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Best boat loans of July 2025

Updated Jul. 09, 2025

What to know first: The best unsecured boat loans offer rates as low as 6.49 percent with terms of over a decade — if you need up to $100,000 to finance your dream boat. The approval process considers your credit, income and debt, among other factors.

Compare and prequalify for boat loans

  • Answer a few questions: This takes two minutes and won't impact your credit score.
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  • Lock in your rate: Get the money you need as soon as possible.
In 2024 we secured personal loans or alternative offers for 99% of our users.
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Best for buying boat accessories
PERSONAL LOAN
Upgrade
4.6
7.99- 35.99%
with AutoPay
Min credit score
580
$314
Loan amount
$1k-$50k
See offersArrow Right
See details
Best for low or no credit
PERSONAL LOAN
Upstart
4.7
6.60- 35.99%
Min credit score
300
$307
Loan amount
$1k-$50k
See offersArrow Right
See details
Best for cosigners
PERSONAL LOAN
Achieve
4.5
8.99- 29.99%
Min credit score
640
$318
Loan amount
$5k-$50k
Read our reviewArrow Right
on Bankrate
See details
Best for peer-to-peer loans
PERSONAL LOAN
Prosper
4.5
8.99- 35.99%
Min credit score
600
$318
Loan amount
$2k-$50k
See offersArrow Right
on Bankrate
See details
|
Best for buying a luxury boat
PERSONAL LOAN
SoFi
4.7
8.99- 35.49%
with all discounts
Min credit score
Not disclosed
$318
Loan amount
$5k-$100k
See offersArrow Right
See details
|
Best overall boat loan
PERSONAL LOAN
LightStream
4.5
6.49- 13.89%
Min credit score
Not disclosed
$307
Loan amount
$5k-$100k
See offersArrow Right
See details

How Bankrate works

Woman looking for rates
01

Compare rates

Our team researched the best boat loan options available so you can compare lenders in one place.

02

Tell us the basics

Fill out a quick form to be matched with boat loan lenders that meet your needs. The details you provide are for prequalification purposes only and will not impact your credit score.

03

Get matched and receive funding

Choose a boat loan from a Bankrate partner and receive your funds if you qualify.

A closer look at our top boat loan lenders

Upgrade: Best for buying boat accessories

Rating: 4.6 stars out of 5
4.6
Est. APR
7.99%–35.99%
Loan amount
$1k–$50k
Min credit score
580
Loan term
2-7 yrs
Origination fee
1.85%-9.99%
Pros
  • Option to add a co-borrower
  • Perks like credit monitoring and seven-day-a-week customer service
  • Low credit score minimum and flexible repayment terms
Cons
  • Fees up to almost 10 percent
  • Qualifying requirements not disclosed on website
  • High APR maximum
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.

Upstart: Best for low or no credit 

Rating: 4.7 stars out of 5
4.7
Est. APR
6.60%–35.99%
Loan amount
$1k–$50k
Min credit score
300
Loan term
3-5 yrs
Origination fee
Up to 12%
Pros
  • May approve borrowers with no or low credit
  • Option to change payment dates
  • Low start rates for qualified borrowers
Cons
  • High origination fees
  • No joint applications
  • Limited repayment term options
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.

Achieve: Best for cosigners

Rating: 4.5 stars out of 5
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
  • Poor credit debt consolidation options
  • Fast funding
  • Debt management and financial health resources
Cons
  • Not available in every state
  • High minimum loan amount
  • Expensive origination fees
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.

Prosper: Best for peer-to-peer loans

Rating: 4.5 stars out of 5
4.5
Est. APR
8.99%–35.99%
Loan amount
$2k–$50k
Min credit score
600
Loan term
2-5 yrs
Origination fee
1%-9.99%
Pros
  • No prepayment penalty
  • Joint applications allowed
  • Option to change your payment date
Cons
  • No co-signers allowed
  • Origination fee
  • Late fee
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.

SoFi: Best for buying a luxury boat

Rating: 4.7 stars out of 5
4.7
Est. APR
8.99%–35.49%
Loan amount
$5k–$100k
Min credit score
Not specified
Loan term
2-7 yrs
Origination fee
Optional fee up to 7%
Pros
  • Higher loan limits
  • Co-borrowers allowed
  • Same-day funding
Cons
  • High credit score minimum
  • No co-signer option
  • High minimum loan amount
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.

LightStream: Best overall boat loan

Rating: 4.5 stars out of 5
4.5
Est. APR
6.49%–13.89%
Loan amount
$5k–$100k
Min credit score
Not specified
Loan term
2-12 yrs
Origination fee
None
Pros
  • Longer terms
  • High maximum amount
  • Low minimum and maximum APRs
Cons
  • Requires very good to excellent credit
  • No ability to prequalify
  • Fixed due date
WHO'S IT FOR:

Borrowers with good to excellent credit and a high income will be more likely to qualify for the largest amounts available.

Calculate your monthly boat loan payment

Enter your loan amount, preferred repayment term and potential interest rate to see what your payment will look like. Try longer terms for a lower payment. Shorter terms will keep your interest charges to a minimum if you can afford the higher monthly payment. Once you have an estimate of what you can afford, you can begin comparing personal loan options or boat loans from dealerships.

How to compare boat loans

What makes a lender best for a boat loan depends on your plans for boat ownership. When choosing the best boat loan lender, consider factors like the lender's minimum requirements, maximum loan amount and total cost.

  • Learn the lending requirements: Know the lender's credit score minimum, fees, loan amount range and term lengths before you apply. This can help you choose lenders that are more likely to offer you terms you can afford.
  • Check for lender perks: Banks and credit unions may streamline the boat loan process or offer rate discounts if you’re a regular customer. Some lenders may also give you special rate discounts if you sign up for autopay. 
  • Compare rates and terms: The annual percentage rate (APR) and terms may vary significantly between secured and unsecured lenders. That said, a high credit score and stable income typically get you the best rates and terms, regardless of if you choose a secured or unsecured loan.
  • Add fees to the loan amount, if applicable: Some unsecured personal loan lenders charge double-digit fees which are deducted from your loan proceeds. Adjust your loan amount so you don’t come up short when you need to deliver funds to the boat seller. 

Bankrate tip for used boat loans

If you prefer a used boat, be sure to check the lender's age and model requirements beforehand. Some secured lenders may not finance a pre-owned boat, making unsecured loans a better choice.

Current boat loan rates

Unsecured boat loan rates vary depending on the lender, with most ranging from 7 percent to 36 percent. Rates for secured boat loans will be similar — although it may be easier to qualify for lower rates with a secured boat loan if you have less-than-perfect credit.

These lenders offer unsecured personal loans up to $100,000 at competitive rates. This can give you an idea of how rates are trending based on each lender’s strengths. 

Loan feature Minimum rate Lender Strengths
Lowest overall minimum rate 6.99% LightStream 12-year maximum term, No origination fees
Second-lowest rate for high loan amount limit lender 8.99% SoFi Low minimum credit score requirement, No origination fees
Same-day funding available 8.99% Alliant Top credit union, 24/7 customer service
Top-tier digital experience 10.09% USAA Good choice for military members and their families, In-house refinancing available

What are boat loans?

A boat loan is financing you take out to buy a new or used watercraft. The most common boat loans are installment loans, meaning you receive your funds at once and make fixed monthly payments for a set period. Lenders may allow you to use your funding to cover both the cost of the craft and any other bells and whistles you need for fishing, water-skiing or entertaining.

You can use an unsecured personal loan to buy your boat, or you can get financing through a dealership. Unsecured boat loans won't require you to use the boat as collateral, but this means the amount you can borrow will be limited — usually to $100,000 or less. Secured boat loans use your boat as collateral, but you may be able to finance significantly more. Exactly how your boat loan works will depend on the type of lender you choose.

Types of boat loans

The majority of lenders featured on Bankrate's table offer unsecured personal loans to buy boats. An unsecured loan generally comes with higher interest rates than secured loans because the lender doesn’t have any collateral to sell if you default. Unsecured loans may also be limiting when searching for newer watercraft because of their limited funding range — except for a few rare examples, the maximum loan amount is generally capped at $50,000.

When an unsecured boat loan makes sense

  • You don’t qualify for dealer boat financing.
  • You have negative marks in your credit history.
  • You’re buying a used boat that dealers won’t finance.
  • You don’t have cash for a down payment.

Pros and cons of getting a boat loan

Green circle with a checkmark inside

Pros

  • No down payment for unsecured personal boat loans.
  • Terms of up to 20 years for secured loans or 12 years for unsecured.
  • Unsecured loans don't require a lien on the boat.
  • Quick funding is possible if you’re competing for a used boat purchase with a private owner.
Red circle with an X inside

Cons

  • Loan origination and administrative fees may exceed 10 percent.
  • A large monthly payment on the loan could affect your ability to qualify for other credit.
  • Rates could be higher than other financing options for bad credit borrowers.
  • Secured boat loan lenders may not approve your boat if it’s an older or used model.

How to get a boat loan

The process for getting a boat loan can be relatively quick if you know what to expect. Before starting your search, have a clear idea of exactly how much you need to borrow, what you need from the loan and the rate you can afford. This can make qualifying for a boat loan easier.

  1. Create a budget: Research how much a boat costs to purchase and maintain and calculate how much you can afford. Besides the monthly payment, consider how much cash you’ll need for a down payment if you plan to buy a new one from a dealership. If you can’t afford to own a boat or only want to use it once or twice a year for a few days, consider renting a boat instead.
  2. Check your credit score and employment stability: Like any loan, the best credit scores will get you the lowest rates, largest loan amounts and longer terms. You’ll also need to document a steady income to qualify.
  3. Decide on the type of boat you want: A new boat will typically come with a high price tag, a down payment requirement and a secured loan. If you’re buying used, it may be easier to budget for an unsecured loan since the loan isn’t based on the boat’s features. 
  4. Shop around: Look at multiple lenders before completing full applications. Make sure you meet the basic credit score requirements and that the lender offers a loan for the amount you need. From there, create a list of the top three to four lenders. 
  5. Prequalify: Find lenders that allow you to prequalify for a loan first. Prequalification is a process that allows you to check your predicted interest rates and approval odds without any negative impact on your credit score.
  6. Compare offers and apply: Banks, credit unions and marine dealer finance companies usually require that you be present for certain portions of the process. After applying, most lenders let you know within minutes if you’re qualified. Funding timelines will vary by lender and loan security.
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BANKRATE EXPERT FAQ

Is a boat loan a good idea?


Bankrate Expert Contributor, Student Loans

If a boat is a luxury, as opposed to a necessity, buying a boat with a boat loan may not be a good idea. You may have trouble making the loan payments. The value of the boat will depreciate over time. There will also be ongoing costs involved in keeping the boat even if you don’t use it, such as insurance, maintenance and storage. You may be better off renting a boat if you don’t use the boat very frequently.

Senior writer, Loans

Committing to a boat loan makes sense if you’re more than just a once or twice-a-year weekend water warrior, and don’t have the cash to buy one outright. Like any recreational purchase, make sure you budget for the initial and ongoing costs. You’ll need some way to get the boat to the water, a place to store it and will spend money to maintain it before, during and after your local boating season. Pick the shortest term you can afford so you can enjoy payment-free boat ownership sooner rather than later. If you have a tough time finding a secured loan for an older used boat, an unsecured personal loan may be a good alternative.

Frequently asked questions about boat loans

How we made our picks for the best boat loans

Bankrate's trusted personal loans industry expertise

48

years in business

30

lenders reviewed

20

loan features weighed

665

data points collected

To select the best boat loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories: