Best overall boat loan

LightStream
4.6Apply on partner site
- Min. credit score:
- Not disclosed
- Fixed APR From:
- 5.73%
- Loan amount:
- $5,000–$100,000
- Term lengths:
- 2 to 7 years
- Min. annual income:
- $50,000
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Dori Zinn has been a personal finance journalist for more than a decade. Aside from her work for Bankrate, her bylines have appeared on CNET, Yahoo Finance, MSN Money, Wirecutter, Quartz, Inc. and more. She loves helping people learn about money, specializing in topics like investing, real estate, borrowing money and financial literacy.
Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information.
Mark Hamrick is Washington Bureau Chief for Bankrate. He is a national award-winning business and financial news journalist.
Bankrate has also identified each boat lender highlighted as "best for" particular situations based on our research. Comparing these and other factors will help you find the right lender for you and determine if a boat loan is the right choice for your finances.
Consider your own financial health and credit history. Lenders that offer the lowest APRs and higher loan amounts tend to require good credit.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
Answer a few questions in two minutes or less to see which personal loans you pre-qualify for. It's free and will not impact your credit score.
Bankrate’s scores for personal loan lenders evaluate 11 data points related to loan costs and terms, as well as customer experience. | The annual percentage rate (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing. | The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan. | The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. | ||
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APR from 5.73%* with AutoPay | Loan Amount $5k- $100k* Term: 2-7 yr* | Min. Credit Not disclosed | ![]()
*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. Rates range from 5.73% - 19.99% APR w/AutoPay. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are .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 $10,000 loan at 5.73% APR with a term of 3 years would result in 36 monthly payments of $303.00. © 2022 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. | Apply on partner site | |
APR from 5.94- 35.97% with AutoPay | Loan Amount $1k- $50k Term: 3-5 yr | Min. Credit 560 | ![]()
Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% 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 17.98% APR (which includes a 14.32% 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 $343.33. Over the life of the loan, your payments would total $12,359.97. 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 lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.
**Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. | Check rate with Bankrate | |
APR from 5.99% 3 or 5 year term | Loan Amount $2k- $50k Term: 3-5 yr | Min. Credit 660 | ![]()
DISCLOSURE UPDATE AS OF 07.2021
Trustpilot TrustScore as of June 2020.
Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. "Best Egg" is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of "Best Egg" refer to "the Best Egg personal loan", "the Best Egg Secured Loan", and/or "Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan," as applicable.
The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank's policies. Loan amounts range from $2,000 - $50,000. Residents of Massachusetts have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99% - 35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99% - 5.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate.
You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
| Check rate with Bankrate | |
APR from 6.99- 22.78% with AutoPay | Loan Amount $5k- $100k Term: 2-7 yr | Min. Credit Not disclosed | ![]()
Fixed rates from 6.99% APR to 22.28% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 1/18/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. 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. See APR examples and terms. 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. | Check rate with Bankrate | |
APR from 5.99% | Loan Amount $5k- $35k Term: 2-5 yr | Min. Credit 600 | ![]()
| Check rate with Bankrate | |
APR from 7.95- 35.99% | Loan Amount $2k- $40k Term: 3-5 yr | Min. Credit 560 | ![]()
For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers.
Eligibility for personal loans up to $40,000 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, Member FDIC.
| Check rate with Bankrate | |
APR from 9.95- 35.99% | Loan Amount $2k- $35k Term: 2-5 yr | Min. Credit 550 | ![]()
*A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. Minimum loan amounts may vary by state. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75% will be deducted from the loan proceeds. Avant branded credit products are issued by Webbank, member FDIC. | Check rate with Bankrate | |
APR from 7.99- 35.99% | Loan Amount $1k- $35k Term: 1-3 yr | Min. Credit None | ![]()
| Check rate with Bankrate |
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A boat loan is similar to an auto loan. In this case, a boat loan gives you the money to purchase a boat. This can be anywhere from a small boat to a more luxury craft, depending on your financial situation and desires.
Some lenders offer loans specifically for boats. However, personal loans can also be used to purchase boats. Looking for an online boat loan from a personal loan lender can give you more options to find the least expensive option for you.
Most lenders will ask the borrower to fill out a loan application, which can be fairly thorough. Lenders will also likely ask for information like tax returns and proof of assets. Don’t be surprised if the lender asks to see a detailed account of your personal finances — they want to make sure they’re giving a loan to someone who can pay it back.
The application process is typically fast, and approval is largely based on your credit score and ability to repay. Though banks typically require 10 percent to 20 percent down for the purchase of a boat, you may be able to finance 100 percent of the cost.
Lender | Loan Amount | APR | Funding Time | Minimum credit score |
---|---|---|---|---|
LightStream | $5,000 – $100,000 | 4.49% – 20.49% (with autopay) | As soon as the same day | Not disclosed |
Upgrade | $1,000-$50,000 | 5.94%-35.97% | As soon as the same day | Not disclosed |
Best Egg | $2,000-$50,000 | 5.99%-35.99% | As soon as the next business day | 640 |
PenFed | $600-$50,000 | 5.49%-17.99% | Within 1 to 2 days of approval | Not disclosed |
SoFi | $5,000-$100,000 | 5.74%-21.78% | Within a few days of approval | 680 |
Payoff | $5,000-$40,000 | 5.99%-24.99% | Within 3 business days of approval | 550 |
Prosper | $2,000-$40,000 | 7.95%-35.99% | As soon as the next business day | 640 |
Avant | $2,000-$35,000 | 9.95%-35.99% | As soon as the next business day | 580 |
Figure | $5,000-$50,000 | 5.75%-31.44% | Within 1 to 2 business days of approval | 680 |
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If you need a loan to finance a boat purchase, you should start by checking your credit score and shopping around to compare lender rates. Be wary of high interest rates and added fees, especially if you do not have a high credit score and low debt-to-income ratio.
While used boats are much less expensive than new boats, prices vary significantly based on boat type, model years and history of use. To make sure you’re getting a good deal, you should compare the boat’s value with the given price using a guide like Kelley Blue Book.
You can lease a boat, but this can be cost-prohibitive depending on what type of boat you rent and for how long. In some cases, a long-term lease on a boat could end up costing you more than buying a boat. If you’re thinking about leasing a boat, consider an alternative like chartering or boat sharing.
Generally, it is best to save up money for a boat before taking on the purchase. However, taking out a loan to cover the expense makes sense if you do not have the cash up front, but are confident you’ll be able to pay it off quickly. Personal secured and unsecured loans tend to be the best option since there are basically no restrictions on how you use the funds. If you’re a homeowner, you could also consider a home equity loan or line of credit. These loans tend to have lower rates, but you will be at risk of losing your home if you do not make payments.
The term of the loan depends on the type of loan you choose, the lender you choose and the amount you borrow. Personal loans tend to have maximum terms of 7 years or less, while home equity products can have terms up to 30 years.
Financing a boat could be the right choice if you have good credit, qualify for reasonable terms, and are confident you will be able to make the payments on time. However, if you have fair to bad credit, it may be smarter to work on your credit before making the purchase or pay cash if you are able to.
To select the top boat lenders, Bankrate considers several factors that indicate loan cost, lender trustworthiness and eligibility. Factors include details such as credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate also considers boat-specific offerings and emphasizes factors such as loan amounts that make a difference when purchasing a boat.
Each lender has a Bankrate rating, which consists of three categories. These categories include: