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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.

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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.

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The Best Boat Loans

The 10 best boat loans.

• LightStream
• Trident Funding
• Excel Credit
• LendingTree
• First Approval Source

Where Can You Get the Best Boat Loans?

For many, nothing compares to the feel of a boat on the open lake or ocean waters. Boating embodies a deep-seated connection with the elements, a sense of adventure, and a unique lifestyle that captivates people around the world. Boats offer a retreat from the hustle and bustle of everyday life, whether you like to escape to serene waters and relax, or explore hidden coves and coastlines.

To help people achieve owning the boat of their dreams, many companies now offer boat loans through online applications. The surge in popularity of online boat loans is dur to a number of factors. All of these can work together to help you qualify for a boat loan sooner and easier than ever before.

Wednesday, September 18th

2024 Boat Loan Reviews

• Unsecured boat loans from $5,000 to $100,000
• Competitive interest rates
• Loan terms from 24 to 144 months
• No fees, no appraisals, no home equity requirements
• Interest rate discounts when payments are made automatically
• Low rate guarantee
• "A+” rated and accredited by the BBB

Navigating the waters of boat loans can be challenging, but if you're in the market for marine financing, LightStream emerges as a top-tier choice. Operating under the umbrella of parent bank Truist, LightStream stands out for its inclusive approach to credit evaluation.

More lenient in lending

Unlike some lenders, LightStream acknowledges that there's no one-size-fits-all definition for "good credit." While a solid credit history across various account types is beneficial, the lender considers factors beyond the conventional credit score. A history of timely payments, experience with saving, and the stability of your income and assets all play a role in determining your eligibility for a boat loan.

Very competitive interest rates

One of the standout features of LightStream is the diverse range of options it offers for marine loans. Whether you're eyeing a modest AB Inflatables Lammina or a luxury Scarab, LightStream accommodates your needs. The interest rates, surprisingly, remain competitive across different loan amounts and terms from 2 to 12 years. Of course, your credit profile influences where you fall within their range.

Easy-breezy process from application to funding

Applying for a boat loan with LightStream is a breeze, setting it apart from other providers. The online application process is hassle-free - check your rate, apply from your computer or mobile device, and enjoy a loan with no fees or prepayment penalties. And fortunately, you won't be burdened with providing extensive documentation on the boat you're purchasing, and there's no need for a marine survey or collateral to secure funding. Some loans can even be funded on the same day you apply.

Perks make their loans even more attractive

LightStream sweetens the deal with client-friendly perks that go beyond the loan terms. Opting for automatic deductions from your bank account grants you a half-percent discount on the interest for your monthly payments. Additionally, their Rate Beat Program promises you a rate 0.10 percentage points lower if you're approved for a comparable loan by a competitor. While this doesn't extend to secured or collateralized loans from other financial institutions, it adds an extra layer of competitiveness when you compare apples-to-apples boat loans.

Long history, positive reputation

What truly sets LightStream apart is its stellar reputation. The company boasts an "A+" rating and accreditation from the Better Business Bureau, backed by nearly 150 years of experience under the Truist umbrella. Positive reviews from boat owners who have experienced seamless transactions with LightStream further emphasize the lender's reliability and customer satisfaction.

Still the first place to look for a boat loan

For those dreaming of owning a boat, especially those priced at $100,000 or less, LightStream continues to rank as the best choice. Their boat loans offer not just affordable interest rates and a broad range of repayment terms but also a commitment to quality customer service and transparency. With a reputation for excellence, LightStream deserves its place as our top pick for boat loans under $100,000, making it easy for your journey to boat ownership to be nothing but smooth sailing.

• Higher-end boat loans from $25,000 to $2,000,000
• Works with a lending network of 50+ financial institutions
• Largest originator of boat and yacht loans in the US
• Office locations on both coasts
• "A+” rated by the BBB
• Hundreds of five-star reviews
• In business since 1996

If you're eyeing a high-end watercraft and need a boat loan ranging from $25,000 to a whopping $2 million, Trident Funding is an excellent choice. With nearly three decades in operation, they proudly hold the title of the largest originator of yacht and boat loans in the United States.

Over 50 lending partners

Collaborating with over 50 financial partners, Trident tailors lending packages for new and used boats, as well as refinancing current boat loans. This is also the preferred resource of BoatUS for loans over $25,000, earning a mark of approval that speaks volumes.

Do you qualify?

To embark on the boat loan voyage with Trident Funding, make sure you meet their criteria. A credit score above 600 is a prerequisite, not a surprise given the larger-than-average loan you're probably seeking. The boat's model year is also a factor, with no loans available on vessels older than 20 years. And, be aware that Trident Funding exclusively offers loans for pleasure boats, not liveaboard watercraft.

Use the tools if you're just browsing

If you're in the early stages of the buying process and want an idea of your borrowing potential, opt for a basic rate quote. Scroll down to the Boat Loan Rates section, adjacent to the Payment Calculator tool, for a quick estimate.

Application will affect your credit

For those ready to make a purchase, head straight to Trident Funding's online loan application. Be prepared to provide detailed information, including your Social Security Number, employment details, annual income, and even your boating experience level. Keep in mind that submitting this form triggers a hard credit pull that affects your credit score.

Quick approval, but you may need extra paperwork

Depending on your situation, your application may necessitate additional documentation, such as a personal financial statement, tax returns from the previous two years, and proof of liquidity for loans exceeding $250,000. Trident Funding promises to quickly evaluate your application, providing approval within 5-6 hours for loans under $150,000 and up to 24 hours for larger loans.

Expect a marine survey

But, you've still got some steps to take after your initial boat loan application has been approved. In most cases, a marine survey, akin to a home inspection, is required to verify the condition of the vessel. Completing the survey takes 7-10 days, after which the loan goes through underwriting and closing, with funds typically available within 48 hours.

Initial interest rates are competitive

While Trident Funding doesn't disclose detailed rate information (due largely to the fact that it will depend on the lender they match you with), their rate estimate tool at the time of this evaluation offered competitive percentages for most new boat purchases. As usual, the lowest rates tied to the highest credit scores.

Feedback is universally positive

Trident Funding has earned an "A+" rating from the Better Business Bureau and receives ample praise from hundreds of boat owners on Trustpilot, making it a top choice for luxury boat loans. The only drawback is the restriction on liveaboard boats, so if circumnavigating the globe is your plan, you will need to explore other financing options.

Best option for luxury boat loans

For those seeking concierge-level attention and financing for a high-end vessel, Trident Funding is unparalleled. Their stellar reputation, flexibility, and tailored service make them one of our top recommendations for boat loans exceeding $25,000.

• Boat loans from $25,000 to $25,000,000
• Approvals within 24 to 48 hours
• Minimum down payment of 10%
• Loans can close within 5-7 business days
• Service provided within the lower 48 United States
• In business since 1993

If you're in the market for a boat loan, Orlando-based Excel Credit offers a personalized touch that sets them apart. Picture this: you might even get assistance from the company owner himself - that's the level of attention Excel Credit has brought to the marine financing marketplace since 1993.

Application is a little outdated

Don't let the initial impression stop you here - their online application might feel a bit outdated. It's not the most tech-savvy, requiring you to fill in each page before seeing subsequent ones. Yet, you can save your progress and return later, handy for gathering boat details or financial statements.

Borrow up to $25,000,000

You can borrow anywhere from $25,000 to an impressive $25,000,000 through Excel, but you should anticipate making a down payment of 10% as part of your loan requirements. You should have your initial approval within 24-48 hours, and depending on what paperwork is needed in your individual situation, you could have loan proceeds within 7 business days.

Try the rate quote form if you're not in a hurry

If time isn't of the essence, filling in the Quick Rate Quote lets an Excel Credit loan officer reach out to you. This way, you can get your questions answered about rates, terms, and application timeframes before deciding on the complete online application.

Clients are very happy

Excel Credit has a long list of satisfied clients, some using the service to fund the purchase of more than one boat. Explore their social media channels and testimonials page to read firsthand accounts and even see photos of watercraft, airplanes, or RVs purchased with loan proceeds - a great way to envision your own dreams coming true. The Better Business Bureau continues to give Excel Credit a stellar "A+” rating.

Definitely worth your time

Getting a boat loan through Excel is remarkably straightforward. Although we'd like to see the lender provide a bit more upfront information, even an approximate range of interest rates and loan terms, the praise Excel Credit has received consistently over three decades is enough evidence that they're doing a wonderful job on boat loans from $25,000 into the millions. This is a lender that absolutely understands the marine loan industry, so you'll be in good hands if you go with Excel.

• Loans from $2,500 to $40,000 (structured as a personal loan)
• Terms range from 36 to 84 months
• Payment can be deposited on the next business day after approval
• No origination fees
• No prepayment penalty

Discover is so much more than a credit card brand. Did you know that they might be one of your best options for buying a boat (at least, one on the more affordable end of the price spectrum)?

Borrow up to $40K

All of Discover's "boat loans” are really personal loans that can be used for any purpose. You can borrow anywhere from $2,500 to $40,000, with terms that span 36-84 months and with competitive interest rates as well. There's no minimum credit score required to apply here, but naturally the best loan offers go to those with the best credit profiles. You can click on the "check your rate” button without any impact on your credit score, or use the sliders on the page (loan amount, length, your credit score) to get a ballpark idea even before doing that.

Next-day funding on most loans

Once your application has been approved and you accept Discover's loan, you could have your money deposited into the bank account of your choice by the next business day (as long as the loan is funded on a weekday night). You could experience a delay if there are any typos or errors on your application.

No fees for origination or prepayment

And, if you're able to pay your loan back early, no worries. Discover doesn't charge fees for prepayment (and there are no origination fees either, by the way).

Almost 25,000 five-star reviews for these loans

Discover borrowers are exceptionally happy with their loans. Across more than 26,000 ratings just on Discover's personal loans, nearly 25,000 of them were a perfect five stars. And no, Discover didn't filter out the negative ones: they were collected by a third-party service and updated in real time, so you can trust that they're legit. Clients say that they were thrilled to see that Discover came in with better rates and terms than their bank or credit union, that customer service is top-notch, and that the approval process was quick and easy.

Surprisingly good option for boat loans

Who knew a credit card company could be a great option for non-luxury boat loans? Well, you do, now! As long as you're not trying to by a $20M superyacht, getting a personal loan through Discover can open up the pathway for the boat of your choice; it won't matter if you're trying to buy one new from the dealership or a used one through a private sale, because the loan is funded independently of your plans on how to use it. We're pleased (and a little surprised) to give Discover a well-deserved high rating as an option for financing a boat purchase.

• Loans between $1,000 and $50,000 (structured as a personal loan)
• Uses more than your credit score to determine eligibility
• Connects borrowers to more than 100 banks and credit unions
• Most loans funded within 24 hours
• Over 2.7 million customers and $34 billion in originations
• Available in 48 states (excluding Iowa and West Virginia)
• Over 40,000 five-star reviews from clients

Financing a boat without straining your finances or solely relying on your credit score is the essence of what Upstart brings to the table. Founded by former Google employees, Upstart takes a distinctive approach by evaluating your college degree, field of study, work history, and credit history years to determine your eligibility for a boat loan.

Millions of customers

This unique approach makes Upstart a positive force in the fintech world, particularly for recent graduates or those still building their credit history. The numbers speak for themselves: over 2.7 million customers have embraced Upstart, resulting in $34 billion in loan originations.

Do you meet the criteria?

To set sail with one of Upstart's boat loans from their network of 100+ banks and credit unions, you'll need to meet certain criteria. Generally, a FICO or Vantage score of at least 580 (or 620, depending on your state) is required, and applications with bankruptcies or delinquent accounts probably will be rejected. Additionally, you must be at least 18, with a minimum annual income of $12,000, a personal US bank account, and either a full-time job, a job offer starting within 6 months, a regular part-time job, or another source of regular income.

Personal loans that can be used for boat purchases

Your loan is structured as a personal loan, so technically you can use it for whatever you like. You can borrow anywhere from $1,000 to $50,000, making Upstart an option for more budget-friendly watercraft ( you'll need to look somewhere else if you've got your eye on that custom Feadship superyacht ). However, state regulations may influence minimum and maximum loan limits. The loan terms typically span three or five years, and as of our latest evaluation, the APRs were very competitive. One last note: if you live in Iowa or West Virginia, you unfortunately won't qualify to borrow money through Upstart.

Next-day funding is possible

Upstart's application process is efficient, taking you just 5-10 minutes to input basic details like your name, address, income, employment, and educational background. Fortunately, this process won't impact your credit score as Upstart performs a "soft" credit check. Within minutes of applying, you may receive loan offers, and upon accepting the terms, your funds could be in your bank account as soon as the next business day.

You may pay origination fees

When reviewing loan offers, be mindful of origination fees, which can range from 0% to 8%, depending on your state. Also, watch out for any late payment or check-bouncing fees. Fortunately, Upstart welcomes early loan repayments and extra payments.

Solid reputation

Upstart has an outstanding reputation, with an "A+" BBB rating and accreditation, accompanied by minimal complaints. Over 45,000 Trustpilot reviews paint an equally positive picture, with an almost flawless average rating of 4.9 out of 5 stars. Many clients return to Upstart for their lending needs, and funds are promptly deposited upon accepting the loan terms - a process that many complete using their smartphones.

A couple of drawbacks

We did notice a couple of drawbacks to using Upstart for boat loans. First off, they're obviously not a marine-focused lending option. That isn't a huge disadvantage necessarily, but it keeps them from offering you anything that might be more specific to boating needs. You also see that reflected in their upper limits for lending amounts; they even come in a little lower than several other non-boating-specific financing options we evaluated (some rivals offer up to $100,000, even though those loans are also structured as a personal loan). And, some competitors even offer no-fee loans.

Better than most

Upstart deserves a high rating among boat loan choices. As long as you're looking at a vessel that's $50,000 or less (or you're making a down payment that means you only need to borrow that much), Upstart's perks earn it consideration for your next marine loan.

• Boat loans up to $999,999
• Funds available for new and used boats, plus refinancing
• Referral service pairs you with up to 5 lending partners
• APRs vary widely, based on chosen lender
• Repayment terms from 24 to 84+ months
• Almost 30 years in business

With LendingTree's roots dating back to 1998, this online loan marketplace has played a pioneering role in alternative financing, including boat loans, credit cards, and small business loans. You're matched with up to five lenders in their fully-vetted network of partners, whether you're financing a new boat purchase, getting a used vessel, or refinancing a marine loan you already have.

Connect with hundreds of prospective lenders

Unlike some services with limited options, LendingTree provides access to hundreds of financial institutions. The transparency offered is noteworthy, providing detailed information about each partner's history and client reviews. This feature instills confidence, especially when dealing with lesser-known lenders introduced to you by LendingTree.

Lenders offer up to nearly $1M

Curious about the amounts and interest rates for boat loans through LendingTree? It heavily depends on your unique credit profile, income level, and borrowing needs. Generally, LendingTree partners can fund boat loans up to a dollar short of $1 million, with interest rates determined by individual lenders. It takes applying to receive your personalized offers.

No hit to your credit until you choose a lender and apply

Initiating the process is simple; choose the type of boat loan you need, whether it's for a new purchase, used purchase, or refinance. The application prompts you to enter essential details such as the purchase price, down payment, desired monthly payment, intended use, and personal information. While sharing your Social Security Number is required, LendingTree only performs a soft credit check, so there's no impact on your credit until you complete the application with your chosen lender. Everything from that point forward depends on the financial institution you ultimately work with, but you'll have plenty of information about that lender at your fingertips before you have to make the final call.

"A+” from the BBB but can lead to unwanted communications

LendingTree holds an impressive reputation, supported by an "A+" BBB rating and thousands of five-star reviews. However, some users have reported receiving spam communications after providing their contact information to LendingTree. That's not so unusual with referral platforms in general, but the complaints in that regard from LendingTree users are more widespread than some rival services we've seen.

Still a great resource overall

For those who appreciate having multiple boat loan options before making a decision, LendingTree is a solid starting point. While missing out on a higher ranking because of the information-selling issue, we continue to give LendingTree a solid recommendation.

• Loan referral platform
• Transparent in naming the partners they work with
• Great resource for vetting loan providers
• Lots of reviews from other borrowers
• Loans up to $100K
• In operation since 2013

SuperMoney, a prominent name in the financial services arena since 2013, extends its expertise to help individuals make well-informed decisions about their boat loans. This platform, widely recognized by Forbes, Huffington Post, Business Insider, and Yahoo Finance, offers a comprehensive array of financial services, including personal loans that can be used to buy a boat.

Get referrals to multiple lenders

SuperMoney operates as a referral platform, connecting you with an extensive network of lending partners. While they don't directly fund boat loans, they facilitate a seamless process for you to review offers, compare options, and choose a lender that aligns with your needs and budget. This approach ensures that you can make an informed decision after evaluating various loan options. You'll even see some of the lending partners we reviewed separately, so it might be worth it to use SuperMoney as your jumping off point, rather than filling out the initial application on each of those sites.

You won't be spammed after applying here

To see what SuperMoney can do for you, you'll navigate through the usual questions about your loan preferences, credit score, and employment status. Providing personal information is a part of the process, primarily for identity verification and a soft credit check. SuperMoney stands out by prioritizing user privacy - your information won't be sold to third parties, shielding you from unwanted solicitations.

Check out the lender database

SuperMoney's customer-centric nature extends to its list of lending partners, which you can readily access on their dedicated page for personal loans. Here, you'll find valuable client reviews without having to commit to the application process, offering an added layer of convenience and information accessibility. You could even use the database to research any boat loan options you've found on your own, no commitment required.

Useful, trustworthy service

Despite the absence of a listing on the Better Business Bureau, SuperMoney has an outstanding reputation with over 400 ratings on Trustpilot, averaging an impressive 4.9 stars. Users consistently highlight SuperMoney as a valuable resource for researching lenders, even if they ultimately choose to secure a loan through a different platform.

One of our favorites among boat loan referral platforms

In your boat loan research, SuperMoney serves as a fantastic resource, providing you with valuable insights, a user-friendly experience, and the ability to compare multiple loan options. Although your rates and terms will still be completely dependent on the lender you select for your boat loan, SuperMoney's overall reputation and the wealth of information it offers make it an excellent starting point. We appreciate SuperMoney's promise not to sell customers' information, and it earns a high rating among companies offering boat loans.

• Concierge-type service to match you with the right boat loan
• Can create a custom package that includes insurance and warranty protection
• Recommended partner of BoatUS
• 75+ five-star reviews from satisfied borrowers

First Approval Source gives you concierge-level help in finding the right financing for your boat. Based in Georgia, the company doesn't use computers to do all the heavy lifting. Instead, once you've filled out the online inquiry form, their team of actual human beings goes to work to build a package that meets your needs, not just the financing itself but also insurance and warranty protection, if you want them.

Be ready to get really personal with the online form

But, to really find out what First Approval Source can do for you, you'll have to reach out. It's easy to do that with the online form on their website, but that's where we first got the inclination that there are some specific parameters for working with them for a boat loan. Right on the initial page, it asks if you know the salesperson's name at the dealership. What if you're buying from a private seller? You'll also be asked for your driver's license (not just the number but an image upload) and Social Security numbers just a few pages in.

Skip the web and go to the phone

You'd do better to reach out to First Approval Source directly, rather than filling out the online application. You're going to hear from them anyway after you submit it, so why not just call first? That's the quickest route to finding out how much you can borrow, whether or not they'll finance your purchase of a used vessel, and so on.

They don't sell your information

There are a few things we appreciate about First Approval Source. One, they promise to keep your information secure: even though they work with multiple lenders to get you the best package for your boat loan, they're not trying to make money by selling your phone number to third-party marketing companies. That's a breath of fresh air!

Recommended by BoatUS

Two, First Approval Source is the BoatUS recommended lending option for any boat loans under $25,000. BoatUS is a leading boat owners association in the US, with over 500,000 members, and so their recommendation means something.

All 5-star ratings from dozens of clients

Third, since the last time we evaluated First Approval Source, they've earned at least 75 five-star ratings. Clients name specific representatives for being helpful and dedicated to getting them the best marine loan terms, and they go into detail on the ways that this company goes above and beyond in the lending process. We invite you to check out the reviews on Google for yourself (we also should point out that it's the only place we found reviews - First Approval Source still doesn't have any rating we could find with the Better Business Bureau or on Trustpilot).

Give them a call for an old-fashioned boat loan process

Who's the ideal First Approval Source borrower? Probably someone who wants to skip all the online stuff and go right to a service that will take the reins and find a good match for their boat loan. We're happy to see so much feedback that came in since our last review of this company, and all of it enthusiastic and positive. First Approval Source's website is missing some of the bells and whistles of more digitally-focused options for boat loans. Still, give First Approval Source a call if you'd like to get a boat loan in a more traditional, less tech-y way.

• Boat loans available from $5,000 to $100,000 (structured as a personal loan)
• Flexible repayment terms spanning from 2 to 7 years
• Most loans funded same or next day
• Available in all states except Mississippi
• Live customer support 7 days a week
• "A+” BBB rating

SoFi, a financial powerhouse with over two million members and $50 billion in funded loans, extends its expertise to marine loans, helping people realize their dream of becoming boat owners. In addition to boat loans, SoFi provides an array of resources for strategic debt payoff, financial security, investing, and future savings, fostering a comprehensive approach to financial independence.

No surprises in the initial application

Applying for a boat loan through SoFi is about as easy as it gets. Enter your basic information, desired loan amount (up to $100,000), and indicate "major purchase” as the reason for your application. SoFi will try to verify your identity and make a soft pull on your credit based on the details you enter; you may need to enter your SSN if your credit history can't be located based on what you put in previously.

Not the most competitive rates

Bear in mind that all SoFi loans are structured as personal loans: these aren't specific to the marine industry, so no matter how you use your loan proceeds, the process will always be the same. Of course, the strongest applicants qualify for interest rates on the lower end of the spectrum. The average SoFi borrower, regardless of what they used their loan for, was cited as having a 14.84% APR over a 5-year loan term. How does that stack up against other options for boat loans? It's not the best or the worst. But, as a comparison, our #1-ranked lender's highest quoted APR is lower than SoFi's quoted average, so keep that in mind.

A few ways to lower your interest rate

There are a few perks at SoFi that could get you a lower rate, though. They offer a 0.25% APR discount for setting up your account for autopay, and another half percentage point off if you opt for an account with direct deposit.

Watch out for origination fees

But, if you don't take the time to carefully go over your boat loan terms with SoFi, you might be caught off guard by other fees. Even though SoFi proudly puts in large print that they don't charge origination fees, the harder-to-spot text at the bottom of the site says that borrowers should anticipate fees ranging from 0 to 6%. Given that your SoFi boat loan could be anywhere from $5,000 to $100,000, 6% is not what we would call nothing. We also don't love this lack of clarity or consistency on SoFi's part.

Same-day funding on most approved loans

And, if you've spotted a boat that you've just got to have and you want to make an offer before someone else does, SoFi has good news for you: over 80% of their loan applications get funded on the same day if paperwork is signed by 7PM EST on a business day.

Mostly positive reputation

We can also say that SoFi's reputation is nothing to worry about overall. The Better Business Bureau gives the fintech company a perfect "A+” rating, and we found more than 7,000 five-star ratings on Trustpilot too. Regardless of their reasons for borrowing money, clients usually say that the process is smooth, they're happy with the amount they qualified for and the interest rate, and that the experience was transparent from start to finish. But, in the spirit of full disclosure, we did notice over 1,300 complaints filed against SoFi in the last three years: all of them were resolved appropriately, and many of them related to general banking issues unrelated to any kind of loan product, so you're probably safe looking at SoFi for your boat financing.

Could be worth a look

It can't hurt to see if SoFi can offer you a boat loan, especially if our higher-rated lenders aren't an option for some reason. But, it might save you a bit of time to use one of the referral platforms on our list that includes SoFi as an option: that way, you can compare them against other lenders with one initial application. SoFi probably isn't going to come in with the absolute best rates and terms, but there's no reason to avoid this lender if they offer you a boat loan you can afford.

• Boat loans from $1,000 to $50,000 (structured as a personal loan)
• Origination fees from 1.85% to 9.99% deducted from loan proceeds
• Repayment terms from 24 to 84 months
• Two lending partners
• In business since 2017

Established in 2017, Upgrade offers a diverse range of financial services, including rewards checking, personal loans (that can be used to buy a boat), credit cards, and financial education. Headquartered in San Francisco with additional offices in Phoenix, Atlanta, Orange County (CA), and Montreal, Upgrade has successfully served over 2.5 million customers, issuing loans exceeding $24 billion in its initial years.

Basic application process

Working through the boat loan application process through Upgrade is relatively uncomplicated. Kick off by specifying your desired loan amount, ranging from $1,000 to $50,000, and indicating the loan's purpose (for a boat, that would best match "major purchase"). Provide the necessary personal details for yourself and any additional applicants, specifying whether it's an individual or joint application. Annual income details are required, with specific qualification requirements outlined for self-employed applicants.

You'll need a verified account

To access your boat loan rate quotes, create an Upgrade account with your email address and a chosen password. Verification of your identity involves providing your full Social Security Number. (In the event Upgrade cannot locate your credit profile through TransUnion or another bureau, you'll be notified that your loan request was denied.)

Interest rates are high, plus origination fees

We're not over the moon excited about Upgrade's rates and terms for marine loans. You'll find fixed-rate APRs with repayment terms spanning 24 to 84 months. That's pretty standard, but their APRs don't include Upgrade's one-time origination fee of 1.85% to 9.99%, deducted from the loan proceeds. If you don't calculate carefully and account for those fees, you could wind up with a total that doesn't meet what you need to borrow for the boat you're buying.

Two lending partners behind the scenes

Upgrade channels its boat loans through two financial partners, Cross River Bank and Blue Ridge Bank. While Cross River Bank holds a "C-" rating from the Better Business Bureau, Blue Ridge Bank enjoys a more favorable "B+" rating. Upgrade itself maintains an "A+" BBB rating, giving us confidence that this isn't a bad option for loans in general.

Good reputation, especially with those who have low credit scores

With almost 40,000 Trustpilot reviews, Upgrade continues to solidify its good reputation, with 92% of customers awarding the company a 4- or 5-star rating. Although some customers note slightly longer wait times than they expected for loan processing and approval, the majority describe the loan application process as quick, easy, and reliable. Qualifying for a loan with a credit score below 600 is a standout feature, one that resonated positively with customers.

Not bad, but not our favorite

We only feel comfortable giving Upgrade a middle-of-the-road rating. While the lender is definitely reliable and may have options for borrowers with lower credit scores, we can't get past those steep origination fees and high interest rates. Plus, these loans aren't boat-specific: that's not an immediate "no” from us, but with the other drawbacks we mentioned, it's enough to stop Upgrade from getting an enthusiastic "yes”.

Continued from above... Continued from above... -->

One key driver why online boat loans are so popular is the unparalleled convenience they offer. Today's consumer value efficiency and simplicity in their lives. Online boat loans provide a streamlined application process, allowing borrowers to complete the entire transaction from the comfort of their homes. Gone are the days of cumbersome paperwork and time-consuming visits to brick-and-mortar banks or other lending institutions.

Another thing that sets online boat loans apart is the speed of approval and disbursement of funds. Traditional lending often involved lengthy approval processes, causing delays that could hinder the timely purchase of a boat. Online lenders leverage technology to expedite the approval process, letting you receive a quick decision on your loan - and get quick access to your funds.

Securing a boat loan involves navigating through various financial waters, understanding the intricacies of marine financing, and ensuring a smooth sail towards ownership. Whether you're dreaming of a luxurious yacht or a modest fishing boat, here's what you need to know as you explore the world of boat loans.

Boat loans are specialized loans designed to finance the purchase of a boat. They function similarly to auto loans, with the boat itself often serving as collateral to get you a lower interest rate (a secured boat loan). Lenders assess your credit score, income, debt-to-income ratio, and the type of boat you're purchasing when determining your eligibility. A higher credit score usually results in better loan terms, including lower interest rates.

Lenders offer fixed or variable interest rates, and the loan term can range from a few years to more extended periods. Longer loan terms can result in lower monthly payments but may lead to higher overall interest payments. Shorter terms may mean higher monthly payments but lower overall costs. Also, many lenders may require a down payment, usually ranging from 10% to 20% of the boat's purchase price. A larger down payment can lead to better loan terms and increased chances of loan approval.

Beyond the loan amount, you should consider other costs associated with boat ownership, such as insurance, maintenance, storage, and docking fees. These should be factored into your budget to ensure a realistic financial plan.

The boat loan application process involves submitting personal and financial information, including proof of income and credit history. Be prepared to provide details about the boat you intend to purchase, including its make, model, and purchase price. And, if your boat is in the $200K+ range, you'll likely need a boat inspection called a "marine survey”: similar to the inspection that's required on a home prior to qualifying for a mortgage, your lender will want to know that the vessel is seaworthy before approving the purchase.

The good news is that most of this can be done online. You've got an ocean of opportunities out there as you work to get the seafaring vessel of your dreams, and all it takes is a few clicks to find your financing.

What should you look for as you decide where to apply for a boat loan? Keep these things in mind:

• Loan structure. Is the boat loan set up specifically for boats (which is often more like a traditional auto loan), or is it a personal loan? Personal loans tend to have much higher interest rates. Also, be sure to note whether it's an unstructured (not secured by collateral) or structured (secured by collateral) loan: if you default on your payments, you will lose whatever you used to secure that loan (like the boat itself). Do you need to make a down payment?
• Rates and fees. How much will your monthly payments be? How long is the loan term? What fees are charged beyond interest (like origination fees, processing fees, and so on)?
• Available loan amount. How much does the lender let applicants borrow? Is it enough to cover the full amount for the boat you're hoping to buy? How long will it take to get the funds if you're approved?
• Reputation. What have other boat owners said about the lender? Were there any (unpleasant) surprises at any point of the application process or after the loan was funded? Has the Better Business Bureau given the lender a favorable rating?

Securing a boat loan requires careful consideration of your financial situation, the type of boat you want, and the terms offered by lenders. To help you on your quest, the experts at Top Consumer Reviews have evaluated and ranked some of today's most popular sources of boat loans. By navigating these waters thoughtfully, you can set sail on your maritime adventure with confidence and financial peace of mind.

Boat Loan FAQ

How much can i borrow to buy a boat, will i need to make a down payment to get a boat loan, can i buy any kind of watercraft with a boat loan, how long will it take to get approved for a boat loan, how quickly can i get the money with a boat loan, do i need good credit to qualify for a boat loan, what documentation is needed to get a boat loan, what fees should i expect with a boat loan, compare boat loans.

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• Boat Financing Terms
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How Long Are Boat Loans?

Boat loans are typically between 10 and 20 years, but they may be shorter

Karon Warren has 20+ years of experience researching and writing about banking, mortgages, credit cards, savings, and other personal finance topics.

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Boat loan terms can be as short as five years, but typically, they are between 10 to 20 years. The exact length of a boat loan depends on a number of factors, including the loan amount, the age of the boat, and the type of boat. Learn more about how to determine the right boat loan term for you. 

Key Takeaways

• Boat loans typically range between 10 and 20 years. 
• Boat loan lenders usually want a minimum credit score of 700 before approving a boat loan. 
• Boat loans are available from a variety of lending sources. 

Factors that Affect Boat Financing Terms

As with other types of loans, a number of factors can affect the financing terms on boat loans.

• Age of the boat : Generally, the newer the boat, the better the financing terms because lenders can more easily recoup their money if the borrower defaults and the lender needs to sell the boat. Loans for older boats tend to have higher interest rates and may have shorter terms. Lenders typically will not finance a boat older than 20 years. 
• Loan amount : The amount of money you need to borrow could help dictate how long you can finance it. Generally speaking, the more money you borrow, the longer you can finance it. 
• Type of boat : While loans for most modern powerboats are treated similarly, loans for some types of boats may have more unique terms. These include sailboats, boats with wooden hulls, high performance or racing boats, and boats you can live on, such as houseboats and yachts. 

How Boat Loans Work 

Boat loans include many of the same terms you’ll find with other loans. 

• APR range : For boat loans , interest rates typically start at between 6% and 7%, but depend on the lender, how much the down payment is, and the borrower’s credit score and history. 
• Amount range : Boat loans can vary greatly, depending on the type and age of the boat. Lenders could finance anywhere from $5,000 to $5 million. 
• Requirements : These credit standards vary by lender, but include a minimum credit score , income requirements, and loan-to-value ratio (how much the loan amount is compared to the boat’s market price). 
• Boat requirements : The lender may limit how much it will loan, if any, based on the boat’s age. 
• Fees : These include application and origination fees , processing fees, and closing costs. In addition, lenders may charge you late fees for overdue payments and prepayment penalties if you want to pay off the loan early. 

Other Considerations 

The interest rate and type of loan could also affect the loan terms. 

For a boat loan with a fixed interest rate , the monthly loan payments will remain the same for the entire term of the loan. For a boat loan with a variable interest rate , the; rate could change frequently, meaning the monthly payment could increase or decrease throughout the loan term. 

With a secured loan , the lender uses the boat as collateral, meaning if you miss payments and default on the loan, the lender has the right to repossess the boat and sell it to pay off the loan. 

With an unsecured loan , you won’t risk losing your boat if you miss payments. However, unsecured loans could require a higher down payment and/or higher interest rate since the lender bears higher risk.

Where to Find a Boat Loan 

Boat loans are available through numerous lenders ranging from your local financial institution to qualified marine brokers. So, like other types of personal loans , boat loans can be found online and through brick-and-mortar providers.

Banks and Credit Unions 

Many banks and credit unions offer boat loans, so when shopping for a boat loan , talk with a banking professional at your current bank or credit union. You may receive more favorable loan terms, such as lower interest rates , if you are a current customer. 

Online Lenders

Because they don’t have the same operating costs as brick-and-mortar financial institutions, online lenders often offer lower interest rates on loans, including boat loans. When shopping for a boat loan, check with a variety of online lenders to see how they compare on loan terms. 

Dealer Financing 

Just as car dealers offer financing when you purchase a vehicle, boat dealers can also offer financing. However, dealer financing could have higher interest rates or include additional fees compared to other lenders like your bank or credit union.

Alternatives to Boat Loans 

Other ways to finance a boat purchase aside from a boat loan include a home equity loan or a personal loan.

Home Equity Loans or Home Equity Lines of Credit

If you own a home and have established equity, you can take out a loan through a mortgage lender that allows you to use that equity as collateral. A home equity loan is an installment loan in which you receive money in a lump sum that you repay over time.

A home equity line of credit (HELOC) also uses your home as collateral, but instead of a lump sum of money, you receive a credit line that works similarly to a credit card . You can use as much of the credit line as you need and only pay interest on those borrowed funds. When you repay what you borrowed, you can borrow it again.

Home equity loans and home equity lines of credit can provide a larger sum of money for a lower interest rate because the loan is backed by collateral, making it lower risk for lenders. However, if you cannot repay these loans, you risk losing your house to foreclosure .

Personal Loans 

If you have good credit , you may qualify for an unsecured personal loan to purchase a boat. Personal loans are approved based on your credit score and financial information like your income but are not backed by collateral. Interest rates on personal loans tend to be higher than on secured boat loans, but you can use personal loans for a range of purposes.

With a personal loan, you receive a lump sum of money to use toward your expenses. Then, you repay that loan over a set amount of time. Terms of personal loans generally range from two to five years. Many lenders offer a maximum of $30,000 to $50,000, but some lenders may provide as much as $100,000.

How Old Can a Boat Be to Get Financing?

Lenders typically will not finance boat loans for boats older than 20 years. If you want to purchase an older boat, you may need to get an unsecured personal loan that can be used for a broad range of purposes, including buying a boat.

What Credit Score Do I Need to Get a Boat Loan?

Credit score requirements vary by lender, but could be as low as 550 for some lenders. The lower your credit score, the higher you will likely be charged in interest.

What Is the Average Interest Rate on a Boat Loan?

Interest rates depend on a number of factors, but typically start between 6% and 7%. This varies by lender, but your local bank or credit union is a good place to start.

What Time of the Year Are Boats the Cheapest?

Fall is usually the slow season for buying boats, so you could potentially find a great deal on a boat, including good loan terms. You may be able to get a good deal on a boat when newer boat models are introduced or when your local boat show is held.

Do Boats Hold Their Value?

As with other types of vehicles, boat values depreciate over time, so the older the boat, the lower its value. Boats rarely increase in value like other assets such as homes.

Boat loans typically range between 10 and 20 years, depending on how much the loan amount is , the age of the boat, and the type of boat. Boat loans are available from several lenders, including banks, credit unions, online lenders, boat dealers, and marine brokers. The right length of boat loan will depend on your budget and funding needs.

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Trident Funding is one of the largest and most experienced financing companies in the US, specializing in Boat, Yacht, RV & Aircraft Loans.

Our vast knowledge of boat loan financing and RV lending allows us to match you with the best boat loan or RV loan option for your unique situation. Whether you’re financing a $25,000 Tracker bass boat or a $1,000,000 Azimut motor yacht, our marine lenders give you access to the best rates and terms in the marketplace. Our RV loan specialists guide you through the entire financing process to get you on the road!

We offer individual, full-service care to provide you with a boat loan or RV loan that best meets your needs. We also help coordinate marine surveys and inspections, insurance, and titling or registration.

We know that we are only as good as our reputation. With nearly 300 reviews, 98% of our loyal customers give us 5 star reviews on Google.

As the most trusted nationwide boat loan and RV loan provider, we offer new and used boat loans and RV loans at office locations coast to coast from Washington to Maine down to the Florida coast and California.

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Buying an RV? See current RV loan rates and use our quick RV loan calculator to estimate your monthly payments.

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Use our rate estimator to check current boat loan and RV loan rates. Get an idea of what your interest rate and monthly payments could be with Trident Funding’s boat loan estimator.

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Enter your desired monthly payment to get the loan amount you can afford or provide your total boat loan amount and loan terms to return your estimated monthly payments.

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Fill out a simple loan application and get approved in 24-48 hours!

If you’re ready to buy a new or used boat or RV or you just want to check rates for refinancing, Trident Funding has the best boat loan and RV loan rates.

Whether you’re new to boating or an experienced marine aficionado, our team of loan officers will guide you through the boat financing process quickly and confidentially. Our RV loan specialists are experts in the recreational vehicle financing industry.

We help you submit a loan application and calculate your monthly payments to find the best marine or RV lender. Use our boat finance calculator to estimate your monthly payments and annual rate. Let us help you find and finance a boat or RV that fits your budget and your lifestyle. You’ll see just how affordable boating can be!

Need to do some more research? Check out our blog –  The Trident  – to understand more about the boat loan or RV loan process.

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Key takeaways

• A boat loan gives you the ability to finance the cost of a boat over several years instead of paying for it all at once.
• A secured boat loan may come with lower rates and longer repayment terms.
• An unsecured personal loan may make financing an older used boat easier.
• Online lenders, credit unions, traditional banks and specialty marine financing lenders may offer a variety of different boat loan options.

If your sights are set on buying a boat so you can set sail whenever you want, you may need to get a boat loan to make that dream a reality. Boat loans are a type of installment loan that is used specifically for the purchase of a vessel. These loans can be secured or unsecured and typically have repayment terms of two to 15 years.

Boat financing is available from different types of lenders. But the best boat loan for you will depend on a number of factors, including your credit score and the type and size of the boat you’re considering.

How to finance a boat in 5 steps

Applying for a boat loan can be similar to applying for an auto loan . If you take out a secured loan, the lender will need information about both you and the boat you’re considering purchasing. An unsecured loan, however, doesn’t require you to provide any details about the boat. Regardless of your loan type, follow these steps for a smooth application process.

1. Check your credit score

You’ll have to consider many factors before getting a boat, and your credit score is the main one. Lenders check your credit score to determine your creditworthiness. Secured boat loans may require higher credit scores than auto loans.

The higher your score, the more you can borrow at lower rates and longer terms. You may also have a lower down payment requirement than if you have a lower credit score. If your score isn’t in the good-to-excellent range, you may want to focus on unsecured personal loans to finance your boat.

2. Calculate how much you need to borrow

If you’re looking at a boat in a particular price range, use a boat loan calculator to get an idea of how much your payment will be. Compare the payment for a short term versus a longer-term loan.

A short term will pay your boat off faster with less total interest, while a longer term will save you money monthly, but cost you more over time. Include costs such as taxes, registration, insurance and ongoing maintenance in the total loan amount unless you plan to pay those costs in cash.

Secured and unsecured lenders look at your debt-to-income (DTI) ratio to determine how much of your monthly income is already committed to debt. They also want to confirm you have a steady income to repay the loan. You may need to scale back your boat price if your credit profile doesn’t meet the lender’s requirements for the amount you want.

3. Gather the required documentation

To keep the loan process moving smoothly, you should have a recent pay stub, W-2, tax return, brokerage account statements, proof of residence and driver’s license ready. If you’re taking out a secured loan, you may also need information about your boat.

Online lenders usually allow you to upload your documents, and certain banks and credit unions may also allow digital copies. To prevent delays, make sure you take legible pictures or scans of them.

4. Prequalify and compare lenders

Try to work with lenders that offer the option to prequalify for a boat loan. You’ll get a good idea of what they can offer without dinging your credit score with a hard inquiry. Compare the rate quotes from at least three lenders before you commit to one.

5. Submit a full application

After choosing the lender you want to do business with, you’ll generally finish the application process online. You should get a final answer within a few hours or a few days, depending on the type of lender you’re working with and whether you prequalify.

If you’re taking out a secured loan, you may have to wait for a marine survey report. This report assesses the boat’s value, similar to how a home appraisal estimates the value of a home.

The lender will run a hard credit check and may ask you for additional documentation before finalizing your loan paperwork. Funds are usually directly deposited into your bank account.

Where to get a boat loan

The best boat loan for you may be available at your local bank, credit union or with an online lender. Regardless of where you get your boat loan, compare at least three lenders to see which rates and terms work the best for your boat purchase. Ask about secured and unsecured options — the rates and terms may differ significantly depending on your choice.

Traditional banks

If you prefer in-person service and want to have all your accounts in one place, check on boat loan options with your local bank. Traditional banks may offer loyalty discounts on interest rates and fees related to boat financing if you’ve banked with them for several years.

However, you’ll typically need to meet higher credit standards and the loan process may take longer than other types of lenders. If you’re in a hurry to set sail or want to move quickly on a purchase, a bank may not be the right choice for you — especially given some banks may not even offer boat loans.

Credit unions

Credit unions can be a good source for boat loans — if you’re a member. You may be eligible for membership perks that are similar to those offered by banks, like lower interest rates and fees. Credit union loan approval requirements may be more relaxed than traditional banks, although you’ll generally need a fair or good credit score to qualify.

Online lenders

Online lenders primarily specialize in unsecured personal loans that can be funded quickly. They often have quick approval processes that require little documentation compared to other options.

You may also find more options for bad credit, although you’ll pay much higher rates than other boat loan types. That said, if you have excellent credit you may find some of the best personal loan rates . They are a good option if you are confident you can afford the payments and you’re buying a used boat or can’t qualify for traditional or credit union boat loans.

Alternatives to taking out a boat loan

Boat loans can help spread out the costs of purchasing a vessel, making the initial investment more affordable, but there are also some cons. For instance, many lenders charge origination fees on top of interest rate, resulting in a higher overall cost.

If you have less-than-stellar credit, you may also end up with a high interest rate and monthly payment, which could increase your chances of defaulting on the loan . That said, there are other ways to purchase or use a boat if you don’t want to take out a boat loan.

Pay in cash

Paying cash for a boat is the cheapest purchase option because you don’t pay interest charges or loan fees. However, ensure you have enough remaining cash to maintain an emergency fund and accomplish other financial goals before considering this option.

Rent a boat

If you’re only occasionally on the water, renting a boat may be more cost effective. Aside from savings on loan costs, you won’t need to pay to store, maintain or insure it.

Marine financing

Boat dealers may offer financing options from a preferred lender onsite. This may be a convenient way to buy and finance your boat in one place, but you should still compare the financing terms with other lenders to ensure you’re getting the best deal.

The bottom line

A boat loan can be a great way to afford boat ownership , as long as the financing terms make sense for your budget. Decide how much you want to commit to while financing a boat and stick with a boat price that keeps your monthly payment affordable. Don’t forget to budget for the ongoing costs of owning a boat like fuel, maintenance, docking, storage and insurance.

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Krasnodar Krai and Adygea

• 2 Other destinations
• 3.1 Krasnodar Krai
• 5.1 Krasnodar Krai
• 6 Get around
• 10.1 Krasnodar Krai
• 10.2 Adygea
• 11 Stay safe

<a href=\"https://tools.wmflabs.org/wikivoyage/w/poi2gpx.php?print=gpx&amp;lang=en&amp;name=Krasnodar_Krai_and_Adygea\" title=\"Download GPX file for this article\" data-parsoid=\"{}\"><img alt=\"Download GPX file for this article\" resource=\"./File:GPX_Document_rev3-20x20.png\" src=\"//upload.wikimedia.org/wikipedia/commons/f/f7/GPX_Document_rev3-20x20.png\" decoding=\"async\" data-file-width=\"20\" data-file-height=\"20\" data-file-type=\"bitmap\" height=\"20\" width=\"20\" class=\"mw-file-element\" data-parsoid='{\"a\":{\"resource\":\"./File:GPX_Document_rev3-20x20.png\",\"height\":\"20\",\"width\":\"20\"},\"sa\":{\"resource\":\"File:GPX Document rev3-20x20.png\"}}'/></a></span>"}'/> Krasnodar Krai is a region in Southern Russia , bordering Crimea to the west (across the narrow Strait of Kerch), Rostov Oblast to the north, Stavropol Krai to the east, and Georgia and Karachay-Cherkessia to the south.

Adygea , officially the Republic of Adygea , is an autonomous region in Southern Russia completely enclaved within Krasnodar Krai. Adygea is ethnically distinct, as Circassians are about 25% of the population while ethnic Russians represent 60% of it. However, for geographic reasons, we cover this republic along with Krasnodar Krai. Krasnodar Krai offers travelers Russia's premiere beach resorts as well as some of Europe's tallest mountains in its Caucasian south.

• 45.033333 38.983333 1 Krasnodar — capital and principal city of Krasnodar Krai
• 44.6 40.083333 2 Maykop - the capital of Adygea and its biggest city
• 43.428889 39.923889 3 Adler
• 44.894444 37.316667 4 Anapa — an ancient Pontic Greek port, now a small, family-friendly Russian beach resort town
• 44.560833 38.076667 5 Gelendzhik — small beach town east of Novorossiysk
• 44.716667 37.766667 6 Novorossiysk — Russia's main Black Sea port, a must for World War II buffs, but it also has some nice sandy beaches
• 43.585278 39.720278 7 Sochi — a big resort city located in a simply beautiful area, where Russians come for fun in the sun (and in the nightclubs!)
• 44.1 39.083333 8 Tuapse

Other destinations

• 43.678611 40.205278 2 Krasnaya Polyana — a Western Caucasus ski resort and personal favourite destination of President Putin
• Sochinsky National Park

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