| Starting APR | 6.49% |
| Loan terms | 84 to 252 months months |
| Loan amounts | $10,000 - $9,900,000 |
| Minimum credit score | 580 |
Offers refinancing Can use a co-applicant Can borrow up to $9,900,000 | Doesn’t directly fund your loan Must have debt-to-income ratio under 45% Minimum loan term of 84 months |
With Boatloan.com, you can refinance your current boat loan or use a co-applicant to receive better rates.
| Starting APR | 6.99% |
| Loan terms | Up to 240 months |
| Loan amounts | $10,000 - $4,000,000 |
| Minimum credit score | 600 |
Offers same-day credit decisions in some cases Repayment terms up to 240 months 600 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 |
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.
| Starting APR | 7.49% |
| Loan terms | Up to 240 months |
| Loan amounts | Up to $25,000,000 |
| Minimum credit score | 620 |
Potential 24-hour funding Large loan amounts Offers secured and unsecured loans | Doesn’t directly fund your loan 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 | 7.49% (with autopay and excellent credit) |
| Loan terms | 24 to 144 months |
| Loan amounts | $5,000 - $100,000 |
| Minimum credit score | Good credit score |
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 |
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.
| Pros | Cons |
|---|---|
| Interest rates tend to be lower when a loan is secured with collateral like a boat Boat loan terms are often longer than terms for personal or even car loans, giving you time to pay off the loan Lenders offer large loans for boat financing | Risk losing your boat if you default on your loan Boat must meet lender requirements in terms of age and mileage in order to qualify for financing Boat values depreciate quickly, so you may owe more on your boat loan than it’s worth in a few years Boat loans often require a down payment, while personal loans and home equity loans do not |
The average boat costs between $60,000 and $75,000, but the price really depends on the type of boat you buy. For example, a large luxury yacht can cost $15 million or more, while a base-model outboard speedboat 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 6.25% 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.