Best Boat Loans in 2025

Find the lowest boat loan rates and spread out payments for up to 20 years

Headshot of Lauren Nicholson
Written by
Lauren Nicholson
Updated January 02, 2025
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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Boatzon: Best for large boat loans

6.36%

Up to 240 months

Up to $25,000,000

620

Pros
  • Some of the largest boat loans on the market
  • Could get money in 24 hours
  • Long repayment terms
  • Certain loans don’t require boat as collateral
Cons
  • Need at least fair credit to qualify
  • Doesn’t directly fund your loan
  • Might require a 10%-20% down payment

What to know

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With a funding limit of $25,000,000, Boatzon offers more than enough to cover the cost of buying a luxury vessel. But you don’t need to borrow millions to take advantage of competitive rates and fast funding timelines — Boatzon connects borrowers of all budgets with more than 20 partner lenders.

But if you have bad credit or can’t afford a down payment, you may need to look elsewhere. Boatzon partners require a credit score of at least 620, and many ask for a down payment of 10% to 20% of the cost of your boat.

How to qualify

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While Boatzon’s minimum credit score is 620, you may qualify with a lower score. Boatzon doesn’t provide information about any additional credit or income requirements.

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Boatloan.com: Best for extra-long repayment periods

6.49%

84 to 252 months

$10,000 - $9,900,000

580

Pros
  • Longest repayment period of top boat lenders
  • Offers refinancing
  • Can use a co-applicant
  • Available to borrowers with fair credit
Cons
  • Doesn’t directly fund your loan
  • No short-term loan options

What to know

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If you need to spread out your loan payments across a long period of time, consider applying for a loan with Boatloan.com. You could qualify for loan terms of up to 252 months, which is a full year longer than most lenders offer. You can also improve your chances of getting a loan with lower rates by applying with a co-borrower who has excellent credit.

Boatloan.com’s loans start at 84 months, so if you want to save money on interest with a short-term boat loan, consider lenders like LightStream.

Eligibility requirements

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To get a boat loan through Boatloan.com, you’ll need to have a credit score of at least 580. You’ll also need to meet other debt requirements.

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Southeast Financial : Best for borrowers with bad credit

6.49%

Up to 240 months

$10,000-$4,000,000

575

Pros
  • Lowest credit score requirement of our top boat lenders
  • Same-day credit approvals
  • Can stretch your payments out across a long repayment term
Cons
  • Takes 3-5 business days to get money
  • No loans for houseboats
  • Loans not available in all states
  • Restrictions on age of boat

What to know

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While many lenders require fair or even good credit to qualify for a boat loan, Southeast Financial offers boat loans for bad credit. Plus, in some cases, you’ll know whether you’re approved as soon as three hours after you apply.

Keep in mind that it could take up to five business days to get your loan money once you’re approved. Residents of Alaska and Hawaii will have to look elsewhere for a loan, since Southeast Financial only operates in the continental United States.

Eligibility requirements

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Southeast Financial offers clear guidance on how potential borrowers can qualify for a boat loan:

  • Credit score: 575+
  • Must be a U.S. citizen
  • Must have a minimum income of $25,000
  • Can’t live in Alaska or Hawaii
  • Boat model must be no older than 2009
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LightStream: Best for no fees

6.99% (with autopay)

24 to 144 months

Loan Term Disclosure

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 0.50% 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 $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 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.

$5,000-$100,000

Not specified

Pros
  • Get money as soon as today
  • No fees
  • Don’t have to put up boat as collateral
Cons
  • Requires hard credit pull to see rates
  • Smaller loans than other boat lenders
  • Doesn’t offer long-term boat loans

What to know

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While most boat loans come with fees and require you to put down your boat as collateral, you can skip these requirements with LightStream. LightStream just requires your signature and at least good credit to qualify for a boat loan.

Unlike other lenders, LightStream requires a hard credit pull in order to see your rates and whether you’re approved for a loan. And if you need to borrow a lot of money or stretch your payments out across a long repayment term, you’ll need to consider other lenders.

Eligibility requirements

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LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:

  • At least five years of on-time payments under a variety of accounts (credit cards, auto loans, etc.)
  • Stable income and the ability to handle paying their current debt obligations
  • Savings, whether in a bank account, an investment account or a retirement account
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See how much you can afford using our boat loan calculator

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Boat financing: How to qualify

Here’s the good news: It’s typically easy to get a boat loan. But that doesn’t mean you should do it — at least, not without taking a few steps first. Make sure you can afford the payments before signing on the dotted line.

Getting preapproved for a boat loan isn’t hard, but getting an affordable boat loan is a different story. The best boat financing options go to borrowers with good or excellent credit.

Many lenders offer boat loans for bad credit, but they tend to charge high interest rates that make your loan more expensive.

 Not sure where you stand? Check your credit score for free with LendingTree Spring.
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How to find a boat loan with LendingTree

  1. Check your budget. Use a boat loan calculator to calculate how much a boat will cost you each month. If you’re having trouble fitting the payments into your budget, take a look at used boat loans instead.
  2. Compare offers. Shopping around for a loan can save you thousands in interest payments. LendingTree will do the shopping for you — just answer a few questions about your boat loan and we’ll send you rates from our trusted lending partners.
  3. Get your money. You can choose the lender with the best rates and terms for you. You’ll give your lender additional information about yourself and your loan, and once you’re formally approved, they’ll send you the money you need to buy your dream vessel.
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Alternatives to boat loans

If you need money for a boat but don’t qualify for an affordable boat loan or don’t want to put your boat up as collateral, you still have options.

Personal loans

Best for: Lower-risk borrowing

When you take out an unsecured personal loan, you don’t risk losing your boat if you miss payments. But personal loans tend to come with higher rates, so you’ll likely spend more money on interest.

Home equity loans

Best for: Homeowners

You pay for your boat by tapping into your home equity with a home equity loan or line of credit. Financing using equity in your home comes with perks like low interest rates, but be careful — your home will be on the line if you miss payments.

Renting or leasing

Best for: Part-time boaters

You can save some serious cash by renting or leasing a boat, but it comes at a price: your captain’s hat. If you’re ready to trade in your dreams of boat ownership, you’ll save on the total cost of owning a boat with a lease or short-term rental.

How we chose the best boat loans

We reviewed our LendingTree boat loan partners to determine the overall best four lenders. To make our list, lenders must offer boat loans with competitive APRs. From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their boat loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus and offer reliable customer service.

According to our systematic rating and review process, the best boat loans come from Boatzon, Boatloan.com, Southeast Financial and LightStream.

Frequently asked questions

The average cost of a boat is around $42,000 for a new boat and $10,000 for a used one. You can find secondhand vessels for much cheaper, or you can build the superyacht of your dreams for tens of millions of dollars.

You can stretch out your loan payments across more than 20 years, but keep in mind that your boat loan term — or how long you take to pay off your boat — directly affects how much money you pay for your loan. The longer your term, the more you’ll likely pay in interest.

You can take out a mortgage on a boat only if it’s your primary or second home. It will need to have bathroom facilities and spaces for cooking and sleeping.

Top lenders are currently offering boat loans with rates as low as 6.49%. Lenders typically lower their rates when the Fed makes cuts, so keep an eye on the Fed rates.