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Mortgages and car loans are debt that most borrowers will take on in their lives, as houses and vehicles are commonly owned in modern society. Because boats are a recreational purchase, boat loans often come with stricter credit requirements and should only be taken on by borrowers who have steady, disposable income.
Where to Get the Best Boat Loan
You can apply for a boat loan at your own bank or credit union, as well as other banks or credit unions in your community. You can also look to online lenders, marine finance companies and boat dealers themselves.
When making a big purchase with a decade-plus repayment term, it makes sense to shop around for your boat loan to ensure you get the lowest annual percentage rate (APY) and the best terms. Make sure loans for the type of boat you want to purchase are even offered at a lender before applying, and make note of their requirements around used boats; some lenders will not offer loans for boats that are 20 or 25 years old.
Best Boat Loans of 2022
| Lender | Starting APR | Loan Amounts | |||
|---|---|---|---|---|---|
|
Bank of the West |
4.24% |
$10,000 to $2 million |
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|
LightStream |
4.29% |
$5,000 to $100,000 |
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|
Southeast Financial |
4.09% |
$15,000 to $4 million |
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|
Trident Funding |
3.99% |
$50,000 to $50 million |
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|
USAA |
5.80% |
$5,000 to $100,000 |
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|
iNet Lending |
Not disclosed |
$5,000 to $2 million |
GET DETAILS |
Bank of the West (Essex Credit)
Best Overall Boat Loan
Key Features
- Flexible loan duration
- Low interest rates
- Wide loan amounts offered
Bank of the West boat loans are serviced by their…
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