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Program for Financing Older Boats – Tips and Suggestions

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Just like everything else before the economic collapse, boats were easier to finance pre-2008. Today it’s a challenge to finance a boat that was built before the mid 1980’s. But things are getting better — between 2008 and earlier in 2013 it was difficult to finance a boat that was built before the early 1990’s.

There are some definitive guidelines that marine finance companies use when dealing with funding older boats .

Marine lenders may fund the purchase of an older, high quality boat but not an older mid-range or lower quality boat. It may not be possible to borrow money for an older $30,000 boat, but funds would be available for an older $75,000 boat of a similar size and model. In this case it is assumed that the “higher value” boat also stands for higher quality, and will therefore stand the test of time.

The rates paid on borrowed money will depend on such qualifiers as the amount of down payment and the buyer’s credit rating.

Sometimes buying an older boat takes a little more effort and there are more hoops to jump through, such as providing tax records and income statements. Also, once a boat gets to be older than 20 years, a premium is added to the cost of borrowing . So those boats that are 21 to 30 years old are more expensive to finance.

B uyers are more likely to obtain loans for boats if they go to marine lending institutions rather than regular banks .

The agents know boats and understand the purchasing and survey process as well as the valuation of boats better than agents at mainstream, local banks.  But sometimes if buyers have a very good relationship with their local bank their agent can get creative to help them purchase their older dream boat.

Why are older boats hard to finance?

Because purchasing a boat is not an investment in most cases.  Boats depreciate yearly; it’s the rare boat that appreciates as time goes by.  Some hold their value better than others but eventually most production boats will all go down in value .  If they are not maintained constantly their parts wear out, their systems become worn and tired and even the integrity of their fiberglass hulls can be degraded.  Boats with the highest level of maintenance are still going to depreciate but certainly a hull survey will give a higher value to a well-maintained boat over a poorly maintained one, and that helps with financing.

The difference in those high and low values are not going to be as great as many people think.

Look at it like this — a 2009 Honda Accord in great condition, with a sunroof, leather interior and a navigation system might fly off the used car lot faster than a 2009 Honda Accord with cloth interior and no extras, but they are still 2009 Honda Accords and the selling price is not going to be wildly different.  Same with boats. Good maintenance and amenities matter more to peace of mind and will help a boat sell faster (and in the higher range), but there is still a range that has to be acknowledged by buyer, seller and the finance company.

A Few Marine Lending Institutions:

• Marathon Specialty Finance ( https://www.marathonspecialtyfinance.com/ )
• Shore Premier Finance ( https://www.shorepremierfinance.com/ )
• Sterling Acceptance Corporation ( https://www.sterlingacceptance.com/ )

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17 COMMENTS

This houseboat was built in 1979 well maintained just had the hull redone as he has ever 5 years it is a nautaline 14′ × 47′ very nice boat I will have an expert boat person check out every inch of the boat. Who will loan on that year boat it’s the cheapest nice boat I could fine

Looking to purchase 1977 Chris craft 41ft commander. Looking for financing for unit. Any info would be nice. Thank you. Jerry

I have a 1981 37′ Island Trader Sail boat. She just went trough a four month restoration and is now in very good condition minus the mast. The two wood mast were knocked of during Hurricane Matthew. I own the boat free and clear, I am looking for a loan in the amount of 10,000, for used aluminium.

I don’t see any financial institution or loan broker contact information listed for the “Program for Financing Older Boats” as this article is named. That information would be helpful.

Unfortunately, I don’t believe there are any. Your only hope in this case would be to find some form of equity line of crediting.

i am looking for financing on a 83 Viking it is in great shape. 46 foot. can someone get in touch with me please 714-330-1679 [email protected]

I am looking to buy a 1996 Formula and the loan terms I have gotten so far are a little out there. Any reasonable lenders out there for older boats? Thank you.

I to am looking for financing for an older boat. it is a 1975 Morgan Out Island 51 that has been meticulously kept and maintained as part of a charter boat business. I’ve been in contact with so many institutions in the business of lending money for yachts, only to be told that they will not lend money for anything older than 1989. I have a good paying job, everything I own is paid for and not even my bank will loan money on it. Ones only hope is to find a home equity loan somewhere. But if you have a spouse who is not like minded and listed as co-owner, you’ll have no luck either because it will be required that she to sign the paperwork for the loan. This leaves you with no hope to realize your dream.

Divorce the wife you have nothing in common with, take your half of the proceeds from the house, buy your boat. You can now live your dream in peace. You will probably have more fun too.

I am looking to get a loan for a 105k 50′ Chris Craft in great condition. I have 50% down payment and reasonable credit. I am having a very hard time finding a lender. Even if we go 60% down payment. If you know of anyone, email or call 9545912706 [email protected]

Look at Credit Unions and Boat Finance co’s. Also look at doing a HELOC on your home or property.

We have 37′ Sea Ray Express Cruiser 1997 in excellent condition and need to refinace it. No one will in Florida…boating capital of the world… Any suggestions?

looking to finance 1997 sea ray 450

I own a 1990 44′ Post S/F with low hours on totally rebuilt Detroit 6v92s’. This is a solid boat needing some electronic upgrades and interior refurbishing. There is no loan on the boat currently. I would like to borrow $25K for some upgrades and to pay the balance of a high cost credit line.

Looking for finance on a 1986 4588 bayliner $87,000.00 I have 819 credit owe nothing to no one have 20 to 30% to put down. anyone help me

Who did you find to finance your boat as I am in a similar situation.

To to finance a 2001 hydra sport 2796 completely redit in 2019 for 80k boat is completely soild any help i have a 780 score and money down

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Liveaboard Sailboat Loans - Are They Worth It?

Last Updated by

Daniel Wade

June 15, 2022

Liveaboard sailboats loans allow you to live out your dream of living aboard. But, it's important to weigh the pros and cons to see if a loan is the right option for you.

You have a few loan options, including traditional bank loans, credit unions, online lenders, and marine loan specialists. With a loan, you have to consider interest rates and how you plan on making the monthly loan payments.

If possible, the best financial option is always to pay in cash. Of course, that's not possible for everyone. But it brings up the question of, are liveaboard sailboat loans worth it?

To answer that question, we'll dive into what is involved with a liveaboard sailboat loan and consider all your options for purchasing a boat.

Table of contents

Having a Mortgage on Your Liveaboard Sailboat

Boats are expensive. The majority of people don't have the cash to buy a boat large enough and seaworthy enough to live on. That's where bank loans come in. Just like purchasing a house, you can have a monthly payment on your boat-aka, a mortgage.

Unlike purchasing a house, many banks view purchasing a boat for living aboard as a risky investment. For that reason, it can be difficult to acquire a loan without either collateral, such as a house, or an impressive portfolio of similar loans that you've already paid off.

If your regular bank doesn't give liveaboard sailboat loans, then you could turn to a lender in your area that has experience with liveaboard boat loans. You may have to speak with experienced sailors who already liveaboard or check online forums to find a lender that works for you.

Pros for Liveaboard Sailboat Loan

• You aren't required to have all the cash for a sailboat at once
• More sailboat options open up with a larger budget
• Monthly payments instead of one large sum
• There are often limits for how big a loan you can get for a boat

Cons for Liveaboard Sailboat Loans

• Banks have higher-interest loans for boat loans (typically around 5%), so you'll end up paying more for the boat in the end than if you'd paid cash
• If you don't make the monthly payments, your boat could be repossessed
• Most lenders won't cover a boat over 20 years old
• Loans don't account for any work you plan to do on the boat
• You have to pay marina or docking fees in addition to the mortgage

Whether or not a loan is worth it for you depends on your situation. If you plan on continuing working while you live aboard, making monthly payments isn't such a big thing. But, if you don't plan on working while you live aboard, making monthly payments could prove difficult.

If you don't have a steady income while living aboard a sailboat, you may want to consider downsizing your current situation and saving for a cash payment instead. Just like with any purchase, the more cash you can put toward a loan, the less you'll pay in total for the boat.

Consider What Kind of Sailboat You Need

There's no rule for what size or kind of boat you should get for living on, but generally, you should consider what is the smallest space you can manage. That way, you can get a better quality boat, yet smaller, within your budget.

Think about if you need a sailboat that is ready for an ocean crossing or if you content to stick around one general area.

Do you need a catamaran, or would a monohull meet your needs? Catamarans are more expensive, and you will likely pay more for docking because of size. Though monohulls offer smaller living space, they're easier to transport, cheaper to purchase, and cheaper to dock.

Along with the size and type of sailboat, consider how much work you're willing to put into it. A fixer-upper can save you a lot of upfront cost, which is good. But, be sure to get it inspected before purchasing it so you don't end up spending more money than you expected. If you plan on getting a loan for a sailboat, the lender will require you to get an inspection done on any used boat.

If you're realistic about your needs upfront, you're more likely to find a sailboat within your budget that you can get a loan for (and pay off faster) or even buy with cash.

How Do You Plan On Paying the Liveaboard Sailboat Loan?

Just like a house, banks need to see how you plan on paying for your liveaboard sailboat loan. Some would say that freedom to be anywhere in the world is the number one appeal of living on a sailboat.

A monthly loan payment limits that freedom, because you'll either have to work part of the year or the entire year to keep up with the payments unless you have enough cash saved to fund your adventures and pay for your new boat.

If you're looking at getting a liveaboard loan, the sooner you can pay that loan off the sooner you can have more freedom. So, make sure to plan for a boat that won't break the bank and won't take all your precious sailing time away.

Kinds of Liveaboard Sailboat Loans

If you decide a loan is worth it for you, then you need to understand the different kinds of loans to get the right one for your lifestyle and budget.

Secured Loans

With a secured loan, your boat purchase acts as collateral. That way, you can get a larger loan with lower interest rates. The main downside is that your boat is collateral, so if anything happens and you cannot make the payments, you could lose your boat.

Unsecured Loans

An unsecured loan is a loan without any collateral. Even though you don't risk losing anything in the case of a default, you'll likely have higher interest rates and monthly payments with a shorter term.

Even though you won't lose your boat in case of a default, there are legal consequences. So, you should still make sure you can easily make the monthly payments and, ideally, pay off the boat within a shorter amount of time.

Where to Get a Liveaboard Sailboat Loan

First, make sure to find a lender willing to make a loan for a liveable sailboat. Like we mentioned before, some banks don't want to take on the risk of a boat loan. So, be prepared to shop around to find willing lenders and then to find the best interest rates.

There are several banks that issue boat loans including US Bank, Wells Fargo, and USAA. These banks each have a maximum loan amount, the highest of which is $150,000.

With a bank loan, expect to pay 5-8% interest at least. You'll also experience some rules for what kind of boat a bank will issue a loan for. Some banks have boat size limits for loans, and most banks have boat age limits for loans.

Also, these banks only offer secured loans for boats. So, either your boat or some other asset of equal value will have to act as collateral in the case of a default.

Online Lenders

If you have great credit, you can get an unsecured loan from LightStream, which is the online subdivision of SunTrust bank. They offer unsecured loans up to $100,000. If you have less than excellent credit, you can still get a loan, but expect to pay much higher interest rates.

Credit Unions

Credit unions are a good option for people who have bad credit and don't qualify for regular bank loans.

Some credit unions offer secured boat loans for up to $500,000. Usually, you can't use the loan for any boat over 10 years old, and your interest rates are subject to be as high as 6%, even with good credit.

Many of these loans are for a payment period of only 36 months. So, your monthly premium is higher and you'll end up paying more overall for the boat because of the added interest costs.

Marine Lenders

Marine lenders act as boat loan specialists and brokers to find you a loan. Typically those loans come from banks or other private sources.

The benefit of working through marine lender services is that you get to work with someone who understands the boating industry and the loan process for a boat better than anyone. Along with that, you can receive a liveaboard sailboat loan with the same rates as you would for another personal bank loan.

With a marine lender, you will still have to pay at least a 10% down payment, so you'll still need to have some cash on hand.

Is a Liveaboard Sailboat Loan Worth It?

If you have good credit and a solid plan for paying off a boat loan, then a loan might be the fastest way for you to get on the water with your new home.

On the other hand, if you don't have as good of credit, or you want to live as cheaply as possible while living on a sailboat, you probably want to consider saving up and paying for your new watery home with cash instead.

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I've personally had thousands of questions about sailing and sailboats over the years. As I learn and experience sailing, and the community, I share the answers that work and make sense to me, here on Life of Sailing.

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Finance your dream boat

Here’s what you need to know.

Working with leading marine lenders, our partners are able to offer competitive rates and terms to help you purchase a new boat or refinance your existing boat loan. We offer loans for powerboats, sailboats, multi-hull boats, pontoons, and even personal watercrafts.

Use our Boat Loan Calculator to determine a monthly payment that’s right for you, then fill out an Online Loan Application for our lending partner to underwrite.

• If you are applying for a loan for $25,000 or greater, click here to apply online .

Once your application is completed, a representative will evaluate the application to determine the next steps, in an effort to make the closing process as seamless as possible.

Calculate Payments with Our Boat Loans Calculator

Use our boat payment calculator to determine a monthly payment that you can afford when looking to finance a new or used boat.

Simply enter your desired amount, estimated interest rate, and the loan term over which you intend to pay back the loan. Once you've input the information, the calculator will generate your estimated monthly payment on your boat loan. Take this number and plug it into your current monthly budget.

Boat Loan Calculator

Monthly Payment

Total Loan Amount

Your Monthly Payment is:

Your Max Loan Amount is:

Helpful Terms and Phrases

Monthly Payment What you're paying out of pocket every month to repay your loan.

Number of Years How many years you're looking to pay back the loan (term of loan).

Interest Rate Interest rate accompanying this type loan.

Total Purchase Price This is the total cost of your boat purchase. Don't include sales tax in this amount.

Down Payment This is the total out-of-pocket amount you are paying toward your purchase. Standard down payment is 15% but depending on your boat age, loan amount, and loan term the required down payment can be between 10% - 30%.

Deposit This is the total amount you have already paid toward your down payment.

Trade Allowance The total amount that you are given for any vessel that you trade-in as part of this purchase.

Amount Owed On Trade Total loan balance outstanding on the trade-in.

To get started, you will need to complete the Online Loan Application. Our lending partner will do an initial review and credit inquiry and likely will request additional financial information such as tax returns or bank statements to help them make a decision. Once approved, the lender will list any additional items needed prior to closing (for example, a marine survey and executed sales contract). Next, our lending partner will collect information from the seller(s) to finalize the loan closing paperwork. Once readied, our lending partner will send closing documents to the buyer(s) and the seller(s) for completion. Lastly, our lending partner would send the loan proceeds to the seller(s) in accordance with the funding instructions.

Boat loans share some similarities with both vehicle and home mortgage financing. You will need to complete a loan application for our lending partner to underwrite. Similar to a home mortgage, the bank can ask for your personal federal tax returns, proof of assets, and may ask for additional financial information depending on each situation.

Similar to a vehicle loan, the lender has a loan‐to‐value guideline that is based on the book value for used boats and the contract price for new boats. All of the lender's underwriting criteria must be met to offer approval, and these guidelines tend to be more rigorous than vehicle financing. If approved, the lender would outline any additional items needed prior to closing and closing paperwork would be prepared once all of the necessary information has been collected.

You will need to provide basic demographic and employment information, complete a personal financial statement that lists all your assets and liabilities, and provide us with information on the boat you are interested in buying or refinancing. As part of the underwriting process, our lender will likely ask for tax returns and bank statements for non-retirement and retirement assets to verify your income and net worth, a copy of the sales contract, and a marine survey report (on most used boats). At the end of the application, you can securely upload these documents to help speed up the review of your application.

Most applicants can expect to have a decision on their application in 2-4 business days. Our lenders will often ask for financial information before making a decision. 

Typically, our lenders will require a boat to be documented with the United States Coast Guard if it meets the Coast Guard's net tonnage standard. If the boat you wish to purchase is eligible to be documented, our finance department or lender will prepare a First Preferred Ship Mortgage as part of the loan closing paperwork and file it with the Coast Guard as the instrument that secures the bank's lien on the vessel. If the boat is not large enough to be documented with the Coast Guard, a formal mortgage would not be prepared; however, the lender would still record its lien against a state title or equivalent document. In either event, the lien would be released once the loan has been repaid.

Our lenders do not issue pre-approvals that are similar to what you get when purchasing a house. You are able to apply without having a sales contract on a boat, and you aren't locked into buying the boat that you apply with, but you do need to list a boat on the application.

The rates and terms are highly dependent on the boat, so we recommend applying with a boat that is similar in age, length, and type to the one you are interested in purchasing, and use a realistic purchase price. 

Credit requirements vary by lender, but our lenders generally require applicants to have a credit score above 680 with no major credit issues such as a bankruptcy, foreclosure, settlement or charge-off within the past 3 – 5 years.

Generally, marine financing is subject to higher credit and other underwriting standards than that for vehicles or even home mortgages. Our lenders look for applicants with better credit, but there are other companies that will consider individuals with past credit issues.

Our lender will first review your credit score and history to determine if you meet their credit guidelines then review your financial information. When evaluating your application, our lender will look to see that you currently have the funds to make the down payment without depleting your assets, and verify your net worth and debt-to-income ratio (monthly debt payments divided by monthly income) meets their guidelines. They will also review the boat to ensure the purchase price is in line with the market value of the boat by using third-party valuation guides like NADA, BUC and ABOS.

The loan term available will largely depend on the boat you select. We work with banks that can offer terms up to 20 years, subject to the age and type of boat, as well as the loan amount available from the lender.

Once the lender collects all the required information from the buyer and seller, both parties will receive paperwork that they need to sign and notarize. Once the lender receives the paperwork back from both parties, they will disburse funds in 1-2 business days. The buyer and seller do not need to visit a bank or be in the same place to close the loan. If the boat is currently financed, our lender will disburse the funds directly to the lienholder to pay off the loan, otherwise, the funds will be paid to the seller by check or wire transfer.

BoatUS partners with leading marine lenders that consider various types of collateral, including larger, more expensive vessels. Some restrictions do apply — for example, we cannot accept applications for steel‐hull boats at this time.

Use our Online Loan Calculator to determine your monthly payment or enter the desired monthly payment to see the loan amount. to determine your monthly payment or enter the desired monthly payment to see the loan amount.

We recommend you access the NADA Guides Boat Value Online Tool , powered by J.D. Power.

• Loan amounts from $10,000 for boats model year 1998 and newer
• Multi Hull Boats
• Pontoon Boats

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Best boat loans of August 2024

• • Personal loans
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• • Personal finance

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“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced.

Their reviews hold us accountable for publishing high-quality and trustworthy content.

What to know first: A boat loan is a type of financing — typically a personal loan — used to fund the purchase of a boat or related expenses. Similar to auto loans, they generally come with fixed monthly payments and fixed interest rates. The approval process is mostly dependent on credit, with the lowest rates going to those with the best credit profiles. Read more

Bankrate experts have sifted through personal loan lenders that offer loans specifically geared toward marine craft-related purchases. To find the best of the best, our team made sure each lender offers competitive rates, generous repayment terms and a range of loan amounts.

See if you prequalify for a personal loan

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Table of contents

• Compare Bankrate's top picks for boat loans

A closer look at our top boat loan lenders

• What is a boat loan
• How to compare boat loans

How to get a boat loan

• Alternatives to boat loans
• Methodology

Definition of terms

APR Annual percentage rate, or APR, represents the interest rate plus any additional fees that may impact the annual cost of your loan.

Estimated monthly payment How much you can expect to pay on your loan each month based on the loan principal, loan term and interest rate.

Term The period of time until your loan achieves maturity and is paid off in completion. Terms can be expressed in months or years, depending on the details of your loan.

Total interest and fees Total interest and fees include estimated interest over the life of your loan and origination fees, if applicable.

AutoPay Automated payments are recurring monthly charges on a bill's due date that are automatically deducted from the borrower's account. These are normally used for loans, mortgages and other bill payments.

Bankrate Score Bankrate's scores for personal loan lenders evaluate 11 data points related to loan costs and terms, as well as customer experience.

Max Loan Amount The max loan amount is the largest sum a lender will give. This amount may not be available to borrowers who don't have good or excellent credit.

Settlement Fee The estimated range of fees, as a percentage of your total debt amount resolved, that are owed to the debt settlement provider as payment for their services.

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PERSONAL LOANS

LightStream: Best overall boat loan

Bankrate Rating = 4.7 /5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

The annual percentage (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing.

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This lender is registered in states where it does business, has a Consumer Loan Company License and was vetted by the Bankrate Editorial team.

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LightStream offers some of the most competitive boat loan terms of the lenders Bankrate reviewed. Its low APR range, flexible repayment terms and high loan amount maximum make it a great financing option for a pricey new boat purchase. Lightstream's minimum credit score requirement is on the high side, so check your credit before you apply.

• Several years of mixed credit
• Assets or savings
• Stable, sufficient income
• Few reported delinquencies

Same day if approved before 2:30 p.m. ET, Monday through Friday

• Longer terms
• High maximum amount
• Low minimum and maximum APRs
• Requires excellent credit
• Limited eligibility criteria
• No due date flexibility

*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. 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 9.99% APR with a term of 3 years would result in 36 monthly payments of $322.62. Truist Bank is an Equal Housing Lender. © 2024 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.

UPGRADE: BEST FOR BUYING BOAT ACCESSORIES

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Upgrade’s low minimum loan amount makes it a good choice if you want to finance some bells and whistles for your new boat. Whether it’s a GPS fish finder to help you catch the “big one” or fenders to prevent dents, Upgrade’s $1,000 minimum should cover the costs. If you don’t qualify for a boat loan on your own, Upgrade allows joint applicants.

• U.S. citizen or permanent resident
• At least 18 years old
• Valid email address
• Valid bank account
• 1.85 percent to 9.99 percent origination fee
• $10 late fee
• $10 returned check fee

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

• Secured and joint loans offered
• Rate discounts
• Low loan amount minimum
• No payment date flexibility
• Origination fee
• Creditworthiness requirements not disclosed

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-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/.

Best for low or no credit

Bankrate Rating = 4.8 /5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Upstart is unique in that it doesn't require a credit score for approval. Rather than looking exclusively at credit health for approval, the lender considers a multitude of factors to match you with banks and credit unions, including education and career history. However, if you have poor credit, you likely won't be approved for the maximum loan amount.

• 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
• Late fee of 5% or up to $15
• Origination fee up to 12%
• $15 returned check fee
• $10 one-time paper copies fee

As soon as one business day

• Nontraditional qualification requirements
• Option to change payment dates
• Prequalification offered
• Higher than average origination fee maximum
• Small maximum loan term
• No same-day funding

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. 

Best for consolidating boat loan debt

Achieve's personal loans are best for consolidating your existing boat debt due to the lender's low fees, co-borrowing option and consolidation perks. For one, it will pay your creditors directly if you use a loan to consolidate debt. The lender also offers a rate discount for those who use at least 85 percent of the loan proceeds to pay off qualifying existing debt. 

• Proof of income and employment
• Social Security number
• Proof of identity
• Origination fee of 1.99% to 6.99%

Within 24 to 72 hours of approval

• Optional loan consultant
• Multiple mobile apps
• Multiple discounts available
• Not available in every state
• Lower loan maximum

Home Equity loans are available through our affiliate Achieve Loans (NMLS ID #1810501), Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Home loans are a line of credit. Loans are not available to residents of all states and available loan terms/fees may vary by state where offered. Line amounts are between 15,000 and $150,000 and are assigned based on debt to income and loan to value. Example: average HELOC is $57,150 with an APR of 12.75% and estimated monthly payment of $951 for a 15-year loan. Minimum 640 credit score applies to debt consolidation requests, minimum 670 applies to cash out requests. Other conditions apply. Fixed rate APRs range from 9.75% - 15.00% and are assigned based on underwriting requirements and offer APRs include a .50% discount for automatic payment enrollment (autopay enrollment is not a condition of loan approval).10 and 15 year terms available. Both terms have a 5 year draw period. Payments are fully amortized during each period and determined on the outstanding principal balance each month. Closing fees range from $750 to $6,685, depending on line amount and state law requirements and generally include origination (2.5% of line amount) and underwriting ($725) fees if allowed by law. Property must be owner-occupied and combined loan to value may not exceed 80%, including the new loan request. Property insurance is required as a condition of the loan and flood insurance may be required if the subject property is located in a flood zone. You must pledge your home as collateral and could lose your home if you fail to repay. Contact Achieve Loans for further details

PROSPER: BEST FOR FAIR CREDIT BOAT LOANS

Bankrate Rating = 4.6 /5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

on Bankrate

Prosper is Bankrate’s 2024 best lender for borrowers with fair credit. And its peer-to-peer lending model may be an option if your credit doesn’t meet boat dealership requirements. 

• Have a U.S bank account
• Origination fee of up to 5 percent
• $15 or 5 percent late fee
• $15 insufficient funds fee
• $5 or 5 percent check payment

Same day as approval

• Joint applications allowed
• Fair credit-focused
• Payment date flexibility
• High maximum interest rate
• No rate discounts

For example, a three-year $10,000 personal loan would have an interest rate of 9.88% and a 7.99% origination fee for an annual percentage rate (APR) of 15.70% APR. You would receive $9,201 and make 36 scheduled monthly payments of $322.11. A five-year $10,000 personal loan would have an interest rate of 11.64% and a 7.99% origination fee with a 15.36% APR. You would receive $9,201 and make 60 scheduled monthly payments of $220.63. Origination fees vary between 1% and 9.99%. Personal loan APRs through Prosper range from 8.99% to 35.99%, with the lowest rates for the most creditworthy borrowers. 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 LOWER CREDIT LUXURY BOAT LOANS

SoFi offers loans of up to $100,000 to borrowers with credit scores as low as 680. However, borrowers near that minimum might not qualify for SoFi’s biggest loan amounts. SoFi doesn't charge any mandatory fees and offers benefits like rate discounts. If you don’t qualify for LightStream’s boat loan options, SoFi is a solid backup choice.

• Be age of majority
• Be a U.S. citizen or resident
• Be an eligible non-resident
• Have sufficient income or job offer
• Live in an eligible state
• No fees required

In a few days; larger loans may take longer

• High loan amount range
• Lower minimum credit score
• Financial criteria not listed
• Higher APRs than other high loan amount lenders

Fixed rates from 8.99% APR to 29.99%APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of 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 0%-7%, which 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 potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

In the last two years, we helped fund over $744 million in loans. Let’s fund yours next.

On This Page

• Compare Bankrate's top picks for boat loans

Compare boat loan rates from Bankrate’s top picks

Taking an even deeper dive into our top boat loan lenders, we focus on how each lender differs from one another and why they stand out. We also include data when available on how Bankrate users use their loans. This can give you an idea as to your possible lending relationship with each lender.  

Upstart: Best for low credit 

Overview: Upstart is an online lending marketplace that connects applicants to over 100 banks, lenders and credit unions. It claims its flexible lending model allows it to offer significantly lower rates than a traditional lending model would. 

Who it's for

Individuals with low credit who are in need of a small or midsize boat loan. It also is a good option for borrowers who have good credit, seeing as the APR minimum is the lowest out of our best boat loans. However, Upstart's inflexible repayment options of three or five years makes it ideal for those who have a steady, predictable income. 

Stand-out features

• Established in 2012
• Online application
• Available in all 50 states
• No minimum credit score requirement
• Next-day funding available
• No prepayment penalty

Bankrate insights on Upstart borrowers

Here is what borrowers who took out loans with Upstart used their funds for.

• Credit card refinancing 10%
• Debt consolidation 38%
• Emergency 19%
• Home improvement 7%
• Major purchase 11%

Achieve: Best for consolidating boat loan debt 

Overview: While many lenders offer consolidation loans, not many offer a discount just for taking out the loan. Individuals who use at least 85 percent of their Achieve funds to consolidate debt are eligible for a rate discount. 

Borrowers with at least fair credit who have a minimum of $5,000 of debt are most likely to benefit. Individuals with a qualifying co-signer could also benefit, due to the lender's co-signer rate discount. 

• Established in 2004
• Direct payment discount
• Prequalification 
• Customer service offered 7 days a week
• Dedicated Achieve loan consultant

Bankrate insights on Achieve borrowers

Here is what borrowers who took out loans with Achieve used their funds for.

• Credit card refinancing 9%
• Debt consolidation 30%
• Home improvement 29%
• Major purchase 16%

Overview: Owned by Truist Bank , LightStream has been an online loan marketplace since 2012. It provides loans up to $100,000, which is more than what most of our best personal loan lenders offer.

Borrowers in good financial health looking to finance a larger boat or related expense. Due to the lender's low APR range and few fees, it could also be helpful for those who wish to take out a smaller loan with a shorter repayment period. 

• Established in 2012 
• Available in all 50 states 
• Online application 
• Rate beat program 
• Loan experience guarantee

Bankrate insights on LightStream borrowers

Here is what borrowers who took out loans with LightStream used their funds for.

Upgrade: Best for buying a sailboat

Overview: Over the last five years, Upgrade made over $24 million in credit available to its customers. The online consumer lending platform is headquartered in San Francisco and opened its doors in 2016. Unlike many of our best online lenders it has multiple offices across America.

Borrowers who need to finance a pre-owned or midsize sailboat. It caters to borrowers with fair credit and offers rate discounts for borrowers who qualify — plus there are joint and secured loan options. 

• Established in 2016
• Joint applications
• Customer service 7 days a week 
• Adjustable payment date 
• Secured loan options

Bankrate insights on Upgrade borrowers

Here is what borrowers who took out loans with Upgrade used their funds for.

• Debt consolidation 35%
• Emergency 25%
• Major purchase 8%

Prosper: Best for buying a deck boat

Overview: Prosper started in 2005 as an online peer-to-peer lender. It specializes in low-interest loans and is the only peer-to-peer lender in our fleet of best boat loans. In almost 20 years, the company has connected customers with $27 billion in loans. 

Individuals interested in a pre-owned deck boat or a midrange model may find Prosper a good pick. The peer-to-peer model is often more inclusive of borrowers across the credit range. However, recent borrowers who've taken out Prosper loans through Bankrate have had good to excellent credit scores.

• Established in 2005 
• Available in 48 states 
• Online and phone applications 
• Financial tools and resources 
• Large portfolio of loan options 
• Prequalification available 

Bankrate insights on Prosper borrowers

Sofi: best for buying a luxury boat.

Overview: SoFi is an online lender offering a suite of member benefits and competitive loan products. It's one of our newer boat loan lenders and was founded in 2011 by Stanford graduates. Since then, it's become one of the most popular companies in the personal loan marketplace with over 7.5 million members. 

Borrowers who are in excellent financial health and have sufficient monthly income (or a recent job offer) who want to finance a larger boat. It also is best for borrowers who will fund value in the lender's plethora of unique member perks, resources and discounts. 

• Established in 2011
• No mandatory fees 
• Same-day funding available
• Member discounts and benefits

Bankrate insights on SoFi borrowers

What is a boat loan.

Boat loans are a type of personal loan that can be used to finance watercrafts and related expenses. Boat loans work for a range of purposes, from financing an older, used sailboat to a brand-new luxury craft. Some lenders may limit the amount they're willing to fund based on the make and model. 

Before you apply , look into whether the lender will approve your marinecraft and intended usage. Calculate all the costs that come along with owning a boat, like maintenance, repairs and marina fees and make sure these are approved expenses as well.

The application process is similar to an auto loan application for secured boat loans, but it can be more extensive depending on the lender and your loan amount. Lenders will ask for basic financial documentation, like proof of income and employment information. Also be prepared to dig deeper into your finances, as many lenders require specific documentation, like your latest tax return or a proof of assets.

Most lenders require a good to excellent credit score and a steady, stable income to qualify for a boat loan. Though some lenders require a down payment for the purchase of a boat, you may be able to finance 100 percent of the cost.

Types of boat loans

• Secured boat loans
• Unsecured boat loans

A secured loan is backed by collateral — property, a vehicle or a valuable item that's used to recoup the loan value if the loan payments aren't made. In the case of a secured boat loan, the boat itself could serve as collateral.

Due to the collateral, secured loans usually feature lower average interest rates than unsecured loans, and may be accessible to borrowers with a low credit score or thin credit history.

An unsecured loan doesn’t require collateral, and generally comes with higher interest rates than secured loans because they pose a higher risk to the lender. Unsecured personal loans are a common boat financing option and come with the benefit of having the title in hand at purchase.

Pros and cons of getting a boat loan

• Depending on the financial institution and your credit score, you may be able to purchase a boat without making a down payment.
• Terms of up to 20 years may be available if you go through a marine finance company.
• Opting for an unsecured loan will allow you to have the boat title in hand as soon as you purchase it.
• Origination and administrative fees have the potential to cut into a large portion of your loan amount.
• Taking out a larger loan could boost your debt-to-income ratio significantly, which makes it harder to get approved for other forms of financing, such as a home mortgage.
• Most lenders require that applicants are in good financial health and have a good-to-excellent credit score to get approved for a boat loan.

Is a boat loan a good idea?

Mark Kantrowitz

Denny Ceizyk

Nationally recognized student financial aid expert

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 Loans Writer

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.

How to compare boat loan lenders

What makes a lender "best" for one borrower will be different for another. Look at these factors when choosing the best boat loan lender .

• Usage requirements: Some lenders restrict what you can use the loan on. Read the terms and conditions thoroughly to make sure the lender allows you to use the loan for your intended boat-related expenses. 
• Used boat restrictions: An older pre-owned boat may be viewed as a risk by a lender. If you're financing an older boat, don't be surprised if your lender requires a full inspection of the vessel to ensure it's in good condition before approving the loan. The loan-to-value (LTV) ratio will determine how much a lender is willing to finance.
• Member benefits: Banks, lenders and credit unions may offer benefits to existing members that marine-specific lenders lack. Some potential perks include interest rate discounts, extended grace periods or payment relief options. Plus, the application process will likely be streamlined with a financial institution that already has your information.  
• Rates and terms: Your credit profile largely determines the annual percentage rate (APR) you'll be offered. An excellent credit score paired with a large down payment may give you leverage to negotiate. Prequalify with at least three lenders to get an idea of what a competitive low interest rate could look like for you. Also consider the repayment terms from each lender against your budget.
• Fees: Carefully read the terms and conditions to see what fees each lender you're considering charges. Some waive every fee while others charge administration, prepayment and origination fees, to name a few. These can add up quickly, so make sure to search every fee charged and consider how it could impact your balance.

Getting a boat loan can be a quick and relatively painless process 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. 

• Create a budget: Calculate how much boat you can afford before you start the process. Going into the application without a solid figure in mind can cause you to over-borrow, which will result in unnecessary interest accrual. If you cannot afford to own and maintain a boat, consider renting a boat instead .
• Check your credit score and credit history: Most credit cards offer free credit monitoring as an added benefit. You can also check your report for a more detailed breakdown of your credit history on AnnualCreditReport.com. If you find an error, you can request it be removed — though the creditor may take up to 30 days to respond.
• Shop around: Look at multiple lenders before engaging in the preapproval process. Comb through the minimum eligibility requirements and look at the fee and rate structures. From there, create a list of the top three to four lenders. 
• Prequalify: If the tool is offered, prequalify with your top lenders. Prequalification is a process that allows you to check your predicted interest rates and approval odds before applying. Unlike the formal application, prequalifying doesn't impact your credit. 
• Compare offers and apply: Follow the application instructions on the lender's website. Most institutions host the application completely online, while others require that you be present for certain portions of the process. After applying, you should find out if you're approved within 48 hours, although it depends on the institution. You can also expect to get a notice by phone or email from the lender on when — and how — you'll get your funds.

Where to get a boat loan

Find out where to get the best boat loan.

Alternatives to boat loans 

If a boat loan isn't in the picture, there are other ways to finance your purchase and cover additional costs, such as repairs. Keep in mind that not every option will fit your finances so it's best to consider every alternative before making a decision. 

• Home equity loans can also be used to finance a boating-related purchase, although it's not recommended. A home equity loan allows you to tap into the equity you've built up in your home to finance a purchase, with your home acting as collateral.
• Home equity lines of credit (HELOCs) are also a potential solution, especially if you have an ongoing project related to your watercraft. This type of financing also taps into your home equity, so it's not recommended as a first-choice option. However, it does differ from home equity loans — instead of the funds being disbursed in a lump sum you can draw from the line of credit as needed over a set time period.

Frequently asked questions about boat loans

What credit score is needed for a boat loan.

You typically need at least a fair credit score to qualify for a boat loan, due to the high costs associated. However, you will get better interest rates if you have a higher credit score.

How long is a boat loan term?

The term of the loan depends on the type of loan you choose, the lender you choose and the amount you borrow. Personal loans typically have maximum terms of seven years or less, while home equity products can have terms up to 30 years.

What is a good interest rate for a boat loan?

If you have strong credit, you have a good chance of qualifying for a lender’s lowest rates. If you choose to go with a personal loan, rates tend to start around 6 percent. The average personal loan rate is currently around 12 percent , so anything less than that would be considered a good interest rate for a personal loan.

Can I get yacht financing?

You can finance a yacht, but only if you can qualify for a large enough loan to cover it. The average cost of a yacht is $640,000 , and prices range to more than $15 million. That being said, it's more likely that you'll be able to finance a portion of the yacht, rather than the entire cost.

How we made our picks for best boat loans

Bankrate's trusted personal loans industry expertise.

years in business

lenders reviewed

loan features weighed

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 :

Affordability

The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 

Availability

Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.

Customer experience

This category covers customer service hours, if online applications are available, online account access and mobile apps.

Transparency

For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.

• Credit cards
• View all credit cards
• Banking guide
• Loans guide
• Insurance guide
• Personal finance
• View all personal finance
• Small business
• Small business guide
• View all taxes

Best Boat Loans in 2023: Finance Your Boat

Boat loans can be unsecured or secured by the boat. Compare financing options from online lenders, banks and credit unions.

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. This does not influence our product evaluations or star ratings.

Setting sail on your own boat is a priceless experience. But unless you’ve saved a lot of cash, you’ll need a boat loan to make your dreams a reality.

Here are lenders that offer boat loans, plus information on how to finance a boat with a personal loan — including unsecured and secured loan options. Learn where to find boat loans and factors to consider before applying.

• 20+ years of combined experience covering personal loans and financial topics.
• Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
• Governed by NerdWallet's strict guidelines for editorial integrity .
• 35+ personal loans reviewed and rated by our team of experts.

Our pick for

Unsecured boat loans

Sofi personal loan.

8.99-29.99%

$5,000-$100,000

LightStream

6.99-25.49%

Achieve Personal Loans

8.99-35.99%

$5,000-$50,000

8.49-35.99%

$1,000-$50,000

7.80-35.99%

Laurel Road Personal Loan

8.99-24.25%

$5,000-$45,000

Rocket Loans

9.12-29.99%

$2,000-$45,000

How do boat loans work?

A boat loan is an installment loan with fixed monthly payments typically over two to 20 years. You can get a boat loan from a bank, credit union or online lender.

Interest rates and loan terms vary based on the lender, the size of the loan, your credit score and income, and whether the loan is secured by the boat or unsecured.

Applying for an unsecured boat loan is typically fast, and some loans can be funded the same or next day after you’re approved. Lenders usually deposit the funds into your bank account, from which you can withdraw the money to purchase a boat.

Secured boat loans vs. unsecured boat loans

Boat loans can be secured by the boat or unsecured and backed by your signature. Here are basic differences.

Secured boat loans

Secured boat loans use the purchased boat as collateral. They may have higher loan amounts, longer repayment terms and lower rates than unsecured loans. The risk is that you can lose your boat if you default.

With a secured boat loan, you may also need to make a down payment, which means you’ll need cash upfront.

Secured loans work best for borrowers who don’t qualify for an unsecured loan, want a higher loan amount and are comfortable with the risk associated with secured loans.

An unsecured boat loan doesn’t use the boat or anything tangible as collateral. Without that backing, rates on unsecured loans may be higher and terms shorter.

Approval for an unsecured boat loan is based on factors like your credit score, income and existing debt.

If you default on an unsecured loan , you may not lose the boat, but you’ll still face consequences, including a damaged credit score and wage garnishment if the lender takes you to court.

Pros and cons of secured and unsecured boat loans

How long are boat loans?

Repayment periods for boat loans vary depending on the type of loan you choose.

Unsecured personal loans typically have shorter repayment periods — two to seven years. If you choose a secured boat loan, your term can be as long as 20 years.

Keep in mind the term you choose affects the interest you pay. Shorter terms have higher monthly payments but carry less interest.

For example, a four-year, $30,000 boat loan with an annual percentage rate of 15% will have monthly payments of $835 and cost $10,076 in interest. The same loan with an eight-year repayment term will have monthly payments of $538 and cost $21,683 in interest.

Use NerdWallet’s boat loan calculator to calculate your boat payments.

What is the average interest rate on a boat loan?

Boat loan interest rates vary by lender. An unsecured boat loan will have an annual percentage rate ranging from 6% to 36%. See the table below for average unsecured interest rates based on your credit bracket.

Secured loans may have lower APRs, with many lenders offering single-digit rates. If you're not sure what credit bracket you fall into, check your credit score for free on NerdWallet .

Where to get a boat loan

In addition to getting a boat loan from an online lender, you can also get a secured boat loan from a bank, credit union or marine lending specialist. Here are some examples.

Secured boat loans from banks

You’re more likely to find secured loans from banks. Banks may offer perks to existing customers, like discounts and favorable loan terms. If your bank offers boat loans, it’s a good place to start.

Secured boat loans from credit unions

Credit unions can offer low-rate secured boat loans to their members. These not-for-profit lenders may look past a low credit score or rocky credit history on a loan application and consider a borrower’s whole financial picture, including the relationship with the credit union.

Your local credit union is a good first stop, though national credit unions also offer boat loans. Navy Federal and First Tech , for example, both offer boat loans with 15-year repayment terms with rates starting below 10%.

Loans from marine lending specialists

Marine lending specialists are financial service companies that act as brokers to find you a boat loan. They secure funding through outside sources such as banks.

Boat loans from marine lenders may have similar rates and repayment terms to personal loans. One advantage might be the ability to work with a specialist who understands the boating business, according to the National Marine Lenders Association.

These loans must be secured by the boat and require down payments from 10% to 20% of the purchase price.

How to get a boat loan

To get boat financing directly from a lender, you’ll need to apply for a loan . Most loan applications are online and require you to submit personal information like your name, address, contact information and Social Security number. You may also need to submit proof of identity, employment and income.

If you’re applying for a secured loan, you’ll want to have information about the boat on hand, including the builder or manufacturer, model, model year and purchase price.

Once you submit your application, you’ll wait for an approval decision. If you’re approved, you may need to visit the bank or credit union to close the loan and receive funds. Unsecured personal loans, especially from an online lender, can typically be closed online and funded the same or next business day.

Can I get a boat loan with bad credit?

Borrowers with bad credit may still qualify for a boat loan. Some online lenders offer unsecured personal loans specifically to borrowers with bad credit.

Secured loans from a bank or credit union may also be a smart option for borrowers with bad credit since approval decisions rely less on their credit.

» COMPARE: Best unsecured loans for bad credit

Alternatives to boat loans

Financial experts don't recommend personal loans for discretionary purposes, particularly if you already carry credit card or other debt. If you can’t afford to buy a boat today, or you’re not quite ready to make the commitment, here are some alternatives.

Save up for the purchase. Consider holding off and starting a savings plan toward buying a boat. You may be able to negotiate a cheaper price by paying with cash, and you’ll avoid paying interest on a loan.

Join a boat club. For a one-time fee and ongoing monthly or annual dues, boat clubs provide access to a fleet of boats for their members and guests.

Consider peer-to-peer rentals. Similar to renting a house on Airbnb, you can temporarily rent a boat through a peer-to-peer rental marketplace, such as Boatsetter or GetMyBoat.

Last updated on April 19, 2022

NerdWallet's Best Boat Loans in 2023: Finance Your Boat

• SoFi Personal Loan : Best for Unsecured boat loans
• LightStream : Best for Unsecured boat loans
• Achieve Personal Loans : Best for Unsecured boat loans
• Upgrade : Best for Unsecured boat loans
• Upstart : Best for Unsecured boat loans
• Laurel Road Personal Loan : Best for Unsecured boat loans
• Rocket Loans : Best for Unsecured boat loans

Frequently asked questions

Boat loan repayment terms are usually between two and 20 years. Unsecured boat loans have shorter repayment terms — about two to seven years — while secured boat loans have longer terms. Calculate your boat loan payments to see how the term affects your monthly payments and overall interest.

You can find secured boat loans for used boats at U.S. Bank and Bank of the West, among others. With a secured loan, a lender may consider the boat's age and how much it has been driven when deciding your rate and loan term. With an unsecured loan , that information doesn't usually factor into your rate and term.

Most lenders want to see a good credit score of 690 FICO or higher on a boat loan. You may qualify for a secured or unsecured boat loan with a lower credit score, but borrowers with fair or bad scores (below 690 FICO) are likely to receive higher annual percentage rates.

How Old of a Boat Can You Finance?

• Post published: August 14, 2019
• Post category: Loans

Buying a boat can be exciting. For many, buying a used boat is more affordable than buying a used one. Yet financing a used boat brings with it challenges beyond those of financing new boats. The age of the boat that can be financed depends upon the value of the boat, the source of financing and type of loan.

Loans for boats can be obtained through several sources:

• the boat dealer
• marine specialty lenders.

Most of these loans work similarly to car loans. The lender holds an interest in the boat as collateral. If you make all your payments, the boat is yours free and clear at the end of the loan term. If you default on the loan, the lender can repossess the boat and sell it to cover your loan. For that reason, lenders want to be sure that your boat will be worth at least as much as you owe on it throughout the life of the loan. This need on the part of lenders is a key factor in how old of a boat they will finance.

The typical age of boat for loans

Many lenders will not lend money for boats older than 15 years, according to the Mortgage Report.  Some will lend for boats manufactured as long ago as the  1980s.  Just as with cars, a buyer is more likely to find financing for an older high-quality boat than a mid-range or lower-end older boat, according to  AllAtSea.com. 

Regardless, interest rates will be higher for older boats. A premium is charged for financing boats older than 20 years. Lenders typically also will want the boat to be appraised and some may even require that list of comparable boats be presented to help them assess value, according to  Boats.com.  They also will require that the title be researched to be sure no other liens exist on the boat.

Alternative ways to finance your boat

If you need to finance an older boat and these options do not work, you also may consider obtaining a personal loan or using money available through a home equity loan or line of credit. The advantage of these types of loans is that because the boat is not used as collateral, its age will not be relevant to lenders.

Using these types of loans may enable you to borrow to buy a boat that is older than lenders will approve otherwise. Personal loans, because they are unsecured, require excellent credit and are more likely to be obtained for less expensive boats. They also typically will carry a higher interest rate than a loan secured with collateral. They also will need to be repaid in a relatively short period of time. Home equity loans and lines of credit use the equity in your home (the value of your home minus what you still owe) to buy the boat. Because this loan is secured with your home as collateral, the interest rate will likely be lower than many other financing options.

Depending on your tax situation, you may also be able to deduct the interest you pay. If you default on the loan, however, you will likely lose your home. These loans will typically require an appraisal of your home and may have additional fees, which some lenders will waive. Home equity loans are fairly straightforward; you borrow a certain amount and begin repaying it over time.

Home equity lines of credit generally come with a draw period, during which you may need to only pay the interest, followed by a period when you must also pay on the principal. You should be sure that you will be able to pay the full payment, including the principal, and not just the interest.

Can you get a loan for a used boat?

Just because loans are available for financing a used boat doesn't mean everyone will be able to obtain one. For almost any type of boat loan, creditworthiness will be a factor. This means a high FICA score.

Scores in the 700s or higher are ideal; in some cases, loans may be approved for those with scores in high 600s, but all other aspects of the borrower's profile must be very strong. Lenders providing secured boat loans would hope to see a stable employment history and a strong history of successfully handling loans of similar size, as well as liquid assets sufficient to cover 12 to 16 months of payments, according to Boats.com.

Banks, in particular, will give the best consideration to those who have almost twice as many assets as debts because they see these individuals as potential customers for other services, says  Boats.com.  These loans also typically require a  down payment of 10 percent to 25 percent  of the boat's value depending upon the lender and your credit profile.

Personal loans typically require higher credit scores than secured loans because they represent more risk to the lender. Loans using your home as security require good credit and a stable history as well as a sufficient amount of equity in the home to more than offset the amount of the loan.

How long can you finance a used boat?

That depends upon the amount and type of loan, as well as other factors. In most cases,  the loan term ranges from four to 20 years, with higher loan amounts being stretched over a longer period of time. Generally speaking, the longer the finance term, the higher the interest rate will be, which means that you will pay more for the boat by stretching the payments out longer. If you finance the boat with a personal, unsecured loan, you may need to repay the loan in full within five years or less. Of course, if you use your home's equity to finance the boat, the term would vary.

A home equity loan might have a term of between five and 30 years. A HELOC might have a draw period of 10 years, with up to 20 to repay. In all types of loans, check to see if there is a prepayment penalty, or an added fee if you pay the loan off earlier than expected. The best loans will have no such penalty, meaning that you can choose to pay your boat off sooner and save money by paying interest over a shorter period of time.

Can you finance a boat for 20 years?

Possibly yes. If the boat is expensive, you may be able to obtain a 20-year term for a secured loan with your boat as collateral. Even if the boat is less expensive, you may be able to finance it over a 20-year period through either a home equity loan or home equity line of credit.

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• Personal Finance

Best Boat Loans for August 2024

Our choice for the best boat loan lender is SoFi because it offers various loan amounts and terms, a competitive APR, and you can secure the loan with the boat as collateral or it may be unsecured if you qualify. We reviewed 70 personal loan lenders and evaluated them on 31 factors, including cost, loan terms, borrower requirements, and additional features. 

Compare Personal Loans Rates

• Loans up to $100,000 with terms 4-144 months
• APR from 5.20%
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• Best Home Warranties
• Best Emergency Loans for Bad Credit
• Best Personal Loans for Bad Credit

Compare Personal Loan Rates with Our Partners at Fiona.com

• Our Top Picks
• Southeast Financial
• Trident Funding
• Patelco Credit Union
• See More (3)
• Compare Providers

The Bottom Line

• Guide to Choosing
• Alternatives

Comparing Boat Loans

• How to Apply

Why You Should Trust Us

• How We Pick

Guide to Personal Loans

Best overall : sofi.

• APR Range: 8.99% - 29.49%
• Loan Amount: $5,000 - $100,000
• Loan Terms: 24 months - 84 months

SoFi is our top overall choice for boat loans. It's great if you're looking for:

• Quick funding with disbursements as soon as you're approved
• Loan amounts up to $100,000
• Loan terms of up to seven years  

If you want an offshore fishing boat or cruiser yacht with a higher price tag, you'll need another lender. Borrowers had a weighted average credit score of 749 in 2023, so you may need a co-borrower if your score isn't high.

The company was founded in 2011 by Stanford business students to connect graduates looking for financing with alumni. Since launching, SoFi lent over $73 billion in loans to over eight million borrowers.

No late fees

Same-day funding available

Allows joint applications

Strong credit may be required

Relatively low maximum for boat loans

• You must be the age of majority in your state (18 in most states).
• You must be a U.S. citizen, permanent resident, or non-permanent resident alien (including those with Deferred Action for Childhood Arrivals status).
• You must be employed, have an offer of employment with a start date within the next 90 days, or have other sources of income.

SoFi does allow applicants to apply with a co-borrower, and adding a co-borrower to your application can improve your chances of qualifying for a loan and securing a lower rate. 

Best for Large Loans : Southeast Financial

• APR Range: 6.74% - 19.95%
• Loan Amount: $15,000 - $4,000,000
• Loan Terms: 84 months - 240 months

Southeast Financial is our choice for large boat loans. You can borrow as much as $4 million to finance the yacht of your dreams.  

Some of the benefits of borrowing with Southeast include:

• Financing new or used boats through dealerships or private sellers
• Lower credit score minimums than most lenders, approving borrowers with scores as low as 575
• Loan terms as high as 20 years to spread out the cost and reduce your payments  

Apply early because the Tennesee-based lender's approval and disbursement process can take several business days. It doesn't offer financing in Alaska or Hawaii and doesn't finance, houseboats, speed boats, or commercial boats.

High loan maximum

Longer loan terms

Low credit score minimum

Takes several days to process loans

Has limits on boat use

Not available in all states

• You must be a U.S. citizen. 
• You must be 18 or older. 
• You must have a credit score of 575 or higher. 
• Residents of Alaska or Hawaii are not eligible for a loan. 

Although some lenders like Southeast Financial offer loan terms as long as 20 years, a longer term may not be ideal. You'll pay more in interest and, because boats tend to depreciate significantly over time, you could end up owing more than the boat is worth.

Best for Fast Funding : Regions

• APR Range: 9.24% - 29.99%
• Loan Amount: $2,000 - $50,000
• Loan Terms: 12 months - 60 months

Regions Bank can give you a credit decision within one business day. If approved, you can receive your loan funds as a lump sum immediately at closing.  

There are two loan options with this lender:

• An unsecured personal loan
• A secured installment loan with up to $75,000 in financing and lower rates

The boat must be under 30 feet, including the motor and trailer. Even though you can apply over the phone, you must sign for your loan in person at a branch, which eliminates many borrowers as the bank only has. a presence in 16 states in the South, Midwest, and Texas.

Quick loan processing

No origination fee

Up to 0.50% in interest rate discounts available

Boat size restrictions

Must visit a branch to close

• You must be the age of majority in your state. 
• You must have a valid Social Security number. 
• You must have a verifiable source of income.
• You must be able to close the loan at a Regions branch. Regions operates branches in the following states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, and Utah. 

Best for Bad Credit : Upgrade

• APR Range: 9.99% - 35.99%
• Loan Amount: $1,000 - $50,000

Upgrade approves borrowers with scores below 660. It also allows joint applications , so you can add a co-borrower to improve your chances of getting a loan and a lower rate. 

The application is quick and easy and you can pre-qualify without affecting your credit score. The funds are available to you as soon as the next business day if you're approved.

Although Upgrade can be useful if you have less-than-perfect credit, it's not for all borrowers. Its loan maximum of $50,000 may be too low for many boat shoppers, and it charges origination fees as high as 9.99%.  

Quick loan funding

Lower credit score requirements

Low loan maximum

Limited repayment terms

Potentially high origination fees

• You must be a U.S. citizen, permanent resident, or live in the U.S. on a valid visa. 
• You must be the age of majority in your state (18 in most states). 
• You must have a verifiable source of income. 
• You must have a valid bank account and email address. 

Adding a co-borrower to your applications can help you qualify for a loan, but not all lenders allow joint applicants. To find a lender that does, check out the best joint personal loans of 2023 .

Best for Repayment Options : Trident Funding

• Loan Amount: $25,000 - $2,000,000
• Loan Terms: 120 months - 240 months

Trident Funding is a leading boat loan origination company that works with more 50 banks and financial institutions across the United States.

With Trident, you can:

• Finance up to $2 million for larger vessels like offshore fishing boats and cabin cruisers
• Get loan terms as long as 20 years, giving you affordable monthly payments
• Be approved with less-than-stellar credit (a low minimum credit score of 600) 

Some (but not all) of Trident's partner lenders charge prepayment penalties , which means paying off your loan can cost you.

Long repayment terms available

No short-term loan options

May charge prepayment penalties

No financing for houseboats

• You must have a credit score of 600 or higher. 
• You must make a 10% to 20% down payment. 
• You must provide recent tax returns and bank statements. 

Best Credit Union : Patelco Credit Union

• APR Range: 9.30% - 17.90%
• Loan Amount: $300 - $100,000
• Loan Terms: 6 months - 84 months

California-based Patelco Credit Union boasts lower rates than most lenders, and you can finance a boat worth up to $100,000. Along with high loan terms, Patelco loans:

• Don't have origination fees or prepayment penalties
• Have loan terms up to 15 years
• May come with interest rate discounts through its LevelUp program if you make payments on time

Some of the downsides include higher rates on loans with terms of 60 months or longer. And you must become a member to get a loan. Details on joining are highlighted below.

No origination fees

Interest rate discounts available

Terms as long as 15 years

Relatively low loan maximum

Higher rates on terms over five years

Credit union membership required

• You must be a qualifying member of the credit union. 
• You live in an eligible county within California, such as San Francisco, San Mateo, or Stanislaus.
• You're a current student or graduate of the University of California, Berkeley; San Francisco State University; or California State University, East Bay.
• You work for one of the credit union's sponsor companies. 
• You have a family member or household member who belongs to the credit union. 
• You are the surviving spouse or child of a deceased employee-member.
• You're a member of the Financial Fitness Association. You can join online and a one-year membership starts at $8.  

Compare the Best Boat Loans for August 2024

There are many financing options available regardless of the type of boat you want. Some lenders, such as SoFi and Upgrade fund loans quickly and allow you to take out unsecured personal loans to pay for your new boat. If you qualify, though, you could choose a secured loan with lower rates from lenders like Trident Funding and Patelco Credit Union.

Shop around to find the best rates and terms. Your credit, the amount you borrow, the age and size of your boat, and how quickly you need the cash will determine which lender you choose.

Guide to Choosing the Best Boat Loan

Where to get a boat loan.

Boat loans can come from several sources: 

• Dealerships : Boat dealerships work with banks and credit unions to offer their customers financing on new and used boats. Some boat manufacturers and dealers may have special financing offers with attractive rates, but you're limited to certain makes and models. 
• Banks : Traditional banks often offer unsecured personal loans and secured recreational vehicle loans that you can use to purchase a boat. If you're a current customer with that bank, you may qualify for a higher loan amount or lower rates. 
• Credit unions : Like banks, credit unions may offer both unsecured and secured loan options. Credit unions tend to have lower rates and fees than other options, but you need to qualify for membership to apply for a loan. 
• Online lenders : Some financial technology companies and online lenders offer secured or unsecured loan options. They usually have quick applications and loan processing times, but they rarely provide in-person customer service. Instead, you have to contact customer support via email or phone. 
• Loan marketplaces : A loan marketplace isn't a lender; instead, it connects borrowers to a network of partner lenders. These platforms can make it easy to shop around for a loan, but the terms, rates, and fees vary between lenders, so it's important to carefully read the loan agreement before committing to the loan. 

Researcher Insight

A personal loan from a traditional lender may be a good choice to finance a boat, but in our research, we found that lenders who specialize in financing boats can offer better rates, higher loan amounts, and lengthier terms. As you’re considering your options, include loans from both personal loan lenders and boat loan specialist lenders. - Sana Siddiqui, Research Analyst, Investopedia

Should You Apply for a Boat Loan?

Financing a boat can make sense in some circumstances. A boat loan allows you to take advantage of a good deal and get on the water more quickly, but you have to do your homework to ensure it's a financially savvy decision. According to Investopedia’s 2023 Personal Loan Borrower survey , major purchases such as boats are among the top three most common reasons cited for getting a personal loan.

Many people prioritize a low APR when getting a loan, but there are other factors to consider as well.

Before applying for a boat loan, keep these factors in mind: 

• Purchase price : If you're new to boating, you may be surprised by the expense. Even used boats can cost well into six figures. 
• Depreciation : Boats are quickly depreciating assets , so a new boat is worth significantly less just one year after its purchase; if you take out a loan, you risk being " upside down " on the loan or dealing with negative equity . If your boat is totaled in an accident or sold and you owe more than it's worth, you could end up still making loan payments even though you no longer own it. 
• Interest : With rising interest rates, boat loans can have high annual percentage rates (APRs) . Depending on your credit, the amount you're financing, and the lender you choose, boat loans can have double-digit APRs, and the accrued interest charges can cause you to pay much more than the boat's purchase price over time. 
• Fees : Fees vary by lender, but common boat loan fees include origination fees and late fees. Some lenders also charge prepayment penalties, so you'll have to pay an additional fee if you pay off your loan early. 
• Other boat costs : The purchase price of a boat is only the starting point of your total cost. Besides the purchase price, you also need to budget for a boat slip or storage space, maintenance, fuel, and insurance. 
• Other financial demands : A boat is a significant investment. If you take out a loan, you'll increase your debt-to-income ratio, which can make it difficult to qualify for other forms of credit. If you need to apply for a car loan or mortgage in the future, the existing boat loan may hurt your chances of qualifying for a loan. 

Use a loan calculator to find out how much you'll repay over the life of your loan based on the original loan amount, repayment term, and APR.

Alternatives to Boat Loans

Boat loans can have high interest rates and boats can depreciate significantly, so borrowing money to buy one may not be the best idea. Instead, consider these alternatives.

• Pay cash : While paying cash may not seem realistic, it can be a good idea to put off buying a boat—or looking for a more modest model—until you can cover the cost out of your savings. You'll avoid interest charges, lowering the overall cost. 
• Use a boat share app : There are boat share apps, such as BoatSetter and Get My Boat , that function like Airbnb for fishing and water sport enthusiasts. Through these apps, you can use a boat for a day, a week, or longer—with or without a captain on board—when it fits your schedule. You can enjoy the boat without having to take on the cost or responsibility for maintenance. 
• Participate in a fishing charter : If you want to go offshore fishing, joining a fishing charter can be a good idea. You can participate in a charter for a morning, a full day, or even a week-long vacation. Charters usually include groups of fishermen, so the cost is lower than privately renting a boat. 
• Join a boat club : If you plan on regularly using a boat, but aren't ready to purchase one yourself, a boat club can be a useful alternative. Boat club memberships give you access to the club's fleet of boats, and the membership fee may also include educational classes, member events, and insurance. Boat clubs typically involve an upfront fee, and then charge ongoing membership dues. Fees vary by location, club, and the type of boats available, but can range from $1,000 to $10,000 in upfront fees, and monthly membership dues can be hundreds. 

Buying a boat should be like buying a car or truck, which means you should take similar steps before you take it home. Make sure you inspect any boat that you intend to buy and try to do a test run if you can. It also helps if the boat is certified—especially if it's a used boat. Most boats must meet minimum standards and are certified by the National Marine Manufacturers Association.

When comparing lenders, pay attention to the following factors: 

• Collateral : Boat loans can be unsecured—issued solely based on your creditworthiness —or secured, with your boat serving as collateral. Secured loans tend to have lower rates, but the application process can take longer, and the lender may restrict the type and age of boat you can purchase. 
• Credit requirements : In general, you'll need good to excellent credit to qualify for a boat loan. There are some lenders, such as Southeast Financial, that will work with borrowers with lower credit scores, but they tend to have much higher rates. 
• Co-signer or co-borrower options : If your credit is less-than-perfect, some lenders will allow you to add a co-signer or co-borrower to your application. Adding a relative or friend with excellent credit can boost your chances of qualifying for a loan. However, a co-signer is responsible for the payments if you fall behind, and a co-borrower shares ownership of the loan, so it's a big favor to ask someone.  
• Restrictions on loan use : With some lenders, particularly those who issue secured boat loans, there are strict requirements for how the loan funds can be used. For example, the lender may only offer loans for certain types of boats, boats of a certain length, and boats younger than 10 years. 
• Rates : Rates and fees vary significantly between lenders, so it's wise to shop around to find the best options. 

How to Qualify for and Apply for a Boat Loan

Lenders want applicants to meet certain eligibility requirements before they apply for a loan. The following is a list of some of the most common factors that lenders consider. Keep in mind that some weigh certain factors heavier than others.

• Your age:  Lenders cannot discriminate based on age. However, some states require that borrowers meet minimum age requirements before they can enter a legal financial contract with a financial lender.
• Legal residency:  Just like age, lenders can't turn you down because of your national origin. They may ask you about your residency status to determine whether you can pay back the loan. Keep in mind that non-residents and non-citizens may still qualify, but it may be tougher to be approved.
• Income:  Almost all lenders ask you for your income and employment information. This is to ensure that your source of income is enough to repay the loan. Some companies may have an income threshold before you can borrow.
• Debt-to-income (DTI) ratio :  This ratio represents how much of your income goes to pay off your debts every month. As such, it helps lenders see how much of a risk you are if they approve you for a loan.
• Credit history and score:  The majority of lenders use your credit history and credit score to qualify you for a loan. Although these factors don't make or break the decision, they may also influence your loan terms, amount, and interest rate.

To qualify for and apply for a boat loan, follow these steps: 

• Decide on a budget . Sit down and review your expenses, income, and other financial goals. Calculate how much of your monthly cash flow you have left over that you can allocate towards the purchase and maintenance of a boat. Be sure to account for ongoing expenses, such as repairs, fuel, and marina fees—and not just the purchase price.
• Choose a boat type . Think about what you'd like to do with the boat. If you'd love to have leisurely afternoons with family and friends at a nearby lake, a pontoon boat could be an excellent choice. Or if you have your heart set on shark fishing, a larger and more expensive center console offshore fishing boat will be needed. 
• Consider new or used . Boats can depreciate a great deal, so a used boat may be a better choice than a new boat. However, new boats have the latest features and are often backed by warranties, so some people will feel greater peace of mind buying new. What makes the most sense depends on your budget and your comfort level with the different purchase prices. 
• Save for a down payment . If you are planning on taking out a secured boat loan, you'll likely need a down payment. Down payment requirements vary, but they can range from about 10% to 30% of the boat's purchase price. However, if you're buying a less expensive boat, such as one that costs less than $100,000, you may be eligible for an unsecured loan with no down payment requirement. 
• Shop around . Request quotes from several lenders to find the best rates and repayment options for your budget. Many lenders allow you to view your loan options with a soft credit check , which doesn't affect your credit. 
• Complete a loan application . To apply for a loan, you’ll need to provide information about yourself and the boat you want to buy, including your name, address, and Social Security number.

Depending on the type of loan you're applying for and the lender, you could receive a decision within minutes. With unsecured loans, the funds are disbursed directly to your bank account, and you can purchase a boat from a dealership or private seller. With secured loans, the lender typically pays the dealership on your behalf. 

Investopedia collected and analyzed hundreds of key data points from over 70 companies across three months to identify the most important factors for readers choosing a fair loan lending company.

We used this data to review each company for fees, repayment terms, income requirements, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999 and has been helping readers find the best loans for those with fair credit since 2020.

Frequently Asked Questions

How much does a boat cost.

That depends on the type of boat you want to buy. Factors that affect the price include the type and size of the vessel, the brand name, and the features. On average, a new fishing boat can start around $18,000 while the starting price for a pontoon boat can be in the range of $15,000. Larger boats can start at about $100,000. Keep in mind that these costs are for new boats, so buying a used one can save you some money. And don't forget to factor in other costs, like storage fees and maintenance—all of which come after you make your purchase.

What Credit Score Do You Need for a Boat Loan?

Some lenders will work with borrowers with poor to fair credit . But, you'll have more options and qualify for better rates if your credit score is in the good to excellent range, meaning a FICO score between 670 and 850.

Are Boat Loans Harder to Get Than Car Loans?

That depends. Boat loans aren't as common and they are typically valued higher than car loans. This means that lenders may have stricter lending standards for boats compared to those who approve loans for cars. Your credit score, credit history, the type of boat, and the purchase price are often considered when lenders make their decisions.

What Are the Typical Terms and Interest Rates for a Boat Loan?

Typical boat loan terms vary by loan type. With unsecured personal loans, you typically have between two and seven years to repay the loan. Secured loans usually have much longer term options; you could qualify for a loan with a term as long as 20 years, giving you a more manageable monthly payment.

The best boat loans have rates under 10%. Depending on the type of loan, your credit, and the amount you need to borrow, boat loans with double-digit rates are common.

What Type of Loan Should I Get for a Boat?

Boat loans can be secured or unsecured. When deciding which type of loan to use for your next boat purchase, consider the following: 

• Speed : Unsecured loans are typically faster than secured loans. They're issued solely based on your creditworthiness, and you can get approved and receive the loan funds as soon as the same day you apply. Secured loans take longer because the lender needs to take the boat's condition and value into consideration, which requires additional review. 
• Limitations : If you want to purchase an older boat, you may need to use an unsecured loan. Unsecured loans have few restrictions on how they're used, while secured loan lenders often have age and size restrictions. 
• Loan maximums : For higher-priced boats, you'll likely need a secured loan. Unsecured loans are generally for $100,000 or less, while you can borrow up to $4 million with a secured loan. 
• Rates : Because secured loans are backed by the boat as collateral, they tend to have lower rates than unsecured loans. If you're looking for the lowest rate, taking the time to borrow a secured loan may be a good idea. 

Can You Refinance a Boat Loan?

If you have an existing boat loan, several lenders offer refinancing options . You could refinance your loan to get a lower rate or adjust your loan term to lower your payments, and you could save money over the life of your loan. 

Can I Use a Boat Loan to Buy a Used Boat?

Some lenders do allow you to use a boat loan to buy a used boat. For instance, you can purchase a new or used boat from a dealership or a private seller if you borrow with Southeast Financial.

Companies We Reviewed

We researched and reviewed more than 70 institutions to find the best six lenders you see above on this list. While we write individual reviews for most companies we research, we do not always write reviews for companies we would not recommend. These are the companies we researched, along with links to individual company reviews, to help you learn more before making a decision: 

Achieve , Affinity Federal Credit Union , Alliant Credit Union , American Express , Avant , Axos Bank , Bankers Healthcare Group, Best Egg , Bethpage Federal Credit Union , Blue Federal Credit Union , Boatloan.com, Boeing Employees' Credit Union , CapexMD, Citibank , Connexus Credit Union , Discover , Dividend Finance, ENT Credit Union , Fig Loans, First Tech Federal Credit Union , Future Family, GoodLeap, Greenstate Credit Union , Happy Money , Hiway Credit Union , Lake Michigan Credit Union , Laurel Road , LendingClub , LendingPoint , LendingUSA , Liberty Federal Credit Union , LightStream , Lyon Financial, Mariner, Money Key, Mountain America Credit Union , NASA Federal Credit Union , Navy Federal Credit Union , Netcredit , Old National Bank , OneMain Financial , OppLoans , Patelco Credit Union , PenFed , Personify Financial , PNC Bank , Prosper , Reach Financial , Regions , Reprise , Rocket Loans , Santander , Service Federal Credit Union , SoFi , Southeast Financial, Summit Credit Union , SunPower, TD Bank , Teachers Federal Credit Union , Trident Funding, Truist , U.S. Bank , Universal Credit , Upgrade , Upstart , USAA , Vantage Recreational Finance, Wells Fargo .

How We Pick the Best Boat Loans

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more.

To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted . We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology .

Learn more about personal loans:

• What is a personal loan?
• How do personal loans work?
• When are personal loans a good idea?
• How to get a personal loan
• How to apply for a personal loan
• How to use a personal loan
• Where to get a personal loan
• Personal loans vs credit cards
• Alternatives to personal loans
• Personal loan calculator
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“Today, the global trend and the reverse side of globalization is regionalization. Performance of Barents and Arctic councils would be a good example, as their main driver is the regions”.

Nikolay Korchunov,

Ambassador-at-Large of the Ministry of Foreign Affairs of the Russian Federation

Yamalo-Nenets Autonomous Okrug, Russia

Yamalo-Nenets Autonomous Okrug is a federal subject of Russia, part of the Tyumen region and the Ural Federal District. Salekhard is the capital of the region.

The population of Yamalo-Nenets Okrug is about 536,000 (2015), the area - 769,250 sq. km.

Artyukhov Dmitry Andreevich

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The capital city of Yamalo-Nenets okrug: Salekhard .

Yamalo-Nenets Autonomous Okrug is a federal subject of Russia, part of the Tyumen region and the Ural Federal District. 

Flag and Coat of Arms

The first information about the Yamal land and indigenous peoples living there - the Nenets and Khanty, refer to the 11 th century. However, Novgorod merchants visited “the Edge of the Earth” (this is how “Yamal” is translated from the Nenets language) even earlier.

From 1187, the lower Ob was under the control of Veliky Novgorod, and, after its fall, it passed to the Moscow princes. In 1592, Tsar Feodor sent an expedition for the final conquest of the lands of the “great Ob.”

In 1595, one of the Cossack detachments built a fortress called Obdorsk (today, it is the capital of the Yamal-Nenets Autonomous Okrug - Salekhard). Obdorsk fortress became the northernmost Russian settlement in Siberia at the time. Gradually the population grew, active trade in furs, mammoth bone, boats, fur clothes, and other goods was developed.

More historical facts…

Most of the Yamalo-Nenets region is located within the northern part of the West Siberian Plain, a small part is located on the eastern slope of the Ural mountains. From the north it is washed by the Kara Sea. This province belongs to the regions of the Far North, more than half of its territory is located beyond the Arctic Circle.

The territory of the Yamalo-Nenets okrug is located in three climatic zones: arctic, subarctic and the zone of the northern strip of the West Siberian lowland. The climate is determined by the presence of permafrost and the cold Kara Sea, the abundance of bays, rivers, marshes, and lakes. Frequent magnetic storms are accompanied by colorful northern lights.

In general, the climate of this region is characterized by a long winter (up to 8 months) and a short summer, strong winds, a small amount of snow cover. The average annual air temperature is negative, in the Far North it reaches minus 10 degrees Celsius. The minimum temperature in winter drops to minus 55 degrees Celsius, in summer - up to plus 30 degrees Celsius.

The name of the region mentions the Nenets as the titular nationality inhabiting this territory, despite the fact that the majority of the local population is Russian. The ethnic composition of the population according to the 2010 census: Russians (61.7%), Ukrainians (9.7%), Nenets (5.9%), Tatars (5.6%), Khanty (1.9%).

The largest cities and towns are Novy Urengoy (111,000), Noyabrsk (106,600), Salekhard (48,300), Nadym (45,000).

Natural Resources

The region’s water resources are rich and diverse: the coast of the Kara Sea, numerous bays, rivers, lakes, and underground waters. Ob Bay is one of the largest sea bays in the Russian Arctic. In total, there are about 300 thousand lakes and 48 thousand rivers, the largest of which are the Ob, Nadym, Taz, and Pur.

Yamalo-Nenets okrug is on the leading places in Russia for hydrocarbon reserves, especially natural gas and oil. Today, Yamal produces about 90% of all natural gas in Russia (about 20% of global production) and more than 14% of Russian oil and gas condensate. In the Polar Urals, chrome, manganese, bauxite, and gold are mined.

At the same time, a huge part of the region’s natural reserves is still waiting for industrial development. One of the long-term projects is the development of the gas reserves of the peninsula and the shelf of the Kara Sea. There are 11 gas-bearing and 15 oil and gas condensate fields discovered here. Potential resources including gas on the shelf are estimated at 50.5 trillion cubic meters, liquid hydrocarbons - more than 5 billion tons.

One of the peculiarities of Yamal is that industrial development of natural resources and traditional activities of the indigenous population of the Far North coexist together. The world’s largest reindeer herd is grazed here - more than 600 thousand heads. The tenth part of the whole area of the region - about 8 million hectares - is a specially protected natural area.

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8-Year-Old Girl Gets Lost on Her Way Home After Dance Class and Uses an ATM to Get Help

She was reunited with her family after pressing an emergency button, which connected her to the bank’s call center

After getting lost, an anxious girl used an ATM to reunite with her family.

The 8-year-old child in Quzhou, China, got separated from her grandfather on July 30 after leaving a dance class, according to the South China Morning Post . Unable to find him, the girl found an ATM kiosk, where she pressed an emergency button and was connected to the bank’s call center.

The girl told a Quzhou Rural Commercial Bank employee on the call that she was lost and did not know the phone numbers of her family members. The employee contacted the police and stayed on the line to comfort her. 

Officers from the Kaihua County Public Security Bureau arrived to the scene to help reunite the girl with her family. The Global Times reported that the police escorted her back home because she knew her address.

A report obtained by the outlet stated that the girl's mother had taught her about the ATM call buttons and advised her to find one if she was ever in a situation where she needed help.

Multiple Chinese outlets have said that many local ATM booths in the city have two types of emergency buttons near the machine, one of which is an emergency call button and the other is an emergency alarm button.

Never miss a story — sign up for  PEOPLE's free daily newsletter  to stay up-to-date on the best of what PEOPLE has to offer​​, from juicy celebrity news to compelling human interest stories.

In the United States, some ATMs have emergency buttons but they are not standardized. A long-running myth is that ATMs will alert authorities if the user inputs their pin number backward, but the Associated Press reported in 2022 that "no known ATM in the United States has this feature."

Related Articles

Search continues for British tech tycoon Mike Lynch and Morgan Stanley International boss after superyacht Bayesian sinks in Sicily tornado

Mike Lynch is missing along with his daughter, Hannah, though his wife has been rescued. Jonathan Bloomer, chairman of Morgan Stanley International, his wife Judy, Chris Morvillo, a lawyer at major firm Clifford Chance, and his wife are also among the missing.

Tuesday 20 August 2024 18:58, UK

British tech tycoon Mike Lynch and his 18-year-old daughter are among six tourists missing after a luxury yacht sank in a tornado off the coast of Italy.

One person is already known to have died following the yacht's sinking off the coast of Palermo, Sicily, as the body of the vessel's Canadian-Antiguan chef, Recaldo Thomas, has been found, the Italian Coastguard confirmed.

Four of the missing passengers are British and two are American, according to Italian newspaper la Repubblica.

Superyacht sinks latest: British inspectors deployed to scene

Survivors have been seen at the Di Cristina hospital in Palermo, while the coastguard said it believes Mr Lynch and the five others missing may still be inside the sunken yacht.

The British-flagged yacht, called Bayesian , had 10 crew and 12 passengers on board and sank at about 5am local time off the coast near Palermo.

Salvo Cocina of Sicily's civil protection agency said: "They were in the wrong place at the wrong time."

Jonathan Bloomer, chairman of Morgan Stanley International, and Chris Morvillo, a lawyer at major firm Clifford Chance, and both of their wives are also among the missing.

A spokesperson for Morgan Stanley said they were "deeply shocked and saddened" and added: "Our thoughts are with all those affected, in particular the Bloomer family, as we all wait for further news from this terrible situation."

UK insurer Hiscox, which Mr Bloomer also chaired, confirmed his wife was also among the missing on Tuesday.

A Clifford Chance spokesperson added its priority was "providing support to the family as well as our colleague Ayla Ronald, who together with her partner, thankfully survived the incident".

Read more: Who was on board superyacht that sank

Mr Lynch 's daughter, Hannah Lynch, also remains unaccounted for but his wife, Angela Bacares, was rescued along with 14 others - including a mother who held her one-year-old baby above the waves.

Charlotte Golunski, 35, told la Repubblica she lost her baby Sofia for "two seconds", adding: "I held her afloat with all my strength, my arms stretched upwards to keep her from drowning.

"It was all dark. In the water I couldn't keep my eyes open. I screamed for help but all I could hear around me was the screams of others."

The baby's father James Emsley also survived, Salvo Cocina of Sicily's civil protection agency said. According to her LinkedIn profile, Ms Golunski is a partner at Mr Lynch's firm, called Invoke Capital.

Mr Lynch, described as the British Bill Gates, was cleared earlier this year of conducting a massive fraud over the sale of software company Autonomy to Hewlett-Packard (HP) in 2011.

Eyewitness: Every hour that passes, this rescue mission moves closer to a recovery

News correspondent

In Sicily, they're searching for survivors.

Fifty meters beneath these now calm waters are the remains of a superyacht, which was carrying 22 people when it was hit by extreme weather.

Relentless rain and wind battered the north coast of Sicily in the early hours of Monday, causing widespread damage on the land, and proving fatal at sea.

Fisherman Fabio was the first to the wreckage and told Sky News: "There were two sailboats half a mile away from the harbour with their anchors at sea.

"After 10 minutes, we saw a flare in the sky. We waited about 10 minutes to see the intensity of the tornado and went out to sea.

"We were first to give rescue, but we found no one at sea. We only found cushions and the remains of the boat."

The weather was so bad overnight that locals described it as being like nothing they'd ever seen before.

Waterspouts - essentially like tornados on the water - tore into the coastline.

The yacht had been anchored. The sailing mast lights had been twinkling in the night sky. By morning, they were gone.

Authorities haven't given up on those still lost at sea: Divers have already found one body near the wreckage, and they know with every hour that passes, this rescue mission moves closer to becoming a recovery.

There is also some speculation about the design of the ship, and perhaps what happened to the 75m mast, which was iconic on this particular yacht.

It was said to be the tallest aluminium mast in the world, and people here last night were talking about how they could see it glistening by night.

It's thought that mast may have got caught up in this rotating column of cloud, these waterspouts that we’ve been talking about, and that may have caused it to break and may have caused the boat to then go on and capsize.

Investigators and inspectors from the UK Marine Accident Investigation Branch are making their way to Palermo today to assist.

Keep up with all the latest news from the UK and around the world by following Sky News

Read more: What we know so far about superyacht that sank What we know about disaster off Sicily

Lynch's co-defendant killed in car accident

His co-defendant in that trial, Stephen Chamberlain, was separately confirmed dead after he was hit by a car on Saturday.

Gary Lincenberg, his lawyer, said in a statement: "Our dear client and friend Steve Chamberlain was fatally struck by a car on Saturday while out running.

"He was a courageous man with unparalleled integrity. We deeply miss him.

"Steve fought successfully to clear his good name at trial earlier this year, and his good name now lives on through his wonderful family."

Cambridgeshire Police said in a statement on Monday evening that the driver of the car, a 49-year-old woman from Haddenham, remained at the scene and is assisting with enquiries.

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Rescuers facing significant challenges

Divers have already made journeys underwater to search for the six missing people , Italian daily Giornale di Sicilia reports, but are facing significant challenges in trying to access the yacht.

Emergency responder Luca Cari told the news outlet the divers "can stay underwater for a maximum of 12 minutes, two of which are needed to go up and down," meaning "the real time to be able to carry out the search is 10 minutes per dive".

He added divers had identified a glass window on the Bayesian from which they could enter but said: "The spaces inside the sailing ship are very small and if you encounter an obstacle it is very complicated to move forward, just as it is very difficult to find alternative routes."

The UK Marine Accident Investigation Branch said four of its inspectors are being deployed to Palermo for a preliminary assessment, while cave divers have joined the ongoing search.

The hull of the ship is resting at a depth of 50 metres.

A spokesman for the Foreign, Commonwealth and Development Office (FCDO) said: "We are in contact with the local authorities following an incident in Sicily, and stand ready to provide consular support to British nationals affected."

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Fisherman knocked out by whale’s tail while on boat off Queensland coast

Man is stable but suffered injuries to face and spine, officials say, article bookmarked.

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A fisherman off Queensland ’s Gold Coast has suffered serious injuries after he was slapped across the face by the whip of a whale’s tail .

The 40-year-old man reportedly did not know where the whale was until it appeared in front of him and collided with his boat near the border between Queensland and New South Wales.

He was then knocked unconscious by a whack of the whale’s tail, but was remarkably not knocked off the boat and remained on board after being struck.

After the man’s friend on board and nearby jetski riders called the emergency services, rescue teams were able to locate the men and bring them back to shore.

The fisherman was taken to the Gold Coast University Hospital and treated for serious injuries to his face and spine.

Queensland emergency services said he is now in stable condition but couldn’t remember the event.

The ambulance service described the incident as “extremely rare” and “extraordinary”.

“We’ve had boats come in contact with whales before, but not actually a person sitting in a boat,” first responder Scott Brown told local news.

“You have a little bit of disbelief that it happened at first, but respond nonetheless, and when we got there, that’s what we found had happened,” he told ABC News.

Humpback and southern right whales pass via Sydney as they migrate along Australia’s east coast to head north during the coldest months of June and July, and return south between September and November.

During this time people are also more likely to take their boats out into deeper water as there are favourable weather conditions.

Officials urged people to remain alert when they go fishing or boating during the whale season and to always wear life jackets when travelling on boats in the area.

“Just be cautious that there are a lot of whales at this time of year in that area, and today has shown us that anything can happen,” Mr Brown said.

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Sicily yacht sinking LIVE: Divers try to reach cabins in search for missing Mike Lynch and others as friend 'hoping for miracle'

A "complex" search for six people missing after a luxury yacht sank in a tornado off the coast of Sicily is entering its third day on Wednesday.

British tech magnate Mike Lynch , his 18-year-old daughter Hannah , and four others are missing following the tragedy that happened in the early hours of Monday.

The Italian Coastguard has not ruled out the possibility that they may still be alive, with experts speculating air pockets could have formed as the yacht sank.

David Tabizel, who set up software firm Autonomy with Mr Lynch, has told Sky News: "I hope there's a miracle about to occur". He added that he hopes Mr Lynch has "found an air pocket.”

The yacht – named the Bayesian – was moored half-a-mile off the coast of Porticello when it sank rapidly in severe weather, around 5am local time on Monday.

Firefighter divers have reached parts of the sunken vessel, which is at a depth of around 49m, but have not yet managed to access the cabins of the boat, where it is thought the missing people are trapped.

See below for the latest updates.

Jeremy Clarkson raises concern about his health after Kaleb Cooper spots issue

Sicily yacht sinking LIVE: Divers try to reach cabins in search for missing Mike Lynch and others as friend 'hoping for miracle'

Transfer news LIVE! Arsenal in Merino breakthrough, Toney to Chelsea hijack; Man Utd offered Ugarte; Liverpool

GadgetsBoy takes Tanya Francis for a test drive in the new Omoda E5

Live updates

Mystery still surrounds how and why yacht sank so quickly, but theories abound

How and why the 56-metre luxury yacht sank so quickly has not yet been established, but theories have abounded.

Bayesian was moored off the port of Porticello, near Palermo, when it was hit by violent weather shortly before 5am local time (4am in the UK) on Monday - reportedly sinking in the dark in just “two minutes”.

Another yacht, the 42-metre Sir Robert Baden Powell, was anchored nearby. But it weathered the storm after its captain, Karsten Borner, turned on the engine, to keep control of the vessel and avoid a collision with the Bayesian.

Mr Borner said he did not know if the crew of the Bayesian had managed to switch on its engines. "I don't think they did things wrong, I think they were surprised by the power of the storm," he told Reuters.

"I only know that they went flat with the mast on the water and that they sank in two minutes," he said, adding that the storm was "very violent, very intense," bringing in "a lot of water and I think a turning system like a tornado."

James Catfield, who captained Bayesian, spoke to Italian news outlet La Repubblica from his hospital room following the tragedy. He said only: “We didn’t see it coming.”

Andrea Ratti, a nautical design professor at Milan Polytechnic university, said a boat the size of the Bayesian could only sink so rapidly by taking in a huge amount of water.

He suggested that one or more portholes, windows or other openings may have been broken or smashed open by the waterspout, letting in water.

There has also been speculation that a major hatch might have been inadvertently left open.

But a British industry expert said it should have taken hours for the Bayesian to fill up with enough water to sink it, making its rapid demise incomprehensible.

"I don't think the industry has ever faced anything like this. It's a horror story," he told news agency Reuters said, declining to be named.

Rescuers facing 'complex' task as they try to enter cabins

Rescuers are today set to resume their efforts to access the cabins of the sunken Bayesian.

Divers yesterday managed to enter the hull of the boat by breaking through a window made of three-centimetre glass using jacks made by a local blacksmith, local news outlet Giornale di Sicilia reported.

They reportedly then managed to access some communal areas, but at the point when yesterday’s search was called off, had not yet managed to reach the yacht’s cabins.

Rescue crews believe the six missing tourists will be found in the cabins, but a “world” of debris has so far blocked access to the rooms.

Specialist divers from Italy’s fire brigade, Vigili del Fuoco, are leading the search mission.

It describes the operation as "complex", with divers limited to 12-minute underwater shifts. The Bayesian is resting on the seabed off the coast at a depth of 50 metres.

Wife and mother of missing Brits in 'state of shock and sadness'

Angela Bacares - wife of tech tycoon Mike Lynch and mother of 18-year-old Hannah, both of whom are missing - is one of 15 people who escaped Monday’s tragedy on a lifeboat.

Ms Bacares is in a "state of shock and sadness" as she awaits news, The Mirror has reported.

She has reportedly been joined by the couple's elder daughter, who was not aboard the boat.

Ms Bacares previously told how she and Mr Lynch had been asleep in their cabin when the yacht “tilted” suddenly as a storm hit in the early hours of Monday, waking them.

She rose to investigate, when the yacht’s glass windows smashed, throwing those on board into confusion. The Bayesian is said to have sunk within a matter of minutes.

Friend of Mike Lynch hoping for 'miracle'

David Tabizel, who co-founded software company Autonomy with Mike Lynch in 1996, has told Sky News: “I hope there's a miracle about to occur." The Italian Coastguard has not ruled out the possibility that those missing, including technology tycoon Mr Lynch and his 18-year-old daughter Hannah, may still be alive, with experts speculating air pockets could have formed as the yacht sank.

Mr Tabizel told Sky News: “If anyone has the resilience to survive this - he [Mr Lynch] does. And I hope he's found an air pocket.”

"He has been one of the most influential, intelligent and most honourable human beings I have ever had the honour of knowing,” he added, saying he is “heartbroken for him and his family”. Mr Lynch - known as the ‘Bill Gates of Britain’ - was cleared in June of conducting a massive fraud relating to the $11bn (£8.64bn) sale of Autonomy to US company Hewlett Packard.

The boat trip was a celebration of his acquittal.

British mother and baby were 'asleep on deck of yacht' when storm hit

British mother Charlotte Golunski is among the 15 people who survived Monday’s tragedy - along with her husband and their one-year-old daughter Sofia.

It has now emerged she and and her baby were asleep on the deck of the luxury boat when the storm hit and they were thown into the sea.

The head of paediatric care at the Palermo hospital where Sofia was treated told Sky News: “She said that she was sleeping with the child on deck while her husband was a little further away in another part of the boat and she felt the oscillations of the ship.

"In an instant it was dark and she found herself in the water in just a few minutes. She said she tried to hold on to the child but lost the child from her grip for three seconds.

"She then managed to catch her in the water."

Mrs Golunski previously told Italian news outlet la Repubblica how she fought to keep her baby from drowning after finding themselves in the darkened sea.

“For two seconds I lost my daughter in the sea then quickly hugged her amid the fury of the waves,” she told the newspaper.

“I held her afloat with all my strength, my arms stretched upwards to keep her from drowning.”

Mrs Golunski is understood to be a partner at Mike Lynch’s firm Invoke Capital.

She, her husband, and their daughter were all discharged from hospital on Tuesday.

Search to enter third day

Good morning, and welcome to the Standard’s live blog.

It has now been more than 50 hours since the Bayesian superyacht sank off the northern coast of Sicily, with 22 crew and guests on board.

Six people including British tech tycoon Mike Lynch and his 18-year-old daughter Hannah remain missing.

A major search operation has been underway since early on Monday, when the yacht sank after being hit by what is believed to have been a waterspout - a tornado at sea.

Rescuers will today be resuming their efforts to access the cabins of the sunken vessel, where the six missing people are thought to be trapped.

Fifteen other people survived the tragedy and escaped on a lifeboat, while one man was found dead.

We will be bringing you all the latest updates throughout the day, as the tense operation continues.