10 Best Boat Loans of 2023

 Today, we’ll talk about a boat loan, how it works, the best boat loans for 2023, and whether getting one is wise.


You’ll need access to finance unless you’ve been saving money on the side for your upcoming boat purchase. The best boat loans provide financing on boats up to 20 years old, prolong durations up to 20 years, and give loan sums up to $4 million. Which financing option is best depends on your unique circumstances and desired boat. The best boat loans are widely available, have cheap interest rates, and have a lenient down payment and term restrictions. These lenders also have low fees and penalties and strong industry financial strength ratings, which point to a reliable, trustworthy business.

What is a Boat Loan?

Like car loans, boat loans have a defined loan amount on which you pay interest over a predetermined period. Banks, credit unions, boat dealers, and marine finance firms offer boat financing. Subprime boat loans are also available but might need a sizable down payment and a low debt-to-income ratio to be approved.


Best Boat Loans
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How do Boat Loans work?

If you’ve ever had a car loan, you already know how a boat loan functions. You can apply for a loan with less than any required down payment and a payback period. Depending on your credit, the lender may provide reasonable rates if you are authorized.

  • Boat loan repayment terms

Depending on the loan size and lender, you can often request a secured boat loan with a duration of up to 20 years.

  • A down payment may be required.

The down payment required by lenders for boat loans is frequently between 10% and 20%, depending on the lender and the price of the boat. A down payment can protect you against the boat’s depreciation or loss of value over time and prevent you from owing more on your boat loan than the boat is worth, despite some lenders offering 0%-down loans.


  • Interest rate

Boat loan interest rates are typically fixed but differ greatly depending on the lender and your credit history. Your rate will vary depending on the type and year of the boat, your credit history, the length of the loan, and the loan amount.

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Best Boat Loans

 Bank of the West

One of our best boat loans comes from the Bank of the West. The lender is a fantastic option for consumers with good credit looking to buy a boat because of its low rates, flexible loan sizes, and extensive availability.

 Southeast Financial

Southeast Financial is one of the best boat loans for individuals with bad credit. This lender has no minimum credit score criteria and offers loans to customers with a bankruptcy on their record.



LightStream is among the best boat loans for borrowers looking for quick finance for a boat loan. The lender provides same-day approval and, in some circumstances, same-day cash.

 Mountain America Credit Union

Our top recommendation for the best boat loans with in-house financing is Mountain America Credit Union. Mountain America directly offers financing through accredited dealers for new and used boats.


Unlike Mississippi, SoFi is an online lending marketplace providing unsecured fixed-rate personal loans. With over $50 billion in loans made, SoFi stands out for enabling large loan amounts and having long loan periods available. With loans ranging from $5,000 to $100,000, SoFi is the best boat for people with outstanding credit requiring a sizable loan.


Marcus by Goldman Sachs is a division of the financial institution Goldman. APRs between 6.99% and 19.99% are available to borrowers, with autopay enrollees receiving a 0.25% discount. Additionally, Marcus doesn’t impose any fees—including for sign-up, late payments, or early repayment like some other notable lenders. Borrowers can also profit from the platform’s customizable payment dates and on-time payment rewards.



In the 48 states and Washington, D.C., LendingPoint, an online lender with headquarters in Atlanta, provides the best boat loans to potential borrowers; it does not provide loans in Nevada and West Virginia. Prospective borrowers in states that are qualified can submit an online application and receive funding quickly.


You can save time by using Trident, one of the best boat loans, which matches you with a lender from its network, depending on your unique needs. Trident enables you to use your funds to refinance boats and buy new and old boats.


Although Upgrade offers loans to people with bad credit histories, its maximum APRs are higher than other online lenders. There are no reductions for autopay, and Upgrade imposes an origination fee that ranges from 2.9% to 8% of the loan.


 Universal Credit 

Through its partners, the online lending network Universal Credit provides unsecured personal loans ranging from $1,000 to $50,000. While Universal Credit makes getting a personal loan possible even for people with bad credit, some costs are associated with it.

Is a Boat Loan a good idea?

Getting a loan for a boat is a great idea. You’ll not only get out to sea more quickly, but you’ll also receive fantastic offers and pay very little each month. Remember to confirm that the source of your credit is reputable.

Should You Take a Boat Loan?

Unlike car loans, periods for boat loans can last up to 20 years, almost as long as a mortgage.


When it comes to the best boat loans, there are many possibilities. Poor credit applicants can get loans from some lenders; others have unbelievably low rates, yet others provide extra benefits like same-day funding. Bank of the West is our top recommendation for the best boat loans. Boat loans from the Bank of the West come with low-interest rates, adjustable loan amounts, and flexible payback schedules. Borrowers have access to loan amounts up to $5 million, and rates start at 3.74% APR. Bank of the West offers boat loans for various watercraft, including standard and custom powerboats, sailboats, multi-hull boats, pontoon boats, electric boats, high-performance boats, houseboats, and wood hull boats. Loans from the lender are accessible in all 50 states.




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