Best boat loans for December 2025

Best for low or no credit

PERSONAL LOAN

4.7

6.50- 35.99%

Min credit score

300

$307

Loan amount

$1k-$75k

Not disclosed

Best for cosigners

PERSONAL LOAN

4.5

8.99- 29.99%

Min credit score

640

$318

Loan amount

$5k-$50k

Not disclosed

Read our review

on Bankrate

Best for peer-to-peer loans

PERSONAL LOAN

4.5

Not disclosed

Min credit score

Not disclosed

Loan amount

$2k-$50k

Not disclosed

Read our review

Best for buying a luxury boat

PERSONAL LOAN

4.7

8.74- 35.49%

with all discounts

Min credit score

300

$317

Loan amount

$5k-$100k

4.2

Best overall boat loan

PERSONAL LOAN

4.5

6.49- 13.89%

Min credit score

660

$307

Loan amount

$5k-$100k

Not disclosed

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A closer look at our top boat loan lenders

Upgrade: Best for buying boat accessories

4.6

Est. APR

7.74%–35.99%

Loan amount

$1k–$50k

Min credit score

600

Loan term

2-7 yrs

Origination fee

1.85%-9.99%

Pros

Secured and joint loans offered
Rate discounts
Low loan amount minimum

Cons

No payment date flexibility
Origination fee
Creditworthiness requirements not disclosed

Pros

Secured and joint loans offered
Rate discounts
Low loan amount minimum

Cons

No payment date flexibility
Origination fee
Creditworthiness requirements not disclosed

WHO'S IT FOR:

Upgrade’s small loan amount minimum makes it a good choice for buying accessories, from waterproof first-aid kits to fish finders and boat grills. It caters to borrowers with fair credit and offers rate discounts for borrowers who qualify — plus, there are joint and secured loan options.

Known qualification requirements

U.S. citizen or permanent resident

At least 18 years old

Valid email address

Valid bank account
Fees

Origination fee of 1.85%-9.99%

$10 late fee

$10 returned check fee
Time to receive funds

Up to four business days; up to two weeks if sent directly to creditors

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.

Upstart: Best for low or no credit

4.7

Est. APR

6.50%–35.99%

Loan amount

$1k–$75k

Min credit score

300

Loan term

3-5 yrs

Origination fee

Up to 12%

Pros

May qualify with no credit history
Low minimum loan amount
Quick funding

Cons

Potentially large origination fee
Limited repayment term options
No rate discount for autopay

Pros

May qualify with no credit history
Low minimum loan amount
Quick funding

Cons

Potentially large origination fee
Limited repayment term options
No rate discount for autopay

WHO'S IT FOR:

Individuals with low credit who need a small or midsize boat loan. Good credit borrowers may also find it a good option to snag among the lowest minimum APRs offered by Bankrate-reviewed boat lenders.

Known qualification requirements

Have a valid email address

Have a Social Security number

Have a personal bank account

Have steady income or job offer starting within 6 months

Earn a minimum annual income of $12,000

Fees

Late fee of 5% or up to $15

Origination fee up to 12%

$15 returned check fee

$10 one-time paper copies fee

Time to receive funds

As soon as one business day

The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

Achieve: Best for cosigners

4.5

Est. APR

8.99%–29.99%

Loan amount

$5k–$50k

Min credit score

640

Loan term

2-5 yrs

Origination fee

1.99%-8.99%

Pros

Allows co-signers
Fast funding
Personal loan consultant

Cons

Not available in every state
Minimum credit score of 640 required
Origination fee

Pros

Allows co-signers
Fast funding
Personal loan consultant

Cons

Not available in every state
Minimum credit score of 640 required
Origination fee

WHO'S IT FOR:

Borrowers who want to boost a fair credit score and consolidate a minimum of $5,000 of debt will most likely benefit from an improved credit score if they pay off credit card balances. Individuals with a qualifying co-signer could also benefit from the lender's co-signer rate discount.

Known qualification requirements

Proof of income and employment

Social Security number

Proof of identity

Fees

Origination fee of 1.99% to 6.99%

Time to receive funds

Within 24 to 72 hours of approval
“Personal loans available through Achieve.com (NMLS #138464) or Achieve Personal Loans (NMLS ID #227977) are originated by Cross River Bank, a New Jersey State Chartered Commercial Bank, Equal Housing Lender. Loan applications are subject to credit review, underwriting criteria, and approval. Loans are not available in all states and available loan terms/fees may vary by state. Loan amounts range from $5,000 to $50,000. For loans $35,000+ must have a minimum 660 credit score. APRs range from 8.99% to 35.99% and include applicable origination fees that vary from 1.99% to 8.99%. Repayment periods range from 24 to 60 months. Example loan: four-year $20,000 loan with an origination fee of 6.99%, a rate of 15.49%, and corresponding APR of 19.54%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 8.99% APR loan, a borrower will need excellent credit, a loan amount less than $12,000.00, and a term of 24 months. Loan Consultants for Achieve Personal Loans are available Monday-Friday 6 AM to 8 PM AZ time, and Saturday-Sunday 7 AM to 5 PM AZ time.”

Prosper: Best for peer-to-peer loans

4.5

Est. APR

Not disclosed

Loan amount

$2k–$50k

Min credit score

Not specified

Loan term

Origination fee

1%-9.99%

Pros

Joint applications allowed
No prepayment penalties
Open to fair credit borrowers

Cons

Multiple fees including origination
High maximum interest rate
No rate discount for autopay

Pros

Joint applications allowed
No prepayment penalties
Open to fair credit borrowers

Cons

Multiple fees including origination
High maximum interest rate
No rate discount for autopay

WHO'S IT FOR:

You may have a better shot at approval since Prosper puts your application in front of several different lenders. You can also apply jointly to qualify for a newer or larger boat if your income isn’t enough flying solo. The peer-to-peer model is often more inclusive of borrowers across the credit range.

Known qualification requirements

At least 18 years old

Have a U.S. bank account

Have a Social Security number

Fees

Origination fee of up to 5 percent

$15 or 5 percent late fee

$15 insufficient funds fee

$5 or 5 percent check payment

Time to receive funds

Same day as approval
Personal loans through Prosper have an annual percentage rate (“APR”) of 8.99% to 35.99%, terms between two and five years, and an origination fee from 1% to 9.99%. For example, a three-year $10,000 personal loan with an interest rate of 16.66% and a 8.99% origination fee results in a 23.53% APR. You would receive $9,101.00 and make 36 scheduled monthly payments of $354.84. A five-year $10,000 personal loan with an interest rate of 18.73% and a 8.99% origination fee results in a 23.26% APR. You would receive $9,101.00 and make 60 scheduled monthly payments of $257.92. Whether you are eligible for a specific APR or loan term will depend on a number of factors, including (but not limited to) your current credit rating and information you provide in your application. The lowest rates are for the most creditworthy applicants. Your actual rate may differ. The average APR for loans with a 3-year term funded between January 1, 2025, and June 30, 2025, was 23.53%. Eligibility for personal loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank.

SoFi: Best for buying a luxury boat

4.7

Est. APR

8.74%–35.49%

Loan amount

$5k–$100k

Min credit score

300

Loan term

2-7 yrs

Origination fee

Optional fee up to 7%

Pros

Mobile app and seven-day-a-week customer service
Unique borrower perks
Joint applications allowed

Cons

High minimum loan amount
High maximum APR
Optional fees up to 7 percent

Pros

Mobile app and seven-day-a-week customer service
Unique borrower perks
Joint applications allowed

Cons

High minimum loan amount
High maximum APR
Optional fees up to 7 percent

WHO'S IT FOR:

Borrowers who have sufficient monthly income or a recent job offer who want to finance a larger boat. The lender doesn’t currently set a minimum credit score requirement, making it a good choice if you’ve gotten shot down by a boat dealership lender.

Known qualification requirements

Be age of majority

Be a U.S. citizen or resident

Be an eligible nonresident

Have sufficient income or job offer

Live in an eligible state

Fees

No fees required

Time to receive funds

In a few days; larger loans may take longer
Fixed rates from 8.99% APR to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 04/24/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.

Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

LightStream: Best overall boat loan

4.5