Written by Amanda Push | Edited by Katie Lowery and Pearly Huang | Updated November 3, 2023
| Lender | Best for... | Starting APR | Loan terms | Loan amounts | |
|---|---|---|---|---|---|
 | Low APRs | 6.99% | 84 to 252 months | $10,000-$30,000,000 | See Offers |
 | Large boat loans | 7.49% | Up to 240 months | $25,000-$30,000,000 | See Offers |
 | Quick funding | 8.49% (w/ autopay and excellent credit) | 24 to 144 months | $5,000-$100,000 | See Offers |
 | Bad-credit borrowers | 7.49% | Up to 240 months | $10,000-$4,000,000 | See Offers |
 | Short-term loans | 8.49% | 12 to 240 months | $10,000-$150,000 | See Offers |
| Starting APR | 6.99% |
| Terms | 84 to 252 months |
| Amounts | $10,000-$30,000,000 |
| Minimum credit score | 650 |
| Pros | Cons |
|---|---|
Offers refinancing Can use a co-applicant Can borrow up to $30,000,000 | Doesn’t directly fund your loan Need credit score of at least 650 to qualify Minimum loan term of 84 months |
Boatloan.com is a lending platform that works with 20 banks to offer boat loans as large as $30,000,000. However, since it has minimum repayment terms of 84 months, it could cost you more in interest over the life of your loan than the shorter terms offered by other lenders. With Boatloan.com, you can refinance your current boat loan or use a co-applicant to receive better rates.
To get a boat loan through Boatloan.com, you’ll need to meet the following credit, income and debt requirements:
| Starting APR | 7.49% |
| Terms | Up to 240 months |
| Amounts | $25,000-$30,000,000 |
| Minimum credit score | 620 |
| Pros | Cons |
|---|---|
Potential 24-hour funding Large loan amounts Offers secured and unsecured loans | Doesn’t offer eligibility criteria May require a 10%-20% down payment |
Keep in mind, you may have to provide a 10% to 20% down payment on your boat loan, depending on the lender. Boatzon also isn’t clear about its eligibility requirements.
| Starting APR | 8.49%-17.14% (with autopay and excellent credit) |
| Terms | 24 to 144 months |
| Amounts | $5,000-$100,000 |
| Minimum credit score | Good credit score |
| Pros | Cons |
|---|---|
Offers same-day funding Doesn’t charge any fees Loans don’t require collateral | No option to prequalify Smaller loan amounts than other boat lenders Shorter loan terms than competitors |
Getting the money for your boat loan can take time, but LightStream offers same-day funding as long as you complete the loan verification process by 2:30 p.m. ET on a business day. However, LightStream doesn’t allow you to prequalify for a loan, so you can’t view potential rates and terms without impacting your credit. You may also find longer loan terms and larger loan amounts with other lenders.
LightStream doesn’t offer specifics when it comes to its eligibility requirements. Its website states that it looks for consumers with “good-to-excellent credit profiles,” as well as the following:
| Starting APR | 7.49% |
| Terms | Up to 240 months |
| Amounts | $10,000-$4,000,000 |
| Minimum credit score | 575 |
| Pros | Cons |
|---|---|
Offers same-day credit decisions in some cases Repayment terms up to 240 months Low credit score requirement | No financing if your boat is your primary residence Doesn’t offer financing in Alaska or Hawaii Only offers loans to U.S. citizens |
Southeast Financial is an online marketplace with a minimum credit requirement of just 575, so even bad-credit borrowers can qualify. This company also offers flexible loan amounts from $10,000–$4,000,000, so you can access both large and small boat loans. Unfortunately, you won’t qualify for a Southeast Financial loan if you live in Alaska or Hawaii. Southeast Financial also doesn’t offer financing if you live on your boat full time or aren’t a U.S. citizen.
Southeast Financial offers clear guidance on how potential borrowers can qualify for a boat loan:
| Starting APR | 8.49% |
| Terms | 12 to 240 months |
| Amounts | $10,000-$150,000 |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Same-day credit decisions Short repayment terms can save you money on interest Flexible loan amounts | Credit requirements not specified No option to prequalify Loan amounts only up to $150,000 |
U.S. Bank offers the shortest boat loan terms on our list at only 12 months. While this gives you less time to repay your loan, you’ll also pay less in interest overall. You’re also likely to receive a decision on your loan application the same day you apply. On the other hand, if you want to know the rate and terms you’ll qualify for, you’ll have to submit a formal application and agree to a hard credit check. U.S. Bank may not be the right lender for borrowers looking for a large loan, as this lender only offers loan amounts up to $150,000.
U.S. Bank doesn’t specify its requirements for boat loans, but it will consider factors such as your credit score, payment history and the condition and value of your boat.
Before financing a boat, you’ll need to do some legwork to find the loan that best fits your budget and financial position.
Like cars, the value of a new boat depreciates the minute it leaves the showroom, as much as 15% in the first year. Buying a used boat can cut down on that drop in value and save you money.
As with any new loan, you’ll need to determine your budget and make sure your credit score is in tip-top shape.
You can find used boat loans with banks, credit unions, online lenders and through your boat dealer. If a boat loan isn’t the right choice for your financial situation, you can also pay for a boat using a personal loan, home equity loan or home equity line of credit.
The average boat costs between $60,000 to $75,000, but the price really depends on the type of boat you buy. For example, a large, luxury yacht can cost more than $3 million, while a base-model outboard speed boat may only cost about $20,000. If you want something basic for fishing, the average jon boat is $5,400.
Borrowers with strong credit may find boat loan rates as low as 5.75% APR, but many lenders’ rates start around 7%.
Yes — you can lease a boat, but leasing may be more expensive than boat ownership. Renting a boat for a short period of time may be the most cost-effective option.
You may be able to get a mortgage loan on a boat if it qualifies as your main home or second home. The IRS defines a home as a property with sleeping, cooking and toilet facilities.
Yes, you could qualify for a boat loan with a 600 FICO Score. There are boat loans for bad credit available, but you’ll save money by improving your credit before applying. To qualify for the lowest rates, you usually need a credit score of 700 or above.
Boat loan terms can be as long as 20 years, and some lenders allow you to pay off your loan early without charging a prepayment penalty. If you want to buy an inexpensive boat for a shorter term, consider using a small personal loan that can be repaid over six months or more.
