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Boat Loans & Financing For Good & Bad Credit

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Best Boat Loans & Rates Without Affecting Credit

With so many lenders to choose from, how do you find the best boat loans? Below, we have created a list of our top picks of lenders that can provide some of the best boat loans. In our current market boat loan interest rates can start at 6.99% and go all the way up to double-digit interest rates. Most lenders evaluate borrowers based on a series of requirements and factors. The age and type of boat may also impact the interest rate. Some lenders may focus heavily on credit score and income while other lenders may focus on more factors such as the ability to repay. When it comes to financing a new or used boat, or perhaps one you already own outright, you can use a secured or unsecured loan. If you use a secured loan you will need to provide collateral, such as the boat. You may get a lower interest rate with a secured loan because there is less risk for the lender. However, if you default on a secured loan you risk losing your collateral. Unsecured loans do not require collateral and may be easier to get, especially if you are purchasing a boat from a private party. Keep reading to learn more about boat loans and financing.

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Boat Loans & Boat Financing Options for New & Used Boats

With so many lenders to choose from, how do you find the best boat loans? Below, we have created a list of our top picks of lenders that can provide some of the best boat loans. In our current market boat loan interest rates can start at 6.99% and go all the way up to double-digit interest rates. Most lenders evaluate borrowers based on a series of requirements and factors. The age and type of boat may also impact the interest rate. Some lenders may focus heavily on credit score and income while other lenders may focus on more factors such as the ability to repay. When it comes to financing a new or used boat, or perhaps one you already own outright, you can use a secured or unsecured loan. If you use a secured loan you will need to provide collateral, such as the boat. You may get a lower interest rate with a secured loan because there is less risk for the lender. However, if you default on a secured loan you risk losing your collateral. Unsecured loans do not require collateral and may be easier to get, especially if you are purchasing a boat from a private party. Keep reading to learn more about boat loans and financing.

What is the best way to finance a boat?

One of the best ways to finance a boat is a secured boat loan. Similar to an auto loan, a boat loan is a secured loan where the boat acts as collateral. If you default on the loan, the lender can repossess the boat. In exchange for the collateral, the lender may be willing to offer lower interest rates and higher loan amounts. If possible, you should use a secured boat loan. Most banks and credit unions offer them. However, your purchase will need to align with the approval terms and you may have to come up with a down payment.

What are typical boat loan terms?

If you use a secured boat loan, you may be able to get terms up to 20 years. Just like cars, boats come in a variety of sizes with plenty of options and of course, different price tags. Some boats cost hundreds of thousands or even millions of dollars. Hence, why some lenders offer terms up to 20 years. However, most individuals can get by with a much shorter term. In some cases, you may get a lower interest rate for choosing a shorter term. If you use an unsecured personal loan for boat financing you can find terms up to 12 years. In the next section, we will help you understand how payments can vary based on terms.

What is the average boat payment?

Obviously, the more you spend, the larger your boat payment will be unless you put a significant amount of money down. Whether you use an unsecured or secured boat loan you may qualify for a boat loan with no money down. While some lenders offer rates as low as 6.99%, they may be hard to qualify for and hard to find. For estimation purposes, let's assume you qualify for a $20,000 loan at 5.99% with a 7-year term. Your payment for this scenario should be around $292. If you finance $30,000 your payment should be around $438. If you extended the term to 8 years and finance $30,000 you can bring payments down to about $394. To estimate accurate monthly payments you should get pre-qualified for a boat loan. Once you are pre-qualified you should know what rate, term, and the loan amount you can use. With this information, you can calculate more accurate monthly payments.

What is a good rate for a boat loan?

What we consider a good rate can vary depending on the borrower, terms, what they are financing, and their credit history. If you have excellent credit you should qualify for the lender's lowest advertised rate or very close to it. If you have credit challenges, you should expect to qualify for a higher interest rate. Finding low-interest boat loans is usually easier for borrowers with excellent credit. If you have credit challenges it's especially important to compare loan offers. The best place to explore various boat loan offers isAcorn Finance. Acorn Finance has a network of top-rated lenders that offer secured and unsecured loans.

Can you get a loan on a used boat?

Most lenders offer boat loans and financing for new and used boat loans. Rates may be higher for used boats compared to new boats. However, used boats should have a cheaper purchase price making the slightly higher interest rate easy to justify. If you purchase a boat from a retailer they may offer to finance. It may be cheaper to secure your own financing. Retailers or dealers often mark up interest rates and aftermarket products. If you use an outside lender just make sure the retailer can work with the lender you choose. However, if retailers have profit on the back end of the deal, they may be more willing to negotiate the purchase price. Keep this in mind when you are negotiating.

What bank has the best boat loans?

Most banks, credit unions, and online lenders can offer boat loans. Online lenders may offer faster funding and very competitive rates and terms. In addition, they may have less strict requirements. Featured below is a list of some banks and online lenders that offer some of the best boat loans.

Our top picks for boat loan financing

Online lenders can offer perks such as fast funding, easy application processes, and the convenience of never leaving your home. While we highly recommend using an online lender for personal loans, you should stick with reputable lenders. The internet is full of information and options for consumers which can make it tempting to go down a rabbit hole. It may be tempting to apply with different lenders to see who gives you the best offer. However, this may impact your credit score and jeopardize the safety of your information. So how do you compare multiple loan offers without affecting your credit score? The answer is easy,Acorn Finance. Acorn Finance allows you to submit one application and receive multiple personalized loan offers within seconds without affecting your credit score. In addition, Acorn Finance only partners with reputable lenders. Now that you know the best place to go for a personal loan, let's look at some of our top picks for the best online loans.

LightStream is an Acorn Finance lending partner and online lender. However, LightStream is part of Truist, making it different from your average online lender. Compared to other banks, LightStream offers quick approvals and can provide same-day funding. LightStream offers boat loans up to $100,000 with rates starting at 6.99% with a .50% auto payment discount. You can choose from terms ranging between 24 to 84 months. However, you should have good credit to qualify for LightStream. Since LightStream specializes in good credit borrowers, they can offer low rates and zero fees for customers. To qualify for a LightStream loan you should have a minimum credit score of 680. If you are approved by another lender with a lower interest rate, LightStream will beat the rate by one-tenth of a percentage point. Of course, they'll want evidence of the approval and terms before matching the rate.

Bank of The West
For boat loans $50,000 or more, Bank of The West offers competitive loans. The larger the loan amount, the lower the interest rate with Bank of The West. Bank of The West offers rates starting at 6.99% for $50,000 loans and rates starting at 8.89% for $10,000 loans. If you need a boat loan of less than $50,000 you should consider LightStream or another top-rated lender. In addition, if you need a loan larger than $10,000 and do not have a down payment, you should use another lender. For loans of $10,000 to $200,000 Bank of The West usually wants a 10% down payment. Boats must be 2001 or newer to be eligible for a Bank of The West boat loan.

If you have credit challenges you may need to use a personal loan for boat financing. Upgrade is an Acorn Finance lending partner that can help fair credit borrowers secure boat loans. Upgrade has a minimum credit score requirement of 580 and offers loans up to $50,000 with interest rates starting at 6.94%. In addition, Upgrade allows borrowers to apply with a cosigner. Applying with a cosigner with good credit can help increase your chance of approval and help you secure more favorable terms. When reviewing applications, Upgrade places a heavy focus on available cash flow. They are more concerned about applicants' debt-to-income ratios than rent payments or monthly expenses that may affect an individual's ability to repay a loan. If you experience a hardship such as a job loss, you may qualify for Upgrade's Hardship Program. The Hardship Program can reduce your monthly payment or extend your loan term to help you get through a tough time without ruining your credit. Upgrade does charge origination and late fees.

Is it hard to finance a boat?

If you have excellent credit, plenty of income, and a large down payment, financing a boat should not be hard. However, if you do not clear all of a lender's requirements for a boat loan, you may have a hard time securing a boat loan. In addition, if you are trying to finance an older boat or have no down payment, you may need to use an unsecured boat loan. Boat ownership is expensive and lenders know that. They will want to ensure that a borrower is financially stable and responsible before loaning them money to buy a boat.

What credit score is needed to buy a boat?

If you want to get a boat loan with reasonable terms you'll probably need a credit score of 700 or better. While you may qualify with a credit score below 700, the terms may not be favorable. Before making an expensive purchase such as a boat, you should make an effort to get your credit in the best shape possible. Improving your credit score can help you save a lot of money on your next boat loan.

Can I get a boat loan with a 550 credit score?

With a 550 credit score, it may be near impossible to get a boat loan. While you can apply, you may want to consider other options such as applying with a cosigner or rebuilding your credit. If you have a willing cosigner with good credit, they may be able to increase your chance of approval. In addition, you may be able to get a better rate by applying with a cosigner. Keep in mind, the cosigner is equally responsible for the loan.

Can I finance a boat with a 650 credit score?

You may be able to qualify for a boat loan with a 650 credit score. While your interest rate may be higher than a borrower with a credit score above 700 or 750, a boat loan may help improve your credit over time. However, it might be a better idea to improve your credit score before applying for a boat loan. Since boats are considered a luxury item, most lenders prefer to only approve boat loans for borrowers with excellent credit. You may want to consider using a personal loan to buy a boat if you have a 650 credit score.

How can I buy a boat with no money?

If you can afford a monthly payment and storage and maintenance costs that may be associated with boat ownership, you may want to consider financing a boat. If you do not have cash for a down payment, you might qualify for a personal loan. A personal loan can provide the funds you need to buy a boat. However, if you are living on a tight budget with little extra cash, buying a boat may not be the best idea. Even if you can afford to buy the boat there are usually other costs involved with owning a boat.

What is the oldest boat you can finance?

In some cases, lenders will finance a boat that is 20 to 30 years old. Buying an older boat may have a cheaper purchase price, but the maintenance and other costs may be higher. Lenders may offer a higher interest rate on an older boat because it's not as valuable and may be more likely to break. While a newer boat may cost more, it may be worth it. If a newer boat comes with warranty and or a cheaper interest rate, it may represent a better value. If you want to buy an older boat and are unable to find a boat loan, you can use a personal loan to finance the boat.

Is it smart to finance a boat?

Financing a boat can make boat ownership make sense. Even extremely wealthy individuals may choose to finance a boat rather than pay cash. If you have good credit and can secure competitive terms for a boat loan, you should consider financing. As a boat owner, you should have a reasonable amount of cash reserves in the event the boat needs repair or maintenance. Paying cash for a boat may drain those reserves.

Ultimately, whether or not financing a boat is smart will depend on your personal finances. Borrowing money for a boat is not free so you should consider the total loan costs. If you have the cash and it won't affect your lifestyle to spend some on a boat, it may be cheaper to pay cash.

Are boat loans simple interest?

Most boat loans are simple interest loans. However, you will want to check the terms being offered. Simple interest loans charge interest daily rather than monthly. With a simple interest loan you should be able pay the loan off faster, if you choose. If you pay more than the minimum monthly payment each month, the additional amount should go toward the principal.

Should you finance a boat?

You can finance a boat, but whether you should or should not, well that's up to you. You probably already know that financing a boat will come with additional costs. However, financing a boat can offer easy monthly payments that can help you preserve your savings. You may be able to secure a competitive interest rate to keep financing costs down. If you can, then you should consider financing a boat.

Do boats hold their value?

Similar to cars, some boats may hold their value better than others. Fishing boats and pontoon boats are likely to depreciate faster than other types of boats. Buying a used boat may offer consumers a better value as they should have already depreciated from their original purchase price. Within the first few years of ownership, you can expect a boat to depreciate the most. However, if you buy a used boat you may be able to avoid some depreciation. If you buy a used boat you should have it inspected or purchase it from a credible dealer. After about 7 to 10 years, a boat's depreciation should even out.

Is it easier to finance a new or used boat?

Financing for new and used boats works pretty similar. Most lenders will use the same vetting process whether you are applying for a new or used boat loan. Of course, with a new boat, you may need to finance more money. With a boat being considered a luxury item, lenders typically want to see that borrowers have plenty of extra money. For used boat loans, there may be more restrictions for the loan. For example, lenders may require the boat is of a certain age and it will need to be within LTV values. Dealerships may be more likely to give out loans for used boats though if they are trying to get rid of them or need to have space for more inventory.

Banks and credit unions can also offer boat loans for new and used boats. However, they will likely go through the same vetting process as a dealership. Depending on your credit score though, you might only be offered high interest loans or small loans that won't be enough to pay for a new boat. This means you might only qualify for a boat loan that allows you to buy a used one.

Whether you are buying a new or used boat, make sure to shop around for lenders before deciding who to work with. Make sure you are getting the lowest interest rate possible and have a payment plan and loan terms that are easy for you to work with.

Do you need a down payment for a boat loan?

In most cases, you will need a down payment of 10% – 20% for a boat loan, depending on the lender you are working with. In some cases, they may require more than 20% down. It's rare to find a lender who won't require a down payment though. Boats and cars are usually viewed as depreciating assets so lenders like to have positive equity in the collateral before they fund a loan.

Whether you use a bank or credit union or financing through a boat dealer, you will likely need a down payment. If a boat dealer is desperate to sell some inventory they may be able to lower the price of the boat to help offset some of the required down payment. There's also a chance they are making money on the financing so they may be more motivated to discount the product. If you are trying to cut corners on a down payment, you may want to try to finance a boat through a dealer. Another option you could consider is a personal loan. Personal loans can be used for boat financing and do not require a down payment. You may pay more in interest with a personal loan but if you want or need a boat and don't have a down payment, it may be your only option for financing. Alternatively if you already own a boat but it needs repairs, you can use a personal loan to cover the cost of the repairs. If you are able to repair your current boat you may be able to avoid buying a new boat.

Before trying to buy a boat with no down payment though, you should know that a down payment requirement can benefit you and the lender. A down payment can lower your monthly payment and give you positive equity in the boat. It can also allow you to pay the boat off sooner, thus saving money on interest. If you are in the boat right and encounter a financial jam, you may be able to sell the boat and pay off the loan. In some cases, you may even profit.

If you don't have enough money for a down payment, consider saving up money before buying a boat. While the anticipation may be tortuous, use it to motivate you to work harder and save faster.

How much is a down payment on a boat?

The standard down payment on a boat is about 15%. This can be more or less depending on the loan amount and the lender you are working with. The boat age and the loan term will also affect the size of the down payment. If the boat is new or you are borrowing from a bank, the down payment might even be as high as 30%.

How much should I pay for a new boat?

This depends on the type of boat you are buying. Some will be more expensive than others. The differences between the boats will drastically affect the price. Always check the pricing of your boat category before you plan to go to the lender or dealership to look for boat financing.

Airboats may be about $30,000 to $100,000. Bowrider boats may be about $15,000 to $50,000. Catamarans are usually more expensive, costing about $100,000 or more. Yachts are usually the most expensive and can have a price tag of $300,000 or more. The cheapest type of boat is usually a sailboat. You should be able to pick up a sailboat for about $12,000. However, they may require more maintenance and might cost you more money in upkeep costs than the other kinds of boats.

Are boats expensive to maintain?

Boats can be a costly investment. You will want to prepare mentally and financially for maintenance costs. Properly maintaining a boat is not something you will want to shortcut. Some of the most expensive components when it comes to maintaining boats are:

Mooring costs



You will also have some other costs after you buy the boat that makes it an expensive item to own. Some of them are fuel, labor, accessories, storage, and registering the boat. Keep in mind that most states and countries require registering the boat and have a license to drive it.

A boat needs to be properly maintained. You should always follow the manufacturer's guidelines when it comes to servicing the boat. The guidelines will tell you how often things need to be serviced and how often you should replace the parts. Not following the guidelines can cause the boat to deteriorate quickly and may void your warranty if you have one.

For annual maintenance on the boat, you can expect to spend about 10% of the purchasing price. They can be a lot of money, especially if you bought a large boat or a boat with more expensive materials.

Maintenance can vary, but the typical costs include:

Cleaning from top to bottom

Replacing oil

Checking or replacing propellers


Addressing any electrical or other issues

This maintenance can be more expensive if you plan to hire a professional to do it rather than do it DIY. For some issues, such as electrical components, it's recommended that you call a professional. Most takes though can be done by the boat owner to save some money.

Sailboats are considered more expensive because they have added costs when it comes to upkeep. If you have a sailboat, you may spend more every year than other boat owners. Some extra sailboat costs include:

Scrubbing bottom

Sanding and painting more often

Transmission fluids and zincs

Fuel filters

Sails and lines (both need to be replaced right away and should be used to sail if they are damaged)

How do I get pre-approved for a boat loan?

If you need to get pre-approved for a secured boat loan you'll first need to decide which lender you want to apply with. You may want to start with your local bank or credit union. If they offer boat loans, you should apply. If a financial institution already has your information on file, the loan process may be smoother.

If you need to get pre-approved for an unsecured boat loan or personal loan, you should check offers at Acorn Finance. At Acorn Finance, you can get prequalified for a personal loan in seconds.

What are the advantages of boat financing?

For many people, the dream of owning a boat is just that – a dream. But with boat financing, that dream can become a reality. There are a number of advantages to financing a boat, including the ability to spread the cost of the purchase over time and the flexibility to choose the best repayment option for your needs. Boat financing can also be a great way to take advantage of seasonal sales or special offers from dealers. And if you decide to sell your boat down the road, you may be able to use the proceeds from the sale to pay off the remaining balance of your loan.

What are the disadvantages of boat financing?

While boat financing can make ownership more affordable, there are some disadvantages to consider before you sign on the dotted line.One of the biggest drawbacks to financing a boat purchase is that you will likely be required to pay interest on the loan. This can add a significant amount to the overall cost of the boat. Current boat loan rates are low but that's not always the case.Additionally, if you miss a payment or default on the loan, you could lose your boat. As such, it is important to be mindful of your financial situation before taking out a loan to finance a boat.

Can you finance a boat online?

You can finance a boat online. There are a few things you need to consider before financing a boat online. The first thing you need to do is to research and compare different lenders. Some lenders specialize in boat loans, so they may be able to offer you better terms than a traditional bank.

You should also consider the type of boat you want to purchase and whether you plan to use it for recreational or commercial purposes. Once you have a good understanding of your options, you can begin the application process.

Is it difficult to get a boat loan?

While it's certainly not impossible to get a loan to finance the purchase of a boat, it can be more difficult than securing a loan for a car or other type of vehicle. The reason for this is that boats can be considered a luxury item, and lenders may be more reluctant to finance their purchase.

However, there are a number of options available for those who want to finance the purchase of a boat. When figuring out how to finance a boat purchase, one option is to secure a personal loan from a bank or credit union. Another option is to finance the boat through the dealership where you're making the purchase.

Some dealerships have relationships with lenders and can help you find the best way to finance a boat purchase. You may also be able to use your home equity to finance the purchase of a boat. Talk to your lender about all of your options before making a decision.

What is the best time to buy a boat?

Spring is the best time to buy a boat. The weather is warming up, the days are getting longer, and people are eager to get out on the water. Because demand is high, prices for new boats tend to be at their highest in spring. However, you can still find deals on used boats if you know where to look.

Many people trade in their old boats when they upgrade to a new model, so dealers often have a wide selection of used boats to choose from. If you're patient and do your research, you can find a great deal on a used boat in the springtime.

What is the life expectancy of a boat engine?

The life expectancy of a boat engine depends on a number of factors, including the type of engine, the quality of maintenance, and the operating conditions. In general, however, most boat engines will last for at least 1,000 hours before requiring major repairs or replacement. Some engines may last for much longer, while others may require more frequent maintenance. Ultimately, the best way to extend the life of a boat engine is to perform regular preventive maintenance and to avoid putting the engine under too much strain.

What regular maintenance should be done on a boat?

Like any vehicle, a boat requires regular maintenance to keep it in good working condition. One of the most important things to do is to clean the hull regularly. This helps to prevent the build-up of marine growth, which can damage the boat and affect its performance.

It's also important to inspect the hull regularly for cracks or other damage. The propeller should also be inspected regularly, and any debris should be removed to ensure that it is operating efficiently. The engine should be serviced according to the manufacturer's recommendations, and the fuel and oil levels should be checked regularly.

How often should a boat be serviced?

While there's no definitive answer to this question, boat experts generally recommend that boats be serviced at least once a year. This ensures that all the boat's systems are in working order and that any potential problems are discovered and corrected before they have a chance to cause serious damage. Of course, if you use your boat frequently or for extended periods of time, you may need to service it more often. And if you keep your boat in storage for long periods of time, you may be able to get by with servicing it less often.

Can you negotiate price on new boats?

Buying a boat is a big decision. There are a lot of things to consider, from the type of boat to the size and, of course, the price. For many people, price is the most important factor. After all, boats are not cheap. But what many people don't realize is that you can often negotiate the price of a new boat. Dealerships are usually willing to come down on the price a bit, especially if you're buying multiple boats or if you're paying cash.

What is the annual cost of owning a boat?

For many people, owning a boat is the ultimate summertime escape. Whether it's cruising around the lake, fishing for dinner, or just enjoying the sun and fresh air, there's nothing quite like spending a day on the water. However, before you take the plunge and buy a boat, it's important to understand the annual cost of ownership. In addition to the purchase price of the boat itself, there are a number of ongoing expenses to consider, including gas, maintenance, storage, and insurance. The average annual cost of owning a boat is around $4300 or $438 per month.While the exact cost will vary depending on the size and type of boat, as well as your personal circumstances, it's safe to say that owning a boat is not a cheap proposition. But for those who love spending time on the water, the cost is well worth it.

How much should you spend on a boat?

The cost of a boat can vary widely, depending on the size, type, and features of the boat. For example, a small rowboat may cost a few hundred dollars, while a large yacht can cost millions.

Additionally, it is important to factor in the cost of maintenance and repairs. A boat is a significant investment, and it is important to make sure that you are prepared to care for it properly.


In conclusion, there are a variety of lenders that offer boat loans. In addition, you may want to consider alternative boat loan options such as a home equity loan or personal loan. Personal loans are usually easy to qualify for and can provide funds quickly. If you are using an unsecured loan you do not have to provide collateral or tell the lender what you are doing with the money. This can lift any restrictions such as where you can buy the boat or the age of the boat. Home equity loans can offer large loan amounts and low interest rates but they can be risky for the borrower. To qualify for a home equity loan you will need to have equity in your home. When you use a home equity loan you borrow against the equity in your home and use it as collateral. If you default on a home equity loan you may lose your house. Regardless of the type of loan you use, you should secure a loan with a fixed interest rate. Loans with fixed interest rates will have a consistent minimum monthly payment during the entire loan term. Most personal loans and boat loans do not have an early payoff penalty. This means you can pay the loan off early and save money on interest.

Whether you are ready to buy a boat today or are just shopping for the best financing options, you should visitAcorn Finance. Acorn Finance has a network of reputable lending partners that compete against one another for your business You can submit one application at Acorn Finance and receive multiple personalized loan offers within seconds. Your credit will not be affected by submitting an application at Acorn Finance.

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