we're going to provide information on:

How to get the best boat loan rates

What are the best boat loan rates for new boats?

Boat financing and yacht loans are our specialty!

We're the experts when it comes to boat financing and yacht loans. We have a team of experienced, dedicated loan specialists that can help you get the best loan for your needs. Whether you're looking for a new or used boat, we'll find the right lender to make sure your purchase is affordable and secure. We also specialize in helping people finance their personal watercrafts like jet skis, kayaks, sailboats and more!

For over 10 years we've been helping our customers find reliable lenders that offer competitive interest rates so they can make guilt-free purchases without breaking their budget. Whether it's a weekend fishing trip or an exotic vacation around the world—a new or used vessel can take you there!

Low or no down payment options

No down payment loans. Down payment options range from 0% to 5%. This means that you can pay no money down, or only a small amount of money down, to secure a boat loan.

Low down payment loans. A low down payment means that you are required to pay less than the amount of your boat as a deposit when getting an auto title loan. These low-down-payment auto title loans are also known as "no money down" loans because they do not require any repayment before you take possession of your car or truck (or boat).

No money down options available: If you qualify for one of these great no credit check programs, it's important to know what happens if you decide later on that there is something else out there that would better suit your needs? In this case we will be happy about any opportunity for our customers and so we'll work with you again in several ways:

Up to 20 year terms based on age of boat

Whether you're in the market for a new boat or a used one, our loan experts can help you find a lender that offers the best rates and terms. Our lenders offer loans with terms ranging from five years to 20 years based on the borrower's age and credit score. Moreover, this is only one factor that influences how long your loan term will be: it also depends on your down payment amount, how much money is borrowed against collateral (such as boats), and what kind of credit profile you have.

The most important thing to remember when shopping for a boat loan is to be realistic about how much time you'll spend aboard your vessel each year; determining this number helps us find lenders with more flexible lending options suitable for people who want to use their vessels often but may not have as extensive experience operating them yet.

Private party sales up to 100% financing based on value!

Get 100% financing on private party sales.

You can finance up to 100% of the boat's value.

There’s no down payment, no credit check and no income verification required for this loan!

New and used boats are welcome

Lenders will consider the age of your boat, its value and its condition. Some lenders will charge you a higher rate if you have a used boat, while others may be more interested in getting their money back from a high-end yacht that has been lying unused for years.

Some lenders may request that you take out insurance on the loan to protect them against losses caused by damage or theft.

Less hassle then going through a dealership

Another great thing about boat loans is that they’re easier to get than you might imagine. Unlike cars and trucks, which have to be purchased at a dealership, boats don’t require all of the same hassle. This means no hassles, worries or problems with the process. Plus, there are no delays or waiting periods to deal with either!

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Finance your dream boat

Here’s what you need to know.

Working with leading marine lenders, our partners are able to offer competitive rates and terms to help you purchase a new boat or refinance your existing boat loan. We offer loans for powerboats, sailboats, multi-hull boats, pontoons, and even personal watercrafts.

Use our Boat Loan Calculator to determine a monthly payment that’s right for you, then fill out an Online Loan Application for our lending partner to underwrite.

• If you are applying for a loan for $25,000 or greater, click here to apply online .

Once your application is completed, a representative will evaluate the application to determine the next steps, in an effort to make the closing process as seamless as possible.

Calculate Payments with Our Boat Loans Calculator

Use our boat payment calculator to determine a monthly payment that you can afford when looking to finance a new or used boat.

Simply enter your desired amount, estimated interest rate, and the loan term over which you intend to pay back the loan. Once you've input the information, the calculator will generate your estimated monthly payment on your boat loan. Take this number and plug it into your current monthly budget.

Boat Loan Calculator

Monthly Payment

Total Loan Amount

Your Monthly Payment is:

Your Max Loan Amount is:

Helpful Terms and Phrases

Monthly Payment What you're paying out of pocket every month to repay your loan.

Number of Years How many years you're looking to pay back the loan (term of loan).

Interest Rate Interest rate accompanying this type loan.

Total Purchase Price This is the total cost of your boat purchase. Don't include sales tax in this amount.

Down Payment This is the total out-of-pocket amount you are paying toward your purchase. Standard down payment is 15% but depending on your boat age, loan amount, and loan term the required down payment can be between 10% - 30%.

Deposit This is the total amount you have already paid toward your down payment.

Trade Allowance The total amount that you are given for any vessel that you trade-in as part of this purchase.

Amount Owed On Trade Total loan balance outstanding on the trade-in.

To get started, you will need to complete the Online Loan Application. Our lending partner will do an initial review and credit inquiry and likely will request additional financial information such as tax returns or bank statements to help them make a decision. Once approved, the lender will list any additional items needed prior to closing (for example, a marine survey and executed sales contract). Next, our lending partner will collect information from the seller(s) to finalize the loan closing paperwork. Once readied, our lending partner will send closing documents to the buyer(s) and the seller(s) for completion. Lastly, our lending partner would send the loan proceeds to the seller(s) in accordance with the funding instructions.

Boat loans share some similarities with both vehicle and home mortgage financing. You will need to complete a loan application for our lending partner to underwrite. Similar to a home mortgage, the bank can ask for your personal federal tax returns, proof of assets, and may ask for additional financial information depending on each situation.

Similar to a vehicle loan, the lender has a loan‐to‐value guideline that is based on the book value for used boats and the contract price for new boats. All of the lender's underwriting criteria must be met to offer approval, and these guidelines tend to be more rigorous than vehicle financing. If approved, the lender would outline any additional items needed prior to closing and closing paperwork would be prepared once all of the necessary information has been collected.

You will need to provide basic demographic and employment information, complete a personal financial statement that lists all your assets and liabilities, and provide us with information on the boat you are interested in buying or refinancing. As part of the underwriting process, our lender will likely ask for tax returns and bank statements for non-retirement and retirement assets to verify your income and net worth, a copy of the sales contract, and a marine survey report (on most used boats). At the end of the application, you can securely upload these documents to help speed up the review of your application.

Most applicants can expect to have a decision on their application in 2-4 business days. Our lenders will often ask for financial information before making a decision. 

Typically, our lenders will require a boat to be documented with the United States Coast Guard if it meets the Coast Guard's net tonnage standard. If the boat you wish to purchase is eligible to be documented, our finance department or lender will prepare a First Preferred Ship Mortgage as part of the loan closing paperwork and file it with the Coast Guard as the instrument that secures the bank's lien on the vessel. If the boat is not large enough to be documented with the Coast Guard, a formal mortgage would not be prepared; however, the lender would still record its lien against a state title or equivalent document. In either event, the lien would be released once the loan has been repaid.

Our lenders do not issue pre-approvals that are similar to what you get when purchasing a house. You are able to apply without having a sales contract on a boat, and you aren't locked into buying the boat that you apply with, but you do need to list a boat on the application.

The rates and terms are highly dependent on the boat, so we recommend applying with a boat that is similar in age, length, and type to the one you are interested in purchasing, and use a realistic purchase price. 

Credit requirements vary by lender, but our lenders generally require applicants to have a credit score above 680 with no major credit issues such as a bankruptcy, foreclosure, settlement or charge-off within the past 3 – 5 years.

Generally, marine financing is subject to higher credit and other underwriting standards than that for vehicles or even home mortgages. Our lenders look for applicants with better credit, but there are other companies that will consider individuals with past credit issues.

Our lender will first review your credit score and history to determine if you meet their credit guidelines then review your financial information. When evaluating your application, our lender will look to see that you currently have the funds to make the down payment without depleting your assets, and verify your net worth and debt-to-income ratio (monthly debt payments divided by monthly income) meets their guidelines. They will also review the boat to ensure the purchase price is in line with the market value of the boat by using third-party valuation guides like NADA, BUC and ABOS.

The loan term available will largely depend on the boat you select. We work with banks that can offer terms up to 20 years, subject to the age and type of boat, as well as the loan amount available from the lender.

Once the lender collects all the required information from the buyer and seller, both parties will receive paperwork that they need to sign and notarize. Once the lender receives the paperwork back from both parties, they will disburse funds in 1-2 business days. The buyer and seller do not need to visit a bank or be in the same place to close the loan. If the boat is currently financed, our lender will disburse the funds directly to the lienholder to pay off the loan, otherwise, the funds will be paid to the seller by check or wire transfer.

BoatUS partners with leading marine lenders that consider various types of collateral, including larger, more expensive vessels. Some restrictions do apply — for example, we cannot accept applications for steel‐hull boats at this time.

Use our Online Loan Calculator to determine your monthly payment or enter the desired monthly payment to see the loan amount. to determine your monthly payment or enter the desired monthly payment to see the loan amount.

We recommend you access the NADA Guides Boat Value Online Tool , powered by J.D. Power.

• Loan amounts from $10,000 for boats model year 1998 and newer
• Multi Hull Boats
• Pontoon Boats

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Newcoast Yacht Loans

The Newcoast Difference

• Competitive yacht loans for new and existing clientele
• Excellent rates on loans for pre-owned yachts
• Refinancing on existing yacht loans

The Newcoast Advantage

• Competitive Rates
• Quick Approvals
• Simple Application Process
• Seamless Closings
• Unsurpassed Maritime Industry Knowledge
• Tailored Customer Service

Yacht Insurance

Payment calculator.

Boat Financing Rates & Calculator

Boat loan rates & calculator.

Only The Best Boat Loan Service

Whether you've already found a new boat or you're still looking for the right vessel, we can help you find the best boat loan rates and terms available. After you identify current boat loan interest rates, you can use a boat finance calculator to figure out what your costs may be. If you are interested in information about boat financing interest rates and learning how to calculate your potential monthly payment, we'll help you understand the process. See how much you can afford with our free online boat loan payment calculator.

Boat Rates & Payments

Choose your credit score.

$10,000 as low as

MONTHLY 7.24% (120mo)

$25,000 as low as

MONTHLY 6.99 % (180mo)

$50,000 as low as

MONTHLY 6.49% (240mo)

MONTHLY 11.69 % (120mo)

MONTHLY 11.89 % (144mo)

MONTHLY 12.09% (180mo)

MONTHLY 15.9 5% (120mo)

MONTHLY 15.9 5% (144mo)

MONTHLY 15.9 5% (180mo)

MONTHLY 17. 75% (120mo)

MONTHLY 17. 75% (144mo)

MONTHLY 17.9 5% (180mo)

What is a good interest rate for an boat loan? Our current rates for boat loans range from Rates Between 6.49% and 19.95% based on several factors, such as the amount you're financing, the type of boat, the age of the boat, your location, your credit score and your credit history. The rates we offer are fixed APRs, which means your interest rate won't change due to index variables throughout the loan period. As a result, you don't have to worry about fluctuating interest rates that could make you pay more over time.

Use Our Boat Loan Calculator

Use our online boat loan calculators to calculate your monthly boat loan and payment. These tools will help you determine what monthly payment you may be able to afford when you are looking to finance a used or new boat.  To use our boat loan rates calculators, enter your chosen amount, estimated loan term and estimated interest rate. After you enter the information, our boat financing rates calculator will compute an estimate of your monthly payment. Plug this number into your monthly budget to determine whether this payment may work for you. If not, continue experimenting with rates and terms to find the payment that fits your budget.

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Apply Online Use our DigiCert Norton VeriSign Secured website to submit your information

Get a Match We verify your information and match you with the right nationwide boat loan program

Sign & Drive Sign your closing docs right from your phone then pick up your boat with a check in hand

Apply for Financing Online

It's time to have fun and do something for yourself. At My Financing USA, we offer boat financing, RV financing and motorhome financing, along with extended warranties, service contracts, tire coverage, gap waivers and wheel coverage. Our process is simple: 1. Apply online:  Use our Norton Secured website to submit your information safely. 2. Find your loan:  Next, we will verify your details to help match you with the best boat loan program for you. 3. Sign and hit the water:  Finally, you will sign the closing documents, which you can do conveniently on your phone. After you sign, you can pick up your boat and hit the water!

Frequently Asked Questions:

Can I Get Financing for a Boat?

At My Financing USA, we offer financing for several unit types beyond boats, including:

• Car haulers
• Motorcycles
• Snowmobiles
• Flatbed trailers
• Lawn equipment
• Livestock trailers
• Personal watercrafts
• Cargo and utility trailers

For boats, we can help you find financing for various vessels, including large, more expensive boats like yachts. Because we partner with so many leading lenders, we can find the lender who will consider various kinds of collateral for you.

Note that some restrictions do apply. For example, we do not offer financing for racing boats or houseboats. We are also not able to finance vessels with salvage titles. If the boat's title lists the vessel as flood-damaged or rebuilt, we are also not able to offer financing.

How Do Boat Loans Work?

A boat loan has similarities with home mortgage financing and vehicle financing. With a boat loan , you'll complete a loan application and a lending partner will underwrite your loan. Like a home mortgage, your lender may request: 

• Your proof of assets
• Your federal tax returns
• Any additional financial information as needed

As with a car loan, your lender will have a loan-to-value guideline dependent on a used boat's book value and a new boat's contract price. To get approved, all of the underwriting criteria need to be met, which are often more thorough than car financing. If you are approved, your lender will outline additional items they need before closing, and your paperwork for closing will be prepared after all of the needed information is collected. 

What Information Do I Need to Apply for a Boat Loan?

To apply for a boat loan and get the best boat financing rates, you may need to provide the following information:

• Boat information for the vessel you want to purchase or refinance
• Financial statement listing your liabilities and assets
• Employment information
• Demographic information

In the underwriting process, the lender may ask for bank statements, tax returns, a marine survey report and a copy of your sales contract. With our online loan application process, you can upload your documents securely to speed up the process. 

The information you provide may affect the new boat loan interest rates you are offered. The lender will review your credit history and score to determine whether you meet the guidelines, then they will review the financial information you have provided. 

When your application is being evaluated, the lender will review whether you currently have funds for a down payment without completely depleting your assets. The lender will also verify your debt-to-income ratio and your net worth, along with reviewing the boat to make sure the purchase price aligns with the market value.

What Are Common Terms and Phrases Related to Boat Financing?

There are several terms relevant to boat financing that you may want to know before you submit your application, like:

• Loan term:  Your boat loan term is the number of years during which you will repay your loan. 
• Down payment:  Your down payment is the amount you will put toward your boat purchase upfront. For a boat, the standard down payment amount is 15%, though this can vary based on your loan amount, term and boat age. Typically, the range for a down payment falls between 10% and 30%. 
• Deposit:  Your deposit is the total amount you already put toward your down payment.
• Interest rate:  This percentage will determine the amount of interest you will pay on the boat loan. 
• Monthly payment:  Your monthly payment is how much you will pay out of pocket each month on your boat loan.
• Trade allowance:  Your trade allowance is the total amount you are given for a boat you trade in as part of your purchase.
• Total purchase price:  Your total purchase price refers to the cost of your purchase but does not include sales tax.
• Amount owed on trade:  This is your total loan balance that is outstanding on your trade-in. 

Knowing these terms and phrases can help you navigate our boat loan estimator calculator and prepare for when it's time to get your boat loan.

What Is the Closing Process Like for a Boat Loan?

After your lender collects all the needed information from you and the seller, you will both receive paperwork to complete, sign and notarize. When your lender receives the paperwork, funds will be disbursed. To close the loan, you and the seller don't need to be in the same place or visit a bank. 

If the boat is already financed, the funds will be disbursed to the lienholder. If not, funds are paid to the seller via wire transfer or check.

What Boat Payment Can I Afford?

If you have already found a boat you are interested in, you can check the value online by boat type or manufacturer. You can use our boat loans rate calculator as a new boat loan calculator or a used boat loan calculator to determine your estimated monthly payment. Alternatively, you can start with your desired monthly payment to figure out what your total loan amount should be. 

To determine whether a monthly payment works for your personal finances, plug the number into your budget. It can also be helpful to learn what the average boat loan rates and the current used boat loan rates are.

What Are the Costs Associated With Boat Ownership?

Before you try to secure a boat loan, you may want to be aware of the costs associated with boat ownership, as this can help you create a financial plan and make the process of finding and obtaining a boat loan smoother. 

1. Upfront Costs

The total cost of a boat depends on many factors, including the type of boat, its size and its age. Typically, the range is  between $20,000 and $50,000 . A brand new boat that is 22 feet long, for example, comes at an average cost of a minimum of $35,000. 

Even if you plan to finance your boat, there may be out-of-pocket costs to consider, such as a down payment and application fees. At My Financing USA, our typical down payment is  between 10% and 15% , though we consider the option of 100% financing case by case.

2. Costs of Additional Equipment and Accessories 

You may decide to add equipment and accessories to your boat. A trailer is usually a boat's main accessory and can range in price from $2,000 to $5,000. A trailer can often be a more affordable way to haul your boat back and forth from the marina. Additionally, you may choose to add equipment like cosmetic add-ons and entertainment gadgets, all of which can vary in price. 

3. Boat Insurance

Before a water vessel can be operated in a public water spot, you need licensing. On average, a boat insurance plan can cost anywhere from several hundred dollars to more than $1,000. The cost of boat insurance depends on your accident history, the type of boat and what else is insured on your policy. 

4. Marina Fees

If your vessel is not on the water, it must be docked, meaning harbor space is another boat ownership cost to consider. Marina fees vary by type of boat and can range between $3,000 and $15,000 per year. 

5. Maintenance Costs

For a boat, the maintenance costs are estimated to be at least 10% of the boat price per year. Maintenance may include hull painting, sail replacement and deck cleaning. For a $30,000 boat, maintenance can cost up to $3,000 per year. 

6. Storage Costs

For each square foot of space on a boat, storage costs $8.25 on average. If a boat has an attached trailer, the average cost is $7.25 per square foot. For each linear foot that covers a trailer, outdoor storage space costs about $7.50. 

Can I Finance a Boat With Bad Credit?

Yes! Compared to other types of financing like vehicle financing, marine financing tends to be subject to a higher standard for credit. Even though lenders may look for applicants who have better credit, we can help you even if you have past credit issues or a less-than-stellar credit score.

Range of Credit Scores

A credit score can range from 300 to 850, and individuals who have a low credit score  between 300 and 569  may have a lower chance of obtaining a boat loan, as they may pose a risk for defaulting payments. Fortunately, we offer free credit consultation that may help improve your credit score and your odds of getting financing. 

If you have a high credit score, you will likely be more appealing to marine lenders, as you are perceived to be a lower risk. Since a boat is considered to be a luxury item, most lenders are looking for borrowers who have a higher credit score. But we search for loan programs for various credit types to help our clients find boat loans with the terms and rates that are right for them.

If you want to finance a boat, you'll submit a credit application that allows a company to check your credit score and review your credit history. This step tends to be the most crucial deciding factor in determining whether you qualify for a loan, but each lender uses its own credit ranges.

To prequalify for a boat loan at My Financing USA, our current credit score range is 550 and up. Generally, the credit score tiers fall into the following ranges:

• Super prime:  The range of 750 to 850 is considered excellent credit and is referred to as super prime. 
• Prime:  The range of 675 to 749 is considered average to good credit and is referred to as prime. 
• Subprime:  The range of 550 to 674 is considered below-average credit and is referred to as subprime. 
• Deep subprime:  The range of 300 to 549 is considered bad credit and is referred to as deep subprime. 

Beyond these ranges, we understand that everyone has a unique financial history. Though some dealers refuse to work with individuals with deep subprime or subprime credit, we offer our services to individuals even with credit scores that are considered poor.

Prime Boat Loans

Most lenders are looking for borrowers in this credit score range. If you have a prime credit score, you will likely be offered better terms and interest rates compared to borrowers with lower credit scores. The advantages of a prime boat loan include:

• Better loan terms 
• Better interest rates
• More negotiating power
• Lower rate for insurance
• Longer available loan terms
• Lower down payment required
• Speedy approval on a boat loan

Subprime Boat Loans

If you have a below-average credit score, you may be able to get financing from a company that offers subprime loans. Regardless of your credit range, we can match you with the best boat loan rates and terms. The advantages of a subprime loan include: 

• Approval of a credit score as low as 570
• Loan terms that can be stretched out to 15 years
• Financing options available, even if you have a past bankruptcy

With a subprime loan, you may also face capped loan amounts, higher interest rates and restrictions on the age or type of boat you can buy. 

Improving your credit score can take time, but increasing your score from subprime to prime can have advantages that will benefit you over the long term. You can purchase a boat rather than rent one at the best possible loan rate. You'll have a better selection of boats and spend less because of a lower interest rate. But even with a strong credit score, you should understand the cost of owning a boat. 

Why Choose My Financing USA?

Along with our finance calculators for boat loans, low average new boat loan rates and used boat loan interest rates, we offer the following benefits when you choose us at My Financing USA:

• Simple, fast approval:  Our process is 100% online, making the entire loan application process simple and convenient. You can sign your documents and submit them from your phone, which allows us to quickly receive your application and fund it in  as little as 48 to 72 hours .
• Protection of your credit:  While soft pulls do not impact your credit score, a hard inquiry can have a small impact on your score. Though the law requires a hard inquiry, we reduce credit inquiries by prequalifying you and sending you only to lenders that match your needs.
• Low average boat loan interest rates nationwide:  We will search across the nation for the best boat loan terms and rates for you, even if you've had credit problems in your past.

Additional Readings:

Guide to Financing a Boat

If you are a first-time boat buyer, you likely will need to get financing for your new or used boat. This guide covers how to secure financing for a boat, regardless of your credit situation or the boat you choose to purchase.

How Hard Is It to Finance a Boat?

Many people wonder if it is hard to finance a boat and easy to get boat financing. The answer depends on many variables, and My Financing USA can help you through the different options. Learn more!

How Long to Finance a Boat

Before purchasing your boat, it's beneficial to know how many years boat financing is and how much you can expect to spend over the term of your loan. Here's our guide on boat financing to help!

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• My Boat Loan Interest Rate
• What Affects Your Boat Loan Costs
• Low-Interest Rate Boat Lenders
• The Bottom Line
• Personal Loans

What Is a Good Interest Rate for a Boat Loan?

The best interest rates for boat loans currently start around 6.74%

Karon Warren has 20+ years of experience researching and writing about banking, mortgages, credit cards, savings, and other personal finance topics.

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Borrowers with strong credit may find boat loan rates as low as 6.74% APR. Of course, the boat loan interest rate varies based on a number of factors, including the loan amount, length of loan, and the borrower’s credit score and history. 

Key Takeaway

• Many boat loan interest rates start around 7.00%. 
• Four boat lenders offering low rates include LightStream, Southeast Financial, Trident Funding, and Mountain America Credit Union.
• Interest rates vary based on such factors as your credit score.
• Some lenders may finance boats as old as 20 years. 

How Do Lenders Calculate the Interest Rate on My Boat Loan?

Boat loans work similar to personal loans , with a number of factors determining the interest rate on a boat loan . These include: 

• The borrower’s credit score
• The borrower’s financial information, such as credit history and income 
• The purchase price of the boat
• The boat’s age
• The loan term 

Also, interest rates fluctuate depending on market conditions and inflation. There has been an increase in the boat loan interest rate because the Federal Reserve has raised rates to slow inflation. This has affected interest rates on many products. For instance, the average interest rate on a 30-year mortgage with a fixed interest rate is 6.20%. For new cars, the average auto loan interest rate is 5% to 7% for those with excellent credit and 7% to 9% for those with good credit.

Other Factors that Affect the Cost of Your Boat Loan

Additional factors that affect the cost of your boat loan include: 

• Loan amount 
• Down payment 
• Fees such as origination fees
• Length of the loan 
• Borrower’s credit score 

To get an idea of how much you would pay for a boat loan, use our personal loan calculator .

What Is the Oldest Boat a Bank Will Finance?

This varies by lenders, but some lenders will finance boats that are 20 years old or older if they are exceptionally valuable. 

Boat Lenders With Low-Interest Rates

There are a variety of lenders for boat loans, ranging from banks and credit unions to marine dealers .

What Is the Difference Between Interest Rate and APR?

The interest rate represents the cost of the loan for the borrower and affects how much you pay each month on the loan. APR, or annual percentage rate , represents how much the loan costs each year. This includes not only the interest rate, but also the additional costs of the loan, such as origination fees , points, and other fees. 

What Credit Score Do I Need to Get a Boat Loan?

Credit score requirements vary by lender , but the higher your credit score, the more likely you are to receive favorable terms on a boat loan.  

What Is the Average Term on a Boat Loan?

On average, boat loans are for between 10 and 15 years, but it’s possible to get boat loans with shorter or longer loan terms . 

What Is the Typical Down Payment on a Boat Loan?

Typical down payments for a boat loan range between 10% and 20% of the purchase price. 

Can I Expect Loan Boat Rates to Go Down?

Beginning in Q2 2022, the Fed began increasing interest rates in an effort to slow record-high inflation, so rates could still possibly increase if the Fed's inflation target doesn't reach 2% or remain unchanged in the near term, depending on economic conditions. However, there are growing expectations that the Fed might begin to cut rates at some point in 2024. 

The Bottom Line 

Interest rates on boat loans generally start around 6.74% for those with excellent credit . Several factors affect the interest rate a borrower will pay—namely their credit score, the loan amount, the age of the boat, and the loan term. To get the best interest rate, shop around with different lenders to see which one offers the lowest rate and best loan terms. 

Freddie Mac. " Mortgage Rates ."

Florida Credit Union. " Auto Loans 101: How Your Credit Score Directly Impacts Interest Rates in 2024 ."

Southeast Financial. " Boat Loans and Financing ."

Trident Funding. " Current Boat Loan Rates. "

LightStream. " Boat Loans and Refinancing. "

Mountain America Credit Union. " New and Used Boat Loans ."

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• The Republic of Adygea

Adygea is a Russian federal subject found in the south-western part of Russia in the northern part of Caucasus region. It is part of the Southern federal District. It stretches from the Kuban River in the south to the Caucasus foothills to cover an area of 2,900 square miles, and it is the 5th smallest republic in the Russian Federation. The official languages in the Republic are the Adyghe and the Russian languages. The largest city in the Republic is Maykop which is also Adygea’s capital, and it is home to about one-third of the total population in the Republic.

Maykop is the largest and the capital of Adygea Republic in the Federation of Russia . It is found on the bank of Baleya River which is a tributary of the Kuban River. The city shares its boundaries with the District of Maykopsky to the south and east, the district of Giagnsky to the north, and the District of Belorechensky in the Krai of Krasnodar to the west. The population of the city has been almost constant, and in 1989 it had a population of 148,608 people, in 2000 it had a population of 156,931 people, while in 2010 population of the city had dropped to 144,249 people.

History of Maykop

Maykop is named after the Maykop culture of the early Bronze Age, and this was after the discovery of a royal burial site in 1897. In 1857, the Russian military Fort was built in the area where the city is located. Oil deposits and natural gas were discovered near the City of Maykop in 1911, and in 1936 Maykop, together with the surrounding area, were merged to create the autonomous oblast of Adyghe and effectively becoming the administrative center for the autonomous region. In 1942, the city of Maykop was occupied by the unified army of Nazi Germany (Wehrmacht) without any resistance because of the operation of Germany ’s Brandenburger commandos. However, in January 1943 the city was liberated by the Red Army. The city has been the capital of Adygea republic in the Russian Federation since 1991.

Economic Activities

The foothills of Caucasus Mountains are covered with deciduous forests while other parts of the Republic is mainly plains which has rich soils and agriculture is the main activity and crops such as wheat, corn, hemp, sunflowers, tobacco, potatoes, vegetables, and melons a widely cultivated. There is a local specialty of a flower which is cultivated for its scent that belongs to the lavender and the Crimean Rose. Floodplains along the Kuban River are marshy, and there are approximately 8,000 hectares which have been claimed for market gardening. The main industry in the Republic is primarily processing of farm products, and there are oil and natural gas which is extracted near the Maykop. Similarly, timber is another major product particularly in the Southern part of the Republic.

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How Many Countries Are There In Oceania?

Is Australia A Country Or A Continent?

Is Turkey In Europe Or Asia?

• Boat Loan Calculator

Ready to buy a boat? Use our easy boat loan calculator to check your monthly payments or calculate your total loan amount.

Adjust the loan term, down payment amount and interest rate to see results based on the numbers you provide - and how any changes to those numbers may affect your payment.

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Ready to buy a boat? Check out these boats for sale on Boat Trader!

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How Trident Funding Boat Loans Work

It’s as easy as 1-2-3, 1. calculate your payment.

Whether you’re an avid boater or new to the boating world, this loved pastime is available to everyone. If you’re buying a new or used boat, you can use Trident’s boat loan calculator to understand your financing options. Simply enter your desired monthly payment to get the loan amount you can afford or provide your total boat loan amount and loan terms to return your estimated monthly payments. 

2. Apply for a Loan

Now that you have an idea of your estimated boat loan monthly payment or total loan amount, you can submit your loan application. It only takes a few minutes! We’ll ask you to tell us about the type of boat you’re looking for and a few details about your financial situation so we can match you to the marine lender that’s right for you.

3. Get on the Water!

Once you submit your boat loan application, our dedicated team of loan officers gets to work! We usually have a response from a marine lender in 24-48 hours. If we need additional documentation, we’ll reach out. All you have to do is dream about getting on the water. We’ll help you find the  interest rate  and boat loan lender that fit your budget and lifestyle.

Already started a loan application with us?  Log in  to continue.

What are people saying about Trident Funding?

What is a boat loan calculator.

A boat loan calculator is an online tool that helps potential boat buyers estimate the cost of financing a boat purchase. This tool takes into account several factors such as the boat’s price, down payment, interest rate, and loan term, which are used to calculate monthly payments and the total cost of the loan. You can adjust the loan term, down payment amount, sales tax, and  interest rate to see boat loan payments based on the numbers you provide – and how any changes to those numbers may affect your payment.

Using a boat loan calculator helps potential borrowers determine how much they can afford to borrow, how much their monthly payments will be, and how much interest they will pay over the life of the loan. This information can help borrowers make an informed decision about their boat purchase and ensure they stay within their budget.

How To Calculate A Boat Loan Payment

• Determine your loan amount: This is the total amount of money you will be borrowing for the boat purchase. It is typically the price of the boat minus any down payment or trade-in value.
• Determine your loan term: This is the length of time over which the loan will be repaid, usually in months. For example, a 20-year loan would be shown as 240 months. 
• Check your interest rate: This is the annual percentage rate (APR) you will be charged on the loan. Rates are impacted by your credit score, the size of the loan, and the length of the loan term. 
• Use a boat loan calculator: There are many boat payment calculators available online that can help you estimate your monthly loan payments. Simply enter your loan amount, loan term, and interest rate, and the calculator will provide an estimate of your monthly payments. Alternatively, you can enter your desired monthly payment, loan term, and interest rate and see a total loan amount so you can start boat shopping.

It’s important to note that the monthly payment estimate provided by the calculator is based on a fixed interest rate and assumes that you will make all payments on time. Actual monthly payments may vary depending on your credit score, the lender you choose, and other factors.

Also, keep in mind that the boat loan payment may not be the only expense associated with boat ownership . You’ll need to consider additional costs such as insurance, maintenance, docking fees, and fuel.

Frequently Asked Questions

How long is a typical boat loan for.

Typically, the maximum term for a  boat loan  is 20 years, however the maximum or standard term for a boat loan can be affected by the age of the boat and the size of the loan request. The next most common terms are 15 and 10 years.

How much yacht can I afford?

Check out a  yacht loan calculator , to see how much yacht you can afford. Affordability will be based on things like your income, credit score, debt-to-income ratio, purchase price of the boat, loan term, and interest rate. When you see the estimated yacht loan monthly payment, remember that it doesn’t include insurance, marina fees, docking or storage fees, maintenance, repairs, fuel, license, or crew costs. So, make sure there is room in your budget to allow for these extra expenses.

Is it smart to finance a boat for 15 years?

Financing a boat over a 15 or 20 year term is very common. Banks tend to offer longer terms on boat loans because the depreciation schedule of a boat is typically longer than other assets like automobiles.

Can I get a 20-year loan on a used boat?

Yes, you can get a 20-year term on a used boat. However, the boat usually needs to be less than 15 years old, and most lenders will also have a minimum loan requirement in order to qualify for a 20-year boat loan term.

Can I get a boat loan with a 600 credit score?

You can get a boat loan with a 600 credit score, but most lenders prefer credit scores of 700 or higher. With a lower credit score, you should expect a larger down payment or a higher boat loan interest rate. Use our boat loan calculator to estimate your monthly interest rate and then  apply for your boat loan  today.

Can I purchase a boat with bad credit?

You can purchase a boat with bad credit, but you probably won’t qualify for boat loans if you have bad credit. If your credit score is below 600, you may need to pay cash for the boat, work out an owner financing arrangement with the seller, or put down a large down payment. Other options may include taking out a personal loan, getting a loan from your credit union, or using boat dealer financing. Some boat loans may allow a qualified cosigner but the cosigner would have to meet the lender’s criteria and agree to be responsible for the loan.

Keep in mind that some lenders won’t work with you at all if your credit score is below 600, so it may be advantageous to raise your credit score first and then apply for a boat loan. The best interest rates and terms are reserved for the most credit-worthy borrowers. So, having a higher credit score will save you money over the term of the loan.

Can a high credit score save me money when financing a boat?

Having a high credit score to finance a boat will save you money in a few different ways. Firstly, you will get access to the best rates, terms, discounts, and the lowest-fee boat loans. You may also be able to choose your loan term, and your down payment requirements may be lower. 

For example, if you can afford the higher monthly payment of a 10-year loan term, instead of a 20-year loan term, you can potentially save thousands of dollars in interest because you will be paying off the loan over a shorter period of time. 

However, the main way that you save money on a boat loan is with a lower interest rate. Assuming that you have a high credit score, and get a 6.25% rate on a $200,000 boat loan, with a term of 20 years, you will have paid a total of $350,845.54 for the boat over the 20-year term. This only includes principal and interest and is only applicable if you have a fixed rate loan. 

Now, let’s assume your credit score isn’t great, and you get a 9.0% interest rate on the same $200,000 loan. You will have paid a total of $431,868.46. That means that a borrower with a higher credit score will have spent $81,022.92 less than the borrower with the lower credit score. That’s a huge amount of money that could be invested or even used to buy another boat!  

What are the best boat loan terms?

Boat loan terms vary in length, anywhere from seven to 20 years, and occasionally 25 years. There isn’t really a ‘best’ when it comes to boat loan terms. It’s all relative to your financial situation, the year of the boat, and the loan amount. If you have the extra money budgeted for larger monthly payments, and don’t want to pay additional interest, then a shorter-term boat loan may be better for you. 

Conversely, if you’re buying an expensive boat, and want the cheapest monthly payments available, then a 20-year boat loan term may be more suitable for you. When you  apply with Trident Funding , they will go over different boat loan terms,  interest rates , and monthly payment options with you.

What is the minimum credit score for a boat loan?

There is no definitive minimum credit score required, but there are some banks that will consider applicants with scores in the 600 or 640 range. You will typically need a credit score of at least 600 to get approved for a  boat loan . The higher your credit score, the lower your interest rate will be, which will save you money over the term of the loan. Additional credit limitations and requirements will typically be required for scores under 700. Use our boat loan calculator above to determine your estimated monthly payment based on your FICO credit score.

Some tips to raise your credit score include

• Make on-time payments to your creditors
• Ask for credit limit increases on your credit cards but don’t use the additional credit
• Pay down your credit card balances so they’re 25% or lower
• Regularly check your credit report and dispute any errors

How much boat can I afford?

The amount of boat that you can afford depends on a number of factors. It will depend on your income, your credit score, and your liabilities. You may qualify for a million dollar boat solely based on your income, but when you factor in your monthly expenses, that number may change drastically.

The lender will take a look at your overall financial profile including your debt-to-income ratio to ensure that you can afford to purchase the boat and keep up with the monthly payments. You can check out a  boat loan calculator  to get an idea of how much boat you can afford. The calculator is a great place to start when you’re boat shopping, but don’t forget about additional expenses such as boat insurance, marina fees, and ongoing maintenance costs.

Can you get a 30 year mortgage on a yacht?

Yacht loan terms typically go up to 20 years, but you may find one for 25 years if you and the boat meet certain qualifications. A  yacht loan  is different from a mortgage, it’s more comparable to an auto loan, just with a longer loan term.

The yacht serves as the collateral and you typically use your own funds for a downpayment and finance the remainder of the purchase price. You will pay monthly payments throughout the life of the loan. Like auto loans, yacht loans require insurance and each lender will have their own qualifications that need to be met in order to be approved for the loan.

What credit score do I need to qualify for a boat loan?

A good  credit score  to finance a boat is typically 700 or higher. Most marine lenders only work with creditworthy borrowers who have what is considered great or excellent credit. Sure, you may qualify for a loan with a lower credit score, but the maximum loan amount may be lower, the monthly payment may be higher, your loan application may take longer for credit approval, and you may be required to put down a larger down payment than a borrower who has a higher credit score. 

If you’re not sure what your credit score is, or you want to know if you will get approved for a boat loan or not,  apply with Trident Funding  online in just a few minutes. The initial application only requires a soft-pull on your credit score, and you will quickly find out if a boat loan is in your near future, or if you need to raise your credit score first.

What are typical terms for boat financing?

The length of the loan is referred to as a  loan term . Loan terms vary depending on the loan product, the type of boat, the age of the boat, the loan amount, and your financial standing. However, most boat loans range from 10- to 20-year terms. A 20-year term is usually the maximum term for a boat loan, however, sometimes a lender will consider a 25-year loan term. The next most common boat loan terms are 15 and 10 years. Typically loan amounts over $50,000 can go to 15 to 20 years and loan amounts under $50,000 can go to 12 to 15 years.

What is the typical down payment on a boat loan?

The amount of the down payment on a boat loan varies. It’s usually anywhere from 10% to more than 30%. It depends on the borrower’s credit score, income, and overall financial profile. It also depends on the loan amount and the loan term. Generally, borrowers with lower credit scores will be required to put down a larger down payment. This is to mitigate some of the lender’s risk and it shows ‘more skin in the game’ because the borrower has more to lose if they default on the loan. 

If you like to know the numbers and want specifics, here goes. The average cost of a new boat is around $70,000. If you have excellent credit, expect to put down at least $7,000. If your credit is less than excellent, you may need to put down anywhere from $14,000 to more than $21,000. This is just the amount needed for the downpayment and doesn’t include closing costs or insurance etc.

What is the average boat payment?

Every borrower is different and their credit score and income will affect the boat payment. The  interest rate , the boat term, and the purchase price of the boat will also affect the amount of the monthly payment. If you want to roughly estimate what your boat payment will be, calculate 1 to 1.5% of the value of the boat. For example, if you  buy a boat  worth $100,000, expect to pay between $1,000 and $1,500 per month. Keep in mind, this is just a rough estimate, and you can get a better idea of your monthly payment, by using a  boat loan calculator .

3 Actual rate, loan amount and term can vary depending on the lender, FICO score, credit history, lender assets/liquidity requirements, down payment, debit and payment to income ratios, collateral type, age of collateral, loan to value, vehicle registration (LLC), loan type (Purchase versus Refinance), state of residency and other criteria. Loan is for recreational pleasure use only. Rates and terms are subject to change without notice based on market conditions and borrower eligibility. Other rates and loan terms are available. † Max loan term may vary. Rates may not apply to customers residing in states or Puerto Rico.

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