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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

7.99-25.49%

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

9.49-24.25%

$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.

Bank of the West

Bank of the West offers boat loans in all 50 states, but not in Washington, D.C. You can submit your application online. You'll then be assigned a sales representative who will work with you to close the loan.

Loan amount: $10,000 to $5 million.

Rates: 4.24% to 10.49%.

Terms: 4 to 20 years.

» MORE: Read NerdWallet’s Bank of the West review

U.S. Bank’s boat loans are available in the 25 states where the bank has branches. You may have to visit a branch to close a boat loan, but the bank says it can make same-day preapproval decisions.

Loan amounts: $25,000 to $150,000.

Rates: Starting at 5.24%.

Terms: 1 to 20 years.

» MORE: Read NerdWallet’s U.S. Bank personal loan review

USAA works primarily with military members and their families. Though you can apply online, you must call USAA to complete your application.

Loan amounts: $5,000 to $500,000.

Rates: Starting at 6.20%.

Terms: 1 to 15 years.

» MORE: Read NerdWallet’s USAA Bank personal loan review

Truist Bank has locations primarily along the East Coast, and existing account holders can apply by phone. Those without accounts will need to apply in person.

Loan amounts: Starting at $3,500.

Rates: 6.30% to 8.52%.

Terms: Up to 20-years.

» MORE: Read NerdWallet’s Truist Bank personal loan review

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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• Personal Finance

Best Boat Loans for March 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. 

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• 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 747 in 2022, 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 6.9 million borrowers.

No origination or 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: 7.49% - 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: 36 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: 8.49% - 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 40 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: 8.95% - 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 between one and 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 61 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; a one-year membership starts at $8.  

Compare the Best Boat Loans for March 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. 

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 how expensive boats can be. 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
• Personal loans methodology  

Gary John Norman / Getty Images

SoFi. “ Personal Loans .”

SoFi. “ Form 10-K .”

SoFi. " About Us ."

Southeast Financial. " Boat Loans and Financing ."

Southeast Financial. “ Loan FAQs .”

Regions. “ Key Facts .”

Regions. " Secured Installment Loan for Recreational Vehicles ."

United States Securities and Exchange Commission. " 2022 Annual Report-10-K ."

Upgrade. “ Upgrade Inc. ”

Upgrade. “ Personal Loans .”

Trident Funding. “ Boat Loans .”

Trident Funding. " Boat Loans ."

Patelco Credit Union. “ Personal Loans .”

NMMA. " Benefits of NMMA Certification ."

NBOA. " BOAT COST EXPLAINED: WHY DIFFERENT TYPES OF BOATS HAVE SUBSTANTIAL PRICE RANGES ."

MyFICO. “ What Is a FICO Score? ”

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6 Best Boat Loans of March 2024

Jerry Brown

Contributor

Jerry is a freelance contributor to Newsweek’s personal finance team. He primarily covers loans, including personal loans, home equity loans, and student loans. When he isn’t writing, he enjoys spending time with family, riding an electric bike or scooter through the French Quarter in New Orleans, and traveling.

Robert Thorpe

Senior Editor

Robert is a senior editor at Newsweek, specializing in a range of personal finance topics, including credit cards, loans and banking. Prior to Newsweek, he worked at Bankrate as the lead editor for small business loans and as a credit cards writer and editor. He has also written and edited for CreditCards.com, The Points Guy and The Motley Fool Ascent.

Updated March 1, 2024 at 3:09 pm

Whether you enjoy deep-sea fishing, boat racing or just relaxing on the water with friends and family, you may want to purchase a boat. But the price of a new or used boat can be steep, and you may not have enough money to pay for it out of pocket. One potential solution is a boat loan.

The best boat financing option for you will depend on factors like how much you need to borrow, your credit score and income. Comparing your options will help you find the most affordable loan. To help, we’ve compiled our top picks below, including tips for comparing boat loans and how to apply.

Newsweek Vault’s loan experts evaluated multiple data points to help our readers make sense of their borrowing options across student loans and personal loans. To narrow down the best available offers, we weigh the product pros and cons across five core categories, including:

• Application process
• Eligibility requirements
• Interest rates
• Loan amounts (minimum and maximum)
• Repayment flexibility
• Best for Low Rates: LightStream 
• Best for Fast Funding: SoFi
• Best for Used Boat Loans: PenFed
• Best for Bad Credit: Avant
• Best for Large Loan Amounts: BHG Money
• Best for Luxury Boats: Southeast Financial

Compare Personal Loan Rates Now

Best boat loans of 2024.

Best for Low Rates

LightStream

Vault Verified

Why We Chose It : LightStream’s low APR range makes it a good choice for borrowers with good or excellent credit. It’s also a great fit if you’re looking to avoid fees, as the lender doesn’t charge origination, late payment or prepayment fees. 

Minimum Credit Score

7.49% – 25.49%

Loan Amounts

$5K – $100K

Term Length

2 – 7 years

• Repayment terms up to 144 months
• Large maximum loan amount
• Rate discounts
• No adjustable due date
• Good or excellent credit required
• No prequalification option

See our review of Lightstream Personal Loans

Best for Fast Funding

Why We Chose It : SoFi’s possible same-day funding speed makes it an excellent choice for applicants seeking quick funding for a boat.

8.99% – 25.81%

• Possible same-day funding
• Wide range of repayment terms
• Unemployment assistance
• No co-signers allowed
• The minimum credit score needed is 680
• The lowest rate requires paying an origination fee

Best for Used Boat Loans

Why We Chose It : PenFed’s loan amounts range from $600 to $50,000, making it a good choice for borrowers seeking small- to medium-sized boat loans.

7.99% – 17.99%

$2,000 – $50,000

2 – 5 years

• Flexible loan amounts
• Physical branches
• No origination fees
• Membership required
• Must open a PenFed savings account
• No interest rate discounts

Best for Bad Credit

Why We Chose It : Avant offers personal loans up to $35,000 that are accessible to borrowers with poor credit.

9.95% – 35.99%

$2,000 – $35,000

1 – 5 years

• Low minimum credit score requirement
• Fast funding
• Loan amounts start at just $2,000
• Administration fee of up to 4.75%
• Low maximum loan amount
• High maximum APR

See our review of Avant Personal Loans

Best for Large Loan Amounts

Why We Chose It : You only need a minimum credit score of 660 to apply, and the large maximum loan amount of $200,000 makes it a good option for borrowers looking at more expensive boats.

11.96% – 24.91%

$20K – $200K

3 – 10 years

• Borrow up to $200,000
• Option to prequalify
• Repayment terms from three to 10 years
• The minimum loan amount is $20,000
• Funding takes at least five business days
• Not available in Maryland or Illinois

Best for Luxury Boats

Southeast Financial

Why We Chose It : Southeast Financial offers a wide range of loan amounts, maxing out at $4 million, which might be ideal if you want to purchase a luxury boat for personal use.

Undisclosed

Starting APR

$10,000 – $4,000,000

Up to 20 years

• Repayment terms up to 20 years
• Possible same-day decision
• Loan amounts up to $4 million
• $10,000 minimum loan amount
• Not available in Hawaii or Alaska
• Personal use only

How to Get a Boat Personal Loan

The exact application process varies by lender, but here are the typical steps to apply for a boat personal loan.

• Determine how much you want to borrow.  Before applying for a loan, calculate how much you’ll need to borrow to pay for the boat that has your desired features.
• Shop around. To find the right option for you, compare fees, repayment terms and rates across as many lenders as possible.
• Submit a formal application. Once you’ve selected a personal loan company, submit an application. Personal and financial information you’ll likely need to provide includes your name, Social Security number (SSN), bank account statements and most recent pay stubs.
• Repay your loan. If approved, make on-time payments to avoid late fees and damage to your credit.

How to Compare Boat Loans

While shopping around for a boat loan, pay special attention to these factors:

APR is one of the most important factors when evaluating how much a boat loan will cost you since it takes into account interest and any fees a lender charges. Some lenders offer prequalification, which allows you to preview rates you might receive after approval without affecting your credit. Just keep in mind prequalifying is not a guarantee pf approval.

Repayment Terms 

Choose a lender that offers a loan term that fits your financial situation. Shorter repayment terms typically result in paying less interest over the life of the loan but have higher monthly payments. On the flip side, longer repayment terms generally have lower monthly payments but higher total borrowing costs.

Loan Amounts 

Loan amounts vary by lender. Make sure to choose one that offers the amount you need for the boat you want to buy.

Frequently Asked Questions

Credit score requirements vary based on the lender you’re applying with. Some financial institutions require applicants to have good credit, while others have less stringent credit requirements. Usually, the higher your credit score, the better your approval odds and chances of securing a more favorable APR.

The term length depends on what type of boat loan you’re getting. For unsecured personal loans, repayment terms generally range from two to seven years. A secured boat loan, on the other hand, may come with repayment terms of up to 20 years or longer.

How challenging it might be to qualify for a boat loan depends on individual factors, like your credit score and income. If you have a strong credit profile and stable income, you may find it easier to get approved for a loan than a person with bad credit. Note that getting approved with a lower credit score is possible, but you may have to pay a higher rate and fees.

Related Articles

Partner Disclosures

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 0.50% 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 8.99% APR with a term of 5 years would result in 60 monthly payments of $207.54. Truist Bank is an Equal Housing Lender. © 2023 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.

You are not yet approved or pre-approved for a loan or a specific rate. Please click ‘Continue’ to complete your LightStream application to see exactly what LightStream can offer you. Your APR may differ based on loan purpose, amount, term, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay are 0.50% points higher. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Not a commitment to lend. Payment Example: Monthly payment for a $10,000.00 loan at 4.98% APR with a term of 3 years would result in 36 monthly payments of $299.62. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

With Autopay

• Best Personal Loans

Best boat loans

Need cash now? Use our Personal Loans Tool to lock in great offers in minutes!

The right boat loan for you will depend on the type of boat you want, how much you can afford to offer as a down payment, how you plan to use the boat and your financial situation.

The best boat loans are available to a wide variety of borrowers and have flexible down payment requirements, few fees and low interest rates. Your interest rate and terms may depend on your credit score, income and employment details. The watercraft's age, condition and price may also affect the terms of your boat loan.

Compare top boat loan lenders

When searching for a boat loan, be sure to consider the lender's reputation, financial stability and consumer reviews. Look for a lender with excellent customer service and a history of great satisfaction ratings.

Methodology

The ConsumerAffairs research team chose our top six picks for boat loans by comparing 27 companies based on their online reputations, their starting rates and the availability of their lending services. All information is accurate at the time of publishing.

• Online reputation: We compared ratings and reviews on our site and across the internet. We also checked in with the Better Business Bureau for current government actions related to marketplace misconduct within the last year.
• Rates and fees: We gave preference to lenders with lower starting APRs.
• Availability: We confirmed that all of our picks for boat loan lenders are currently available to borrowers throughout the United States. However, not all lenders are available in all states. We also eliminated lead generators.
• Starting APR: 8.49% with autopay and excellent credit
• Minimum credit score: Varies

LightStream issues boat loans from $5,000 up to $100,000 for qualified borrowers. The company offers same-day approval and potential same-day funding, and satisfied customers who left reviews on ConsumerAffairs have praised LightStream’s quick service.

There are no fees, and borrowers don't have to use the boat as collateral for the loan. LightStream also doesn’t require down payments on vehicle loans.

The company doesn’t disclose any qualifications for the boats borrowers can buy with their funds. So, if you’re having difficulty finding a loan to purchase a watercraft that's older or otherwise doesn’t fit other lenders’ requirements, LightStream could be a good option.

• Starting interest rate: 5.49% with MyStyle Checking discount
• Boat loan terms: Up to 180 months
• Minimum credit score: None

Mountain America Credit Union provides boat financing for new and used watercrafts through authorized dealers. The company offers loans with repayment terms up to 15 years and fixed interest rates as low as 5.49%. Borrowers can get money for boats up to 15 years old.

However, you do have to become a Mountain America Credit Union member to apply for a loan, and the not-for-profit has relatively strict membership eligibility requirements, like living in specific parts of Utah or having a relative that’s an existing member. Mountain America Credit Union has branches in six states around the western U.S.

• Starting interest rate: 18%
• Boat loan terms: 24 to 60 months

OneMain Financial provides boat loans for $1,500 to $20,000 with maximum annual percentage rates of 35.99%. Rates are fixed, and you can have a co-signer on your loan, which could help you qualify for the lowest available interest rate.

OneMain also charges origination fees that vary by state from 1% to 10% or $25 to $500, depending on how the loan is set up. Loan funding may be available the same day as approval.

• Starting interest rate: 3.99%
• Boat loan terms: Up to 300 months

Trident Funding is a marine lending marketplace that connects boat buyers with lenders. It has worked with more than 40 lending institutions to help borrowers secure loans. Offerings include fixed- and variable-rate loans.

Trident Funding finances boats up to 25 years old, but it doesn’t offer loans for live-aboard vessels. It also typically requires a down payment of 10% to 20%.

• Boat loan terms: 60 to 240 months
• Minimum credit score: 600+ recommended

SeaDream provides boat buyers with access to a network of lenders offering a wide variety of boat loan programs. It can also set you up with a boat warranty or boat insurance.

Borrowers with credit challenges have access to the company's Bad Credit Boat Loan Department, which specializes in locating lenders with midtier or subprime marine financing programs.

How to apply for a boat loan

It’s often easier to find a loan before you begin shopping for a boat — this lets you move quickly once you find a boat you’d like to purchase and reduces the chance of it selling while you arrange for your loan.

Getting preapproved or pre-qualified for a boat loan lets you know how much you have to spend and can make shopping for one easier.

Many lenders offer to preapprove or pre-qualify you for a boat loan so you know how much money you may be able to spend. If you like the terms, you can start shopping and get officially approved after you find a boat you’d like to purchase.

As part of the formal application, the lender may require additional information and will likely conduct a hard check of your credit. A hard credit inquiry may temporarily reduce your credit score by a few points.

Lenders may require you to submit your personal information, including your full legal name, address, Social Security number, birthdate and contact details. They may also require your employer's contact information, your last two to three pay stubs and your last set of tax returns to help prove that you have a stable income.

If you’re using a loan specifically for purchasing a boat , you may need to make a down payment. Be sure to consider how much you can afford upfront when comparing loans and shopping for a boat.

Are boat loans secured or unsecured loans?

You can get a secured or unsecured loan to buy a boat. Unsecured personal loans often let you use the money for nearly any reason, including purchasing a boat. Since the loan is unsecured, it presents a slightly higher risk for the lender.

Because secured loans use collateral that can be repossessed by the lender, they’re considered to be less risky and may come with more favorable APRs or terms.

Understand the costs of owning a boat

The total cost of owning and operating your boat may reach far beyond your monthly boat loan payment. Depending on where you live and how you plan to use the boat, you may also need to pay for slip fees, towing, fuel, land storage, maintenance and winterization.

Keep in mind that taking care of your boat is crucial. You'll likely spend a significant amount of money on regular maintenance and repairs to keep your boat in top condition.

Depending on where and how you use your boat, you may need to register it or obtain specific permits. You'll also pay taxes on your purchase, which vary depending on your state's laws.

When you finance a boat, lenders almost always require you to carry boat insurance on it to protect their interest in the property. Boat insurance can be expensive, and your rates will depend on the retail cost of the boat, your claim history and how you plan to use the boat.

Boat loan alternatives

You don't have to purchase and own a boat to get the pleasure of regularly using one. Instead of taking out a boat loan, consider joining a boat club or participating in a peer-to-peer rental program that allows you to pay a fee to occasionally use someone else's boat.

If you’re purchasing a boat, however, other options include financing through the dealer instead of a third-party lender, paying cash upfront or using a home equity loan.

Get boat financing through a boat dealer

If you want to own a boat but don't want to get a traditional boat loan, explore the option of financing a new or used boat through the dealership.

Many boat dealers have finance managers who work to secure financing for buyers. They'll collect personal information about your finances, pull your credit report and approach the dealer's lending partners about getting financing on your behalf.

Boat dealers may be able to save you time shopping for a loan, and specific boat brands or models may come with built-in financing deals that other lenders can't easily match. Dealers may also be able to help you gain access to extended warranty programs to help pay for future repairs.

Look for perks like a delayed first payment, lower rates for a limited time or no interest for a specified time.

Pay cash for your boat

With an excellent credit score, stable income and a significant down payment, you may be able to secure a boat loan with favorable terms and super-low interest rates.

However, if you have enough money to purchase the boat outright, it makes sense to pay cash for your boat and avoid interest costs.

Doing so also lets you choose the types and amounts of boat insurance that fit your budget instead of whatever insurance you need to meet the demands of a lender.

Use a home equity loan

If you own your home and have enough equity, you can take out a home equity loan and use the cash to buy a boat outright. Although the loan won't be secured by your boat, it will be secured by your house.

With a secured boat loan that uses the purchased watercraft as collateral, the lender repossesses your boat to recover some of its money if you fail to make payments. If you use your home as collateral to get the money and fail to make payments on time, the lender can foreclose on your home.

Can you refinance a boat loan?

If you aren't happy with your current boat loan or you couldn’t qualify for the best rates and terms at the time you took out the loan, you may be able to refinance it.

When refinancing a boat loan, watch for fees that can cancel out the money you save from reducing your interest rate.

Before looking into boat loan refinancing, check with your current lender to ensure you won't be charged prepayment penalties. A loan that includes prepayment penalties may not be worth refinancing — the additional costs could offset any savings you'd get with a new loan, even with lower interest rates and fewer fees.

You may be able to save a great deal of money by refinancing a boat loan if you can qualify for lower interest rates than you currently pay. If your credit is worse now than it was when you purchased the boat or if you plan to sell the boat in the near future, it may not be worth the hassle to refinance.

When shopping for a boat refinance loan, watch out for loan origination fees or other costs that could cancel out the lower APR. Look for a loan that helps you reach your goal of making smaller monthly payments or paying off your boat sooner.

Bottom line: What is the best way to finance a boat?

Owning a boat is a goal for many people, but purchasing one can be an expensive undertaking. For those who want to enjoy the boating life but don't have the cash to purchase a watercraft outright, getting a boat loan with favorable terms and affordable payments is crucial.

The best way to finance a boat is with a loan that offers you the best possible interest rate, payment terms that fit your needs and low fees. Since each person's financial situation is different, it's crucial to shop around among reputable lenders for your boat loan.

You can work with lenders to get preapproved so you can see your potential interest rate range. Most lenders only require a soft credit pull for preapproval, so this lets you compare multiple offers without affecting your credit score.

• Consumer Financial Protection Bureau (CFPB), " What effect will shopping for an auto loan have on my credit? " Accessed March 6, 2022.

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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 financing 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. Boats can be pricey, and if you don’t have the cash to purchase one, a boat loan can help you spread the cost out over several years. But the purchase price isn’t the only cost — you’ll also need to maintain, store and fuel it.

Financing options are available from a variety of different types of lenders, and the best 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.

What is a boat loan?

A boat loan is a type of installment loan used to purchase a boat. You receive all of your funds at once and repay the loan in equal fixed payments at an interest rate you agree to over a term that typically ranges from two to 15 years.

You can use your boat as collateral for a loan, which is known as a “secured” loan. If you don’t repay a secured boat loan, the lender can seize your boat. Unsecured personal loans can also be used to finance a boat, although interest rates and fees are typically higher than secured boat loans.

Types of boat loans

Most boat loans are either secured or unsecured personal loans. A secured loan gives lenders the right to repossess your collateral if you don’t repay the loan. An unsecured personal loan isn’t tied to your boat, and the funds can be used however you wish. There are some important factors to consider when you’re choosing between a secured or unsecured boat loan.

Secured loans

You may get a lower rate or longer term from a secured boat loan lender because they have the legal right to seize and resell your boat to recoup financial losses if you default on the loan. With a secured boat loan, you may also qualify for a higher loan amount if you’re financing an expensive boat like a yacht — unsecured personal loan lenders usually set lower loan limits.

The main drawback is your boat also has to qualify for the loan, which may be an issue if you’re buying an older used vessel with little resale value. Investigate potential boat requirements ahead of applying to avoid spending the time to fill out an application for a vessel that isn’t covered.

Unsecured loans

An unsecured personal loan can be used for just about any purpose, including financing a boat. You’ll typically pay a higher rate for unsecured loans to cover the lender’s risk if you can’t repay the loan. However, you’ll have more freedom to expand your search without lender limitations on the condition, age or type of boat you buy. An unsecured loan can also be used to pay for boat maintenance and repairs.

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. Make sure you ask about secured and unsecured options — the rates and terms may be significantly different depending on which you choose.

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 mostly specialize in unsecured personal loans that can be funded quickly. They often have quick approval processes that require very little documentation. You may also find more options for bad credit, although you’ll pay much higher rates than other boat loan types. They are a good option if you are certain you can afford the payments, and you’re buying a used boat or can’t qualify for traditional or credit union boat loans.

How to apply for a boat loan

Applying for a boat loan is similar to applying for an auto loan if you take out a secured loan — the lender will need information about both you and your “vehicle,” which is a boat in this case. The unsecured personal application process is similar, except you won’t need to provide any details about the boat you’re buying.

Check your credit score

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 had 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.

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.

Gather the required documentation

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

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

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.

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 when the loan funds.

Pros and cons of financing a boat

Before you spend a lot of time applying for boat financing, review the potential benefits and drawbacks.

• Keeps your cash in the bank. If you don't want to clean out your savings account to buy a boat, a boat loan allows you to spread the cost out over time.
• You can choose a variety of terms. Secured boat loan terms may be as long as 15 years, which may make even an expensive boat more affordable.
• May act as a bridge loan while you sell your old boat. If you're waiting for a sale to go through on your old boat it's especially important to make sure the lender you choose doesn't charge a prepayment fee. That way you can use the cash from the sale to pay off the loan.
• Interest rates and fees add up over time. You'll ultimately spend much more than the price of the boat when financing it after you add in the interest charges and loan fees. You may end up paying double the original price or more.
• You could lose the collateral if the loan is secured. Lenders have the right to repossess what you use as collateral if you can't repay the terms of a secured loan. Depending on the loan type, this could be your boat or even your home.

Alternatives to taking out a boat loan

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. But make sure that 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 an occasional boat user, renting one 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.

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 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.

Related Articles

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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 2023

Depending on your needs and budget, a boat can cost as little as a used car or as much as a house. For many people, that means taking out a boat loan so you can enjoy your boat now and pay it off over time. Keep reading to find out which lenders offer the best boat loans.

See: How To Build Your Savings From Scratch

If you’re looking for a boat loan, here are five top lenders to consider:

Best for Fast Funding: Trident Funding

Best for smaller loans: lightstream, best for good credit: essex credit, best for poor credit: southeast financial, best for yachts: boatloan.com.

Maybe you’ve found a used boat you want to purchase before it’s sold. Or maybe you just want to get on the water faster. Trident Funding works with more than 50 lenders to provide loan approvals in as little as 24 hours, and you can apply online in just five minutes. That makes Trident the best lender for fast funding.

Trident offers loans with terms from 10 to 20 years to borrowers with a minimum credit score of 600. Loans range from $25,000 to $2 million, with interest rates as low as 8.12% for borrowers with excellent credit.

• No-money-down loans available for up to $100,000
• Stated income loans available
• Fast approval
• 10- to 20-year terms
• No loans less than $25,000
• No loans greater than $2 million

If you are looking at smaller watercraft, LightStream can fund marine loans as low as $5,000 and up to $100,000, with terms from 24 to 144 months. Plus, the company offers same-day funding, so you don’t have to worry about missing out on the boat of your dreams and can get on the water faster.

Rates range from 8.49% to 17.14% for borrowers with excellent credit who set up autopay prior to loan funding. The highest annual percentage rate is 25.99%.

• Short-term loans available
• Boat refinancing available
• Loans as small as $5,000 available
• Loans are only available up to $100,000
• Autopay and excellent credit required for lowest interest rates

Essex Credit, part of BMO Harris Bank N.A., offers boat loans with APRs as low as 11.74%. The lender says it only issues boat loans to people with a credit score of 700 or above . However, if you meet these stringent requirements, you can secure a loan for virtually any type of boat, including a houseboat as long as it will not be your primary residence. Loan amounts range from $10,000 up to $5 million, with terms of four to 10 years.

• Loans as low as $10,000 and as high as $5 million
• Terms ranging from four to 10 years
• Will finance hard-to-finance boats
• Credit score of at least 700 required
• Other lenders may offer lower rates
• Not available in every state

Southeast Financial boasts, “If it floats, we finance it.” And even if you have a low credit score, Southeast Financial may finance your boat purchase.

If you have bad credit, you may want to work on paying down debt and improving your credit score before buying a boat to secure the lowest rates. But if you have found the boat of your dreams and want it now, Southeast Financial can help. You may be able to secure a loan with a credit score as low as 575. Larger loans may qualify for payment terms as long as 20 years, which means your monthly payments will be lower.

The company works with a variety of lenders to secure the best rates on boat loans ranging from $15,000 up to $4 million, with rates starting at 7.49%.

• Low minimum credit score requirement
• Low rates starting at 7.49%
• Loans up to $4 million
• Will not fund loans smaller than $15,000
• Does not finance houseboats

Intercoastal Financial Group, otherwise known Boatloan.com, is not a direct lender. Instead, it works with 18 banks to find the best loan for your needs. Boatloan.com can find funding of up to $10 million, but not less than $10,000, making it perfect for prospective yacht owners.

The company has a 4.9-star average rating on Trustpilot, based on reviews from consumers. Multiple reviews spotlighted its responsive and professional service.

Although you apply for the loan online, you will have direct contact via phone or email with a loan professional. Boatloan.com experts will help you complete the application, pull your credit to help determine which bank will offer the best interest rate and loan terms, and then work with the bank to finalize the offer.

Boatloan.com offers terms of up to 240 months (20 years), with interest rates ranging from 5.99% up to 17.99%, depending on creditworthiness, down payment and other factors.

• Loans for up to $10 million
• Low interest rates starting at 5.99%
• Loan terms of up to 20 years
• Cannot fund loans less than $10,000
• Boat loan terms range from five years up to 20 years, with some lenders offering terms as short as one year. The typical term varies depending on the price of the boat. Yachts and multimillion-dollar vessels often require 20-year financing to keep payments manageable.
• Boat loan interest rates can vary dramatically depending on the type and size of the boat, the loan amount, the borrower's credit score, the term of the loan and other factors. Interest rates can range from 5.99% up to 19.95% and perhaps even higher.
• As with new and used cars, there is currently a low supply of boats and a high demand. This can make it harder to find the boat you want at a price within your budget. Once you find a boat you love, you may need to take steps to finance its purchase. Getting a boat loan is harder than qualifying for a car loan, but easier than obtaining a mortgage to buy a house, according to the On The Water Magazine website. The site recommends using specialized marine lenders, rather than a bank or credit union, for financing. 
• The good news is that if you qualify for a car loan, you will likely qualify for a boat loan of roughly the same amount since the factors to determine creditworthiness are the same, including your credit score and debt-to-income ratio.  

Information is accurate as of July 17, 2023.

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Best Boat Loans

• Quick Look: Best Personal Loans for Boats
• Best for Overall: Bank of the West

Best for Excellent Credit: LightStream

Best for fair credit: southeast financial, best for bad credit: upstart, best for comparing lenders: lendingclub.

A personal loan like a boat loan can let your dream of owning a boat take sail. If you are thinking about a boat loan, evaluate interest rates and terms offered by the lenders covered here. Your credit score is a meaningful indicator of your possible loan. Before taking out a boat loan, research options and keep additional costs in mind. Your boat loans options will depend on your budget, credit score, the size of the boat and if the boat was previously owned. Before taking out a boat loan, research terms and understand the amount you need to borrow to achieve your dream. 

5 Best Personal Loans for Boats

• Best Overall: Bank of the West 

Personal Loan Requirements and Criteria

Personal loan considerations for boats, personal loans vs. credit cards.

Research the personal boat loans that are available to you for financing a boat. Certain boat loans are available for higher credit levels and offer different terms with improved interest rates. However, boat loans are available for people with lower credit limits. Determine the boat that you are interested in purchasing as well as the additional fees such as insurance before agreeing to a specific loan.

Best Overall: Bank of the West 

Bank of the West is an FDIC-insured bank headquartered in San Francisco. One feature that makes Bank of the West so special is its 120-year history. 

Bank of the West is ideal for power and sail boat loans. It offers secured and unsecured loans. A secured boat loan means that the loan uses collateral to bolster the loan. Collateral refers to when a borrower offers a certain item such as a house up that can be seized if the borrower fails to pay. Unsecured loans are less risky for a borrower and have the possibility of being more attractive because they do not require collateral. 

Loans from Bank of the West tend to require higher credit scores that begin around 700 and higher. The loans vary from one to seven years depending on additional factors such as the amount borrowed and your credit score. Loans vary between $10,000 and $5,000,000. The company charges no prepayment penalties and offers various terms. Rates begin at an APR rate of 5.24% and increase from there. An APR stands for an annual percentage rate and describes the amount you need to pay each year on a loan. 

To apply for the loan, you need two years of income history and debt information. 

Bank of the West charges processing fees and does not allow co-signers. 

*AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.

LightStream is owned by Truist bank, an American bank that has a history stretching back over 150 years. The company offers initial and refinanced loans specific to boats. An additional benefit is that LightStream is available within the 50 states. Terms of repayment are limited, and the maximum rates are high. 

Southeast Financial has 18 years of financing experience and partners with over 700 dealers. The company is headquartered in Tennessee and uses strong partnerships with other banks to attract borrowers. 

The company’s boat loans focus on various customer concerns to include financing, refinancing and warranties. Southeast Financial offers a wide range of options to better serve the needs that come with owning and managing a boat. In addition, the company offers customized boat and yacht financing. 

Loans from Southeast Financial do not require a firm minimum credit score. Starting APRs begin around 6.34% and go higher. The loan terms span 15 years, which provides a larger window for repayment when compared to other financial companies. In addition, the company accepts loan applications from people that have been discharged from bankruptcy. Decisions on loans sometimes happen faster than three hours. 

Southeast Financial offers a higher minimum loan that starts around $15,000. The company only offers boat loans for recreational use, and these loans are not available in all states. 

Upstart focuses on alternative data when deciding on how to approve loans. What makes an Upstart loan unique is how it decides to offer loans based on an artificial-intelligence (AI)-centered approach. Unsecured loans refer to the lack of collateral or guarantee tied to the loan. Collateral in secured loans reduces the amount of risk taken on by a lender but offers a much higher amount of risk for a borrower. Upstart doesn't offer a mobile app to manage the loan. Borrowers have only two types of repayment options. In addition, Upstart does charge additional fees such as origination fees. 

The company LendingClub is an online marketplace that empowers customers with information before they decide on a specific loan.  

LendingClub provides a way to compare different lenders. In addition, the company lets you check your credit score so that you have a better idea about possible loans. Loans are closely tied to your credit score, so knowing your credit score helps you have an idea if now is the right time to take out a boat loan or if it would be better for you to wait. LendingClub examines the difference between new and used boat loans. They answer frequently asked questions about boat loans to better point you in the right direction. 

When looking at options for financing a boat, you can choose from designated boat loans or personal loans. For a personal loan intended for purchasing a boat, stronger credit and a strong understanding of your boat budget and your future expenses are necessary. Unlike some other purchases, boats require additional fees such as maintenance and insurance that add up over time. 

In some situations, it is also possible to refinance your boat loan. Refinancing allows you the ability to obtain a lower interest rate. Lower interest rates help you pay less on the loan over time. 

Before agreeing to a loan, compare different loan offers to give you more options and provide you with a better idea of the loan that’s right for you. Boat loans tend to take several years to pay off so there is no point in rushing into anything without fully understanding the terms and conditions. 

A personal loan is one way to make your dreams of owning a boat a reality, but there are also other alternatives. With a boat loan, it’s not uncommon for boat dealers to work with specific lenders. These dealers provide terms and offers that are more appealing because of their ability to go through the actual boat manufacturer. 

Personal loans are beneficial because they help you with funding that otherwise might take an extended amount of time to acquire. Before obtaining a personal loan, research loan options and terms to decide which loan works best for you. You might want to talk to a financial advisor to understand your loan options. Examine how each personal loan is designed for interest rates and terms. Inquire about additional fees such as origination fees and late fees. Late fees have the potential to hinder your payment ability by charging substantial amounts in addition to the original fees. Additional fees have the potential to lower your credit score, which could make your ability to gain access to future loans more difficult. 

Before taking out a loan, keep in mind your ability to repay your loan on time if something unforeseen happens in the future. It is a good idea when taking out loans to decide on a boat that doesn’t stretch your finances too thin. Preventing future complications means trying to leave some wiggle room for the future by avoiding stretching your current financial means. 

If you feel that your current credit score is low, you might want to wait to finance a boat until you have more effectively built up your credit score. Building a better credit score allows you to receive better interest rates and gives you access to more flexible terms. You could try to save up additional funds for a boat to make the amount that you need to take out with a personal loan less substantial.

Focus on building a credit score that can open the door to stronger loan opportunities. However, boat loans accommodate a wide range of credit scores. 

Before financing a boat, evaluate your options. Boats can be financed using personal loans or credit cards, but key differences separate the two funding options. 

Credit cards help fund the purchase of a boat but might not be a financially viable option. Credit cards offer a line of credit that is not to be exceeded, and boats tend to be higher in price. If you buy a boat using a credit card, it can be risky if the balance is not quickly paid off. Interest rates on credit cards increase the total amount owed on a boat purchase and cause you to pay significantly more than the original price. 

In contrast, personal loans offer a lump sum that is repaid over a set amount of time with a potentially lower interest rate depending on your credit score. Personal loans may prove beneficial if you do not have a lot of funds. 

Overall, personal loans that provide one lump sum may be beneficial when looking to finance a boat, but it depends on your situation. Review your finances and decide if you can handle a major purchase on your credit card or would benefit from a loan. In general, boat loans are a better option for financing a boat if you cannot immediately pay off a credit card. Boat loans help you avoid accumulating and paying high interest on a credit card over a long period of time, which can happen if the boat is not promptly paid off. 

What is a good starting credit score for a boat loan?

Boat loans require higher credit scores. Boat loans tend to be a more substantial loan that begins on average with scores that start around 700 or higher. However, it is possible to obtain a boat loan with credit scores around the 600s. For a boat, higher credit scores gain better loan offers.

There are loans available for lower credit scores, but interest rates and terms will likely be less flexible and more expensive. When purchasing a boat and planning to use a loan, achieve as strong a credit score as possible beforehand. Stronger credit scores help open the doors to a wider range of possibilities and potentially make it easier to obtain the boat of your dreams.

In addition to having a strong credit score, you want to have decided the type of specific boat you want. The size of a boat as well as additional factors such as the age of the boat impact the overall price.

What are typical terms for financing a boat?

Typical terms for boat loans tend to follow certain factors such as your credit score as well as the total amount of the loan. For example, boat loans vary between 4 and 20 years on average but depend on multiple factors. For boats, loans that are less than 5 years are classed as short-term loans.

Higher credit scores usually receive more flexible terms from lenders because higher scores are seen as less risky. It pays to have a high credit score because it helps to gain you beneficial terms with lower interest rates. Boat loan terms tend to vary depending on your credit score because credit scores help tell lenders about the level of risk they are taking when deciding to lend you funds.

Like most loans, remain timely with payments. Failing to make prompt payments on boat loans lowers your credit score and causes serious additional repercussions depending on the specific terms of your loan. Before getting a loan, be honest with yourself about your ability to continue making payments in the future if something unpredictable happens. If your finances are already stretched thin, you might want to wait to purchase a boat or downsize into something more obtainable. Because of the length of boat loans, be sure you understand your level of risk and ability to consistently pay back the loan.

Luckily, boat loans are designed to work with different needs and budgets. Research the available loans and consult with a financial professional before locking in a loan.

Is it difficult to get a loan for a boat?

You do need good credit to get a boat loan. It is more difficult to get a boat loan than it is to get a loan to purchase a new car. But it is easier to get a boat loan than it is to be approved for a mortgage to buy a home.

Current Boat Loan Rates

Check what your boat loan rate could be with Trident Funding’s boat loan rate estimator.

Loan Amount

Interest Rate

Your estimated loan rate & monthly payment would be:

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How Trident Funding Boat Loans Work

It’s as easy as 1-2-3, 1. calculate your payment.

Whether you’re an avid boater or new to the boating world, this loved pastime is available to everyone. If you’re buying a new or used boat, you can use Trident’s boat loan calculator to understand your financing options. Simply 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. 

2. Apply for a Loan

Now that you have an idea of your estimated boat loan monthly payment or total loan amount, you can submit your loan application. It only takes a few minutes! We’ll ask you to tell us about the type of boat you’re looking for and a few details about your financial situation so we can match you to the marine lender that’s right for you.

3. Get on the Water!

Once you submit your boat loan application, our dedicated team of loan officers gets to work! We usually have a response from a marine lender in 24-48 hours. If we need additional documentation, we’ll reach out. All you have to do is dream about getting on the water. We’ll help you find the  interest rate  and boat loan lender that fit your budget and lifestyle.

Already started a loan application with us?  Log in  to continue.

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Boat loan interest rates.

If you’re considering purchasing a boat, you may be wondering about boat loan interest rates and boat financing rates. As with any type of loan, the interest rate you’ll pay on your boat loan will depend on a variety of factors, including your credit score, the size of the loan, and the length of the loan term.

Loan rates for boats can vary widely depending on these factors, as well as on the lender you choose. Some lenders specialize in boat loans and may offer more competitive rates than others, so it’s important to shop around and compare offers from multiple lenders before making a decision.

One of the most important things to keep in mind when comparing boat loan rates is the length of the loan term. In general, longer loan terms will result in lower monthly payments, but you’ll end up paying more in interest over the life of the loan. Conversely, shorter loan terms may have higher monthly payments but will result in lower overall interest costs.

If you’re looking for a long-term loan to finance your boat purchase, you may be interested in 20-year boat loan rates. A 20-year boat loan rate can provide a lower monthly payment compared to a 10-year boat loan. However, it’s important to keep in mind that you’ll be paying interest on the loan for a much longer period of time, so the total cost of the loan will be higher.

Comparing Boat Loan Rates

Current boat loan interest rates can be affected by market conditions. For example, interest rates on all types of loans tend to be lower during times of economic uncertainty, such as during a recession. Conversely, interest rates may rise during periods of economic growth and stability.

One thing to keep in mind when comparing boat loan rates is that the advertised rate may not be the rate you actually end up paying. Lenders may offer lower rates to borrowers with excellent credit scores or other favorable characteristics, while borrowers with lower credit scores or higher debt-to-income ratios may be offered higher rates.

For example, you’re buying a used 2015 center console for $100,000 and you have an excellent credit score in the 800-850 range. As of September 2023, the interest rate would be around 7.87% with a 20-year boat loan term. If your credit score is 760-790, the rate would be slightly higher at 8.12%.

Another factor that impacts boat loan rates is the loan-to-value (LTV) ratio. This is the loan amount you’re requesting divided by the boat’s total value. In most cases, lenders require an LTV ratio of 85% or lower, which means you can finance up to 85% of the boat’s value. For example, you could request a loan amount of up to $85,000 for a $100,000 boat purchase. It’s recommended to have a downpayment of 10% to 30% of the boat purchase price to maintain a healthy loan-to-value ratio. So if you’re purchasing a boat for $100,000 and putting $15,000 down as a down payment, then your loan amount would be $85,000.

Overall, if you’re considering a boat loan, it’s important to do your research and shop around for the best rates and terms. Compare offers from multiple lenders and take the time to understand the total cost of the loan, including any fees or charges. With careful planning and research, you can find a boat loan that meets your needs and fits your budget.

Frequently Asked Questions About Boat Loan Interest Rates

Owning a boat is a goal for so many people. It’s considered different things to different people: a source of pride, happiness, a status symbol, an  investment , and even a business that keeps your family afloat. It’s also a sure fire way to enjoy leisure time, have fun, get outside, and create memories. 

However, boats have a reputation of being notoriously expensive, but they don’t have to be unattainable for you. Check out Trident Funding’s free online  boat loan calculator  to see how much boat you can afford and what your approximate monthly payment will be. It may be more affordable than you expected. Just remember to add in the cost of boat storage and boat insurance when calculating your monthly payments. 

Once you decide on a boat that fits your budget, and you’re happy with the approximate monthly payment, check out another cool tool: the  boat loan rates estimator . This tool is updated daily and provides actual current boat rates based on if the boat is new or used, the year of the boat, the amount of the loan, and your credit score range. 

Now, let’s take a dive into the deep blue waters of boat interest rates:

What are the best boat loan rates?

As of September 2023, the best interest rates for boat loans  typically start around 7.12%. Of course, these rates fluctuate with market conditions, inflation, and supply and demand. The best boat loan rates are also reserved for the borrowers with the highest credit scores and strongest overall financial profiles.

If you want to see what your boat loan rate might be, check out the boat loan rate estimator .  You simply input if you’re purchasing a new or used boat or refinancing a boat. Then, type in the year of the boat, the loan amount, and the range of your FICO score. For example, if you have a 720 FICO score, you would select the 700-739 box. Then the calculator will show what your estimated monthly payment will be and what your expected interest rate will be.

There are many different lenders and their rates will vary on loans for boats. Check your estimated boat interest rate with our boat loan estimator. Most lenders base their boat loan interest rates on factors such as:

• Credit score
• Loan amount
• Down payment
• Age of the vessel

How do I get the best boat loan rate?

You can’t control the market and increasing interest rates, so instead focus on the things you can control that will help you get the best boat loan rate. For example, the higher your credit score, the lower your interest rate will be.

Making on-time payments, paying off credit cards in full each month, and keeping your credit utilization levels low can all help to increase your credit score. Which in turn, will give you access to the best boat loan rate. Additionally, putting a large down payment on the boat will lower your loan to value ratio, which can also lower your boat loan rate. Low rates are reserved for ‘low risk’ borrowers which are borrowers with higher credit scores, substantial incomes, strong employment histories, and lower debt-to-income ratios. Competitive boat loan rates currently range from about  7.87%  to over 10%.

How do some lenders show less than 3% boat interest rates?

The internet is full of click-bait tactics, false advertising, promotions that don’t really exist, and rates that aren’t updated and don’t fit the product they’re being advertised for. Unfortunately, this is often the reality for the super low interest rates that some boat lenders claim to offer. Once you further inquire about these low interest rates, they have either expired, don’t apply to  loans for boats , or are ‘conveniently’ no longer available. 

In some cases, the companies are fly-by-the night companies looking to make some quick money before changing names or going out of business. In other cases, the rate may be low but the lender fees, points, application fees, origination fees, and a whole lot of other fees make the boat no longer affordable. 

But, let’s assume that you found a low interest rate, possibly 3%, 3.5% or even a rate under 3%, and it’s a real rate offered by an actual company that has been in business for a while. So, what’s the catch? The loan term is for three years! You think, okay, no big deal, my car loan is a three year term, but a boat loan is usually for a much larger amount than a car loan, so your monthly payment is going to be huge! It may be even more expensive than your mortgage. And that is not the goal of loans for boats.

Let’s take a look at an example. You want to purchase a new cabin cruiser so you and your family can spend days and even a couple nights onboard without spending the extra money for a yacht. You want a nice model that’s luxurious but maybe not the very top of the line model. Expect to spend upwards of $100,000. Let’s say the final cost of the boat is $120,000. 

You put down a down payment of 20% which is $24,000, so your boat loan amount will be $96,000. This is the cost of the boat minus the down payment. Now, let’s assume, you have excellent, top-tier credit, a score of 800 or above, substantial income, and an acceptable  debt-to-income ratio , etc., and meet all the other lender criteria. You qualify for a 3% boat interest rate. This means your monthly payment will be approximately $2,792. That does not include the costs of insuring your boat, storing it, maintaining it, docking it, or cleaning it. For most people, that monthly payment is unmanageable, not affordable, and it’s hard to even contemplate spending that much on a boat. I mean, it’s not a yacht with a helipad and a jacuzzi!  

That’s exactly why reputable boat lenders and marine financing companies offer longer boat loan terms, typically between 10 and 20 years. These longer loan terms shrink your monthly payment, making it more affordable. 

So, next time you see those low boat interest rates creeping up on your computer screen, make sure you find out all of the details, including how long the loan term is for.

How does Trident Funding help me get the best boat loan rate?

Trident Funding works with a network of more than 14 lenders to get customers the best rate for their lifestyle and their budget. We have a white glove approach for our customers and offer personalized, boutique style service. We have six branch offices located throughout the country and each one is staffed with a knowledgeable team of marine loan specialists. 

Trident Funding does the hard work for you, so you don’t have to spend the time and energy to go through the hassle of contacting and comparing multiple lenders or banks. You also won’t have your credit pulled multiple times. Trident Funding will find the exact boat loan that is best for you, and we will make sure you’re happy with its rate and terms. 

We will walk you through the entire process from the time you apply until the time the boat is yours. We also assist with other details, like helping you get the best boat insurance rates, scheduling a marine survey, setting up any necessary inspections, and ensuring you meet  Coast Guard requirements  if necessary.

What impacts boat loan interest rates?

Boat interest rates are impacted by a number of factors including:

• The borrower’s qualifications, especially their credit score. The higher the credit score, generally, the lower the interest rate. The less risky a deal, the better rate will be offered. And well qualified borrowers are considered to be less risky than borrowers with lower credit scores. 
• Boat loan terms affect the rate. The length of the term may impact what rate is offered. 
• The boat’s condition will affect the interest rate. For example, a new boat may get you a slightly lower rate than a used boat. 
• The cost of the boat is also a determining factor in boat interest rates. A $50,000 boat may have a different rate than a $1.5 million yacht. Typically, more expensive boats have lower rates, but that’s not always the case. 
• The economic market affects boat rates. Things like inflation, supply and demand, the stock market, government borrowing, and the Central Bank’s recent policy updates all affect interest rates for all industries including the marine industry.
• The convertibility of the note affects the interest rate
• Lender fees may affect boat loan rates because some lenders inflate the rate by adding in their fees. This isn’t the case with all lenders; others just charge a percentage or a flat fee upfront. 
• World events, wars, and pandemics can also influence boat loan rates.

What is a good interest rate for a boat loan?

A good interest rate for a boat loan is changing all the time, but as of September 2023, boat interest rates for well qualified borrowers start around 7.87% and go up from there. So, any rate under 8% would be considered a good rate. Check out the free rate estimator  to see what your approximate boat loan rates would be based on the year of the boat, if it’s new or used, the loan amount, and your credit score range. 

Keep in mind that the best boat interest rates are reserved for the most well qualified borrowers. A well qualified borrower will have an excellent credit score, a history of on-time payments, provable income, consistent employment history, and no recent bankruptcies or foreclosures.

What are the benefits of longer boat terms?

There are many benefits of longer boat terms including:

• Less risk of default 
• Less risk of negatively affecting your credit score because you’re not going to pay late or miss payments
• Lower monthly boat loan payments
• Lower monthly debt-to-income ratio
• Makes the boat loan more affordable and attainable to more borrowers
• Borrower can afford to finance a more expensive boat such as their dream yacht with a longer term 

Why does Trident Funding not offer boat loans for less than a 10-Year term?

Trident Funding doesn’t offer short-term  boat loans . We know that those aren’t beneficial for our customers, and its goal is to find affordable financing for our customers so you can enjoy your boats and not be weighed down with payments you can’t really afford. We have built a solid reputation in the industry over the past 30 years based on integrity, transparency, and really treating each and every customer with respect and fairness. 

It doesn’t do the lender or the customer any good if the borrower can’t afford the monthly loan payment, and then the lender has to hire attorneys, and go through the process of repossessing the boat which is costly and time consuming for everyone involved. 

So, to try to avoid all of that, Trident offers boat loan terms for 10, 15 and even 20 years. These longer boat loan terms spread the cost of the boat out over a longer time period; meaning the monthly payments are lower and much more manageable. 

Let’s assume you’re buying that same nice cabin cruiser you have had your eye on for awhile. You meet all of the qualifications, put down 20% and want to finance the remaining $96,000. A realistic rate may be around 6.24% which means your monthly boat loan payment is around $1,077 assuming you have a 10-year term. Now, if you want even more time to pay, a 20-year term may be available, and now your payment will be around $701 per month. Either of these numbers are way more affordable than the outrageous payment associated with the 3-year term. 

Will boat loan rates go down?

As of September 2023, a competitive rate for a borrower with excellent credit on a $250,000 boat with a 20-year term could be 7.87%. A borrower with a lower credit score, but still a very good one, from 760-799 can expect a rate around 8.12% for the same loan amount and term. 

Rates have been on the rise over the past few months as the Fed has been trying to slow down inflation. It doesn’t seem like boat interest rates will go down in 2023, but they’re forecasted to moderate, and not go up much more. However, these are just predictions, and there are so many factors at play, that it’s hard to predict exactly what rates will do and when they will do it. 

If you’re thinking of holding off on financing a boat until rates drop, don’t count on it! And even if they do drop, the cost of the boat may have increased, there may be a waiting list for the model you want, or rates may surprise everyone and keep climbing. 

So, if you have your heart set on a boat, do your research today, use a  boat loan calculator  and a  rate estimator , and then  apply for a boat loan . Once you’re approved for the boat loan, you can lock in the rate, not lose out on your boat, and not have to risk rates rising or that loan program no longer being available. 

So, now that you know all about boat loan rates, terms, and what to expect when getting a boat loan, check out the industry leader: Trident Funding. They have nearly 30 years of marine financing experience. You can easily  apply  for boat loans with low interest rates on our website. Then expect smooth sailing as we help you through the entire financing process, all the way to the closing table.  

What should I expect my boat loan APR to be?

Boat loan APRs can vary depending on several factors. The APR is typically determined by your credit score, the size of your down payment, and the age of the boat, and the term of the loan. The higher the credit score, the larger the down payment, the new the boat, and the shorter term, the better the APR will be.

What is the difference between interest rate and APR?

An interest rate determines what you pay each month. It is the cost of the loan to the buyer and is expressed as a percentage. The APR is also expressed as a percentage but it gives you a broader view of the loan’s annual costs. The APR includes the total cost of the loan including loan origination fees, and points etc. APR stands for annual percentage rate. When comparing loan products, compare APRs with APRs and interest rates with interest rates so you’re getting a fair comparison. This can get confusing, so if you have questions on boat loan rates or boat loans in general, Trident’s trained loan specialists can help.

1 Estimated APR, or Annual Percentage Rate, is the annual cost of the loan, which includes other pre-paid finance charges and fees. The following is an example, and the rates and terms can vary. An $88,000 loan for the purchase of a recreational use boat for 20 years with a fixed rate of 7.74% would have an estimated APR of 7.74% and 240 payments of $721.89. Closing cost, official fees such as state tax, title and registration, FL doc stamp fee and/or UCC filing fees may apply. Some loan programs may not be available in all states or Puerto Rico.

2 Above rates are for recreational use 2014 Boat model year or newer. Boat model years 2004 – 2013 are subject to a rate increase. Actual rate, loan amount and term can vary depending on the lender, FICO score, credit history, lender assets/liquidity requirements, debt and payment to income ratios, collateral type, age of collateral, loan to value, vehicle registration (LLC), loan type (Purchase versus Refinance), state of residency and other criteria. Rates and terms may vary and are subject to change without notice. † Max loan term may vary.

3 Actual rate, loan amount and term can vary depending on the lender, FICO score, credit history, lender assets/liquidity requirements, down payment, debit and payment to income ratios, collateral type, age of collateral, loan to value, vehicle registration (LLC), loan type (Purchase versus Refinance), state of residency and other criteria. Loan is for recreational pleasure use only. Rates and terms are subject to change without notice based on market conditions and borrower eligibility. Other rates and loan terms are available. † Max loan term may vary. Rates may not apply to customers residing in states or Puerto Rico.

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A look at the most expensive superyachts at the Palm Beach yacht show and their insane features, from basketball courts on deck to ice baths and saunas

• The Palm Beach International Boat Show kicks off later this week.
• Eight megayachts are expected to be on display for would-be buyers and charter customers.
• These are the show's biggest yachts — and how many millions of dollars they are going for.

The Palm Beach International Boat Show — the yacht world's flashiest event stateside — is returning this year with over 800 boats for both deep-pocketed potential owners and window shoppers to peruse.

While it's impossible to know what exactly will be on display until the show begins on Thursday, it's expected that eight megayachts — generally defined as ships over 60 meters long — will be docked at the show and at nearby marinas like the Rybovich Marina in the ritzy Florida town.

Some of these are for sale at eye-popping prices, but others are available to if in case you fancy living like a billionaire for a week or two this summer (and if you have six figures to spare on a vacation).

These are the eight biggest yachts that will be at the Palm Beach International Boat Show and nearby marinas, in size order.

Nero: 90.1 meters

Price: From $497,000 a week (charter) Standout features: Pizza ovens, beauty salon, massage room, resistance pool

Reportedly owned by Irish billionaire Denis O'Brien, Nero is modeled after J.P. Morgan's 1930s ship , and was built in 2007 and updated in 2021.

She now boasts a gym on her sundeck with multiple cardio machines and a beauty salon, and has an on-board beautician for manicure, pedicure, hair, and massage needs. There's also an upgraded movie theater, two new pizza ovens, and both a pool and a jacuzzi.

For those who want to go overboard, she has more than a dozen toys, including a waterslide, Jet Ski, and flyboard.

Victorious: 85 meters

Price: From $876,600 a week in the summer and $950,000 a week in the winter Standout features: Hammam (Turkish bath), wine cellar, wood-burning fireplace, children's playroom

Victorious brings a party vibe to the yacht show. With a beach club on board, a wine cellar, a cigar clubroom , multiple bars, and a lounge with a piano, the vessel is made for entertaining. Plus, there's a playroom and movie theater to entertain the kids.

For tamer charter clients, Victorious has a suite of wellness features such as a gym, massage room, beauty salon and hammam, or Turkish bath — perhaps a custom request of her owner, Turkish businessman Vural Ak.

She also boasts a treasure trove of water toys, including Jet Skis, jetsurfs, inflatable kayaks, and scuba equipment.

Casino Royale: 72 meters

Price: TBD Special Features: Infinity pool, helipad, private jacuzzi

Purchased and refitted by car dealer magnate John Staluppi last year, Casino Royale is the latest of his James Bond-inspired yachts (he's also owned an Octopussy and a Skyfall, among others).

Casino Royale has a helipad that turns into a dancefloor, an infinity pool, and a wellness center with a gym and sauna. The owner's cabin has its own deck, which features a private bar and jacuzzi.

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However, the boat's price isn't listed, and while she's not necessarily officially for sale, that might change depending on who's prepared to buy, Mr. Bond.

Talisman C: 70.6 meters

Price: $60 million (or from $567,000 a week to charter) Special features: Massage and beauty room, private library

Likely the largest yacht for sale (not just charter) at the show, the Talisman C is a 2011 six-bedroom boat. The owner's cabin comes with an en suite bathroom, dressing room, private library, and crystal chandeliers.

Amenities include a gym, a beauty room, oversized jacuzzi, and a fully equipped bar. Her crew of 19 includes a trained masseuse, and the toy room comes equipped with a wakeboard, eFoil , and WaveRunners.

Joy: 70 meters

Price: From $650,000 a week Special features: Disco club, basketball court, onboard fitness instructor

Superyacht Joy testifies to the fact that owners want as many on-board experiences as they can get.

There's an expansive suite of fitness features, including a basketball court (don't shoot that hoop too hard!), a personal trainer on staff, boxing equipment, and a handful of machines. For post-workout winddowns, there's a spa with a steam room and onboard masseuse. And for entertainment, there's both an outdoor and indoor cinema, and a disco club.

Triumph: 65.4 meters

Price: From $707,600 a week in the summer and $650,000 a week in the winter Special features: Sauna, helipad, banana boat

This 2021 superyacht is named after Triumph motorcycles — a reported favorite of her rumored owner, British businessman Chris Dawson — and even has one on display as an art piece in the upper deck's lounge. The primary suite is 1,400 square feet and has its own study , and there's a sauna, an indoor-outdoor gym, a helipad, and a massage room spread among her six decks.

She boasts an "armada of water toys," including two kinds of Jet Skis, electric water bikes, and a banana boat.

Seanna: 64.5 meters

Price: $54,000,000 (or from $462,000 a week to charter) Special features: marble foyer, movie room, sundeck pool

The recently refurbished Seanna is available for sale and charter.

Her indoor-outdoor gym is on sea level so that passengers can take a dip after a session with the onboard personal trainer. There's also a sundeck pool, a helipad, a two-room massage facility, and, for the more cerebral guests, a library with an electric fireplace.

There are a number of toys on board, including a popular water trampoline and two WaveRunners.

Come Together: 60 meters

Price: $65,000,000 Special Features: DJ and videographer on board, ice bath, sauna

Next-to-new yacht Come Together is looking for a new owner after doing charters during the 2023 season.

The Beatles' influence is evident beyond the yacht's name, with guitars dotting the sky lounge and a crewmember who doubles as a DJ. There's also an outdoor cinema and bar for entertainment and an ice bath and sauna for the day after the party. The owner's suite has a private study and lounge, and each guest cabin has its own ensuite.

The sale includes a number of toys, like Jet Skis, kayaks, and Seabobs.

Watch: Inside the world's biggest cruise ship that just set sail

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The 10 Most-Exciting Yacht Debuts at the Palm Beach International Boat Show

Besides the debut of smaller vessels, more than 60 yachts over 100 feet will be at palm beach this week. it promises to be a banner event., howard walker, howard walker's most recent stories.

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For superyacht shoppers, the Palm Beach International Boat Show, kicking off its four-day run this week, is set to break records with more than 60 yachts over 100 feet long on display. Last year was also a banner year for superyachts at the show. 

Headliners will include the likes of the 295-foot Corsair Nero ,  the 278-foot Victorious by AKYacht, the 230-foot Turquoise-built Talisman C , and 213-foot Benetti Triumph among brokerage yachts, and in new yachts, the 113-foot Ocean Alexander Puro 35 is making its world debut.  

There are so many gleaming white vessels over 100 feet, in fact, that the fleet will be split between the Palm Harbor Marina at the main show site on the downtown West Palm Beach waterfront and the Safe Harbor Rybovich Marina two miles north. 

Now in its 42nd year, PBIBS will also showcase hundreds of models of dayboats, cruisers, and fishing boats, as well as marine accessories. Running from this Thursday through Sunday, the show coincides with the Palm Beach Modern + Contemporary art show, a fortuitous opportunity for yacht owners wanting to add new art to their collections.

Here are 10 must-see boats at this year’s show.

Corsair Yachts ‘Nero’

The undisputed star of this year’s Palm Beach show? That would be the 295-foot, classically styled superyacht Nero , built in 2007 and inspired by American financier J.P. Morgan’s legendary 1930s steamer Corsair IV . Nero ‘s attendance at PBIBS marks its return to the charter market after an extensive refit in 2021. Now better than new, the boat is being managed by Burgess. With weekly charter rates from $497,000, the vessel offers five-star accommodations for 12 guests in six cabins, with pampering from a crew of 20. Part of the refit included a full interior refresh by Italian interior designer Laura Pomponi, plus a major focus on wellness. That meant the construction of a new, state-of-the-art gym and spa, the assistance of a certified onboard trainer, a masseuse and beautician. After PBIBS, Nero will spend the winter in the Caribbean before returning to the Med for the summer season.

Ocean Alexander Puro 35P

Ocean Alexander is debuting the first of its new Puro superyacht series at PBIBS. The 113-foot Puro 35P comes from the drawing board of Italian designer Giorgio M. Cassetta and is a step back from the polarizing lines of OA’s recent Revolution and Explorer series with their bold, vertical bow designs. Aimed at long-distance cruising, the 35P can carry over 5,000 gallons of fuel and is powered by twin 2,000 hp MAN V12s for a 24-knot top speed. Twin 55kW Kohler generators can also keep the yacht powered at anchor for long periods. Other standout features include extensive glazing in the chiseled fiberglass hull, a forward deck plunge pool, and spacious accommodations for 10 guests. 

Think of it as the “starter” Sirena. Aimed at a younger demographic, the Turkish builder’s brand-new Sirena 48 is making its U.S. debut at PBIBS after a global reveal at last fall’s Cannes boat show. Such is its appeal that 27 hulls have already been sold, with 13 of the orders coming from North America. Looking like a scaled-down version of Sirena’s popular 58, its distinctive, trawler-style lines are from Argentinian designer Germán Frers. With more interior space than a typical 48-footer, the yacht offers three staterooms—plus a crew cabin—a spacious, light-filled salon, a large cockpit, an oversized flybridge, and a vast forward social area. Take your pick from twin 550 hp Cummins QSB, or 670 hp Volvo D11 turbo diesels. Or the builder is also offering hybrid power with twin 285 hp electric motors charged up by variable-speed generators that are good for a 30-mile battery-only range.

Feadship ‘Olympus’

Picture purchasing a classic 180-foot Feadship superyacht, and then getting a $10 million bill for a major refit. That was the case with Olympus , built by the Dutch masters at Feadship in 1996 to a design by Britain’s Andrew Winch and the celebrated naval architect Frits De Voogt. Sold in 2022, the new owner sent it to the Monaco Marine refit center in La Ciotat, France for a major makeover. It included overhauling the 2,600 hp Caterpillar engines and generators, repairs to the structure, substantial upgrades to the guest areas and crew quarters, and new paint throughout. With the work completed just last year, the vessel is said to be in mint condition. Offered jointly by brokers Fraser and Edmiston, Olympus has an asking price of $28.5 million. With accommodations for 16 guests in eight cabins, the boat’s highlights include two primary suites, tropical-spec air conditioning, and Palm Beach-chic decor.

Benetti ‘Triumph’

Italian yachting powerhouse Benetti is showing off its superyacht-building skills with the 213-foot Triumph . Delivered in 2021, this Giorgio M. Cassetta-designed steel-and-aluminum world girder features six decks, a 1,400-square-foot primary suite with outdoor terrace and adjoining lounge, a 750-square-foot beach club, and a touch-and-go helipad. What sets Triumph apart, however, is its lavish interior furnishings put together by the owner along with Benetti Interior Style and Monaco-based Green & Mingarelli Design. It includes pieces by French glassmaker Lalique, marble from Marfil, Statuario and Armani, furs, silk and wool carpets, plus a collection of cool black-and-white wildlife photographs by British fine art photographer David Yarrow. The pièce de résistance? That would be the owner’s Triumph Bonneville motorcycle displayed in the salon.

Fjord 39 XP/XL

Germany’s Fjord Yachts, part of the Hanse Group, has a new 39-foot day boat that it’s unveiling at the Palm Beach show. The 39 XP and XL keep all the bold design cues of the bigger Fjord 41 XP and XL, like a big, open cockpit, walkaround center console, vertical bow, mile-high windshield and stretched hardtop. As for the differences between the XP and XL, it’s all about power. The XL comes with a choice of twin 320hp Volvo D4 diesels, or bigger 440 hp D6 versions, both with Volvo stern drives. Likely more appealing to U.S. buyers will be the XP powered by twin 400 hp Mercury Verado V10 outboards giving a 50-knot top speed. Pricing starts at around $500,000.

Turquoise ‘Talisman C’

Chandeliers don’t come more dramatic than this. Cascading down the central spiral staircase of the Turkish-built, 231-foot superyacht Talisman C , this jaw-dropping piece of art comprises an array of multi-colored glass balls threaded on stainless-steel rods and illuminated by hanging fiber-optic strands. It’s the creation of Prague-based Crystal Caviar and is one of a number of glass installations on this sleek, low-profile superyacht. Built in 2011 by the Proteksan Turquoise shipyard, Talisman C was designed inside and out by London-based studio H2 Yacht Design, with naval architecture by Italy’s Hydro Tec. With cabins for 12 guests, one of its highlights is a huge primary suite, which boasts more crystal chandeliers and a private library. Twin 2,447 hp Caterpillar diesels give a top speed of 18 knots and a transatlantic range of 7,000 nautical miles at 12 knots. It’s listed with Burgess for $59.9 million. 

Sanlorenzo 44 ‘Kamakasa’

Delivered in 2020 and sold to a new buyer just last August, the 146-foot Sanlorenzo 44 Alloy Kamakasa will be for sale at PBIBS. The asking price, through the Italian Yacht Group, is $23.75 million. Lack of use might also be the issue here; the yacht’s twin 2,600 hp MTU V16 diesels have a mere 289 hours on the clock. Built in aluminum to a design by Rome-based Zuccon International Project, Kamakasa was the second hull in the Sanlorenzo 44 Alloy series. One of the top features is a primary suite that spans three levels and almost 1,600 square feet; it also comes with a private Jacuzzi, separate bathrooms, a walk-in closet, and a private study. The yacht’s lightweight construction and MTU power combine to deliver an impressive 20-knot top speed.

Bahama 41 GT2

As ultimate, reel-’em-in, fishing center consoles go, the Bahama 41 from West Palm Beach-based Bahama Boat Works is as hard-core as they come. But when owners kept asking for a little more comfort for the family, the builder responded. The result is the brand-new flagship 41 GT debuting at PBIBS. While the proven, wave-slicing hull stays the same, the cockpit layout is new. In place of the single bench seat, there are now three-across bucket seats with a second row behind. The wider console now has space for a pair of 22-inch Garmin screens, while the new extended hardtop features sun shades and even a rain shower. Outboard choices stay the same with either twin Mercury V12 600s, or four 400 hp Mercury V10s, good for a 65-knot-plus top speed. Pricing is from around $920,000.

Heesen ‘Book Ends’

Launched in 2022, this 164-foot Heesen is part of the Book Ends collection, owned by an American couple who have had more than 18 yachts with the same name. The exterior design of this Heesen was by Omega Architects, while Dutch studio Van Oossanen did the naval architecture. The yacht is part of Heesen’s fast cruising series, which is more efficient than other vessels its size, and can reach 23 knots at full speed with its MTU 16V 4000 M65L engines. The yacht is listed through Ocean Independence for 42 million Euro, or about $45.7 million.

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About moscow, idaho.

Moscow (pronounced /ˈmɒskoʊ/) is a city in northern Idaho, along the Washington/Idaho border. It is the largest city and county seat of Latah County[3] and the home of the University of Idaho, the land grant institution and primary research university for the state. Seven miles (11 km) to the west is Pullman, Washington and Washington State University, also a land grant university.

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Moscow Muled

Top 4 mexican mule recipes.

Nov 07, 2019

For nearly 80 years, one of the most iconic cocktails in the world has been the Moscow Mule. With the resurgence of cocktail culture in the last ten years, this delicious drink has once again made its way into the hearts, and bellies, of many. People seem captivated by the vodka drink that balances ginger beer and lime juice, and comes in a distinguished copper mug .

Recently, mixologists have tinkered with the original recipe, and expanded the possibilities to include just about every liquor base, and a number of complementary garnishes. Of all the mule variations that exist, few are more appealing and refreshing than the Tequila Mule, also known as the Mexican Mule.

What is a Mexican Mule, and why is it so amazing? In this article, we will...

• Investigate the origins of the Mexican Mule cocktail
• Explore its diverse flavor profile
• Learn about how it's prepared 
• Present the most comprehensive list of easy Tequila Mule recipes

Origins of the Mexican Mule Drink

The classic Moscow Mule was created in 1941, and the first tequila ginger cocktail can be traced as far back as 1946. In those days, both vodka and tequila were quite rare and unfamiliar to the American palette, and were considered quite "exotic."

One of the earliest examples of the Tequila Mule can be found in the 1946 edition of Trader Vic's Book of Food and Drink . This essential cocktail guide describes a tasty cocktail called "El Diablo," which was a refined example of a "Buck". A Buck is any spirit served with either ginger ale or ginger beer, lime and creme de cassis (a sweet, dark red liqueur made from black currants).

Most easy Mexican Mule recipes omit creme de cassis, and instead focus on increasing the spiciness or sweetness by adding different fruits, vegetables and herbs.

There is no one person credited for officially inventing the Mexican Mule, or any of the Moscow Mule variations. Bartenders like to get creative, and quickly discovered the versatility of the "Mule" part of the drink (the ginger beer). When paired with lime juice, ginger can compliment just about whatever spirit you like the most. And with the overwhelming popularity of the Margarita, adding ginger beer to create a Tequila Mule seemed destined to be a hit.

Although particularly fashionable on Cinco de Mayo, the Mexican Mule can always be found at most Mexican restaurants and tequila bars year round. And if it's not on your favorite bar menu, provided they have ginger beer, your bartender won't have any problem making one for you.

What Does a Mexican Mule Taste Like?

Simply put, a Mexican Mule is absolutely delicious. In its most simplistic form, it is almost identical to its cousin, the Moscow Mule. The cocktail's distinct flavors are a balance of ginger and lime, that together are both refreshing and bold.

Perhaps due to its origins in the desert, tequila is often identified as a summer drink. However, the Mexican Mule is definitely a year-round drink, defying seasonal exclusivity. Its spice will warm your soul on a brisk winter night, or refresh you to the core on a scorching summer afternoon.

Sometimes referred to as a Jalisco Mule, this cocktail brilliantly balances the fizziness and spice of a great ginger beer with a citrus counterpoint of freshly squeezed limes. Many variations of the Tequila Mule also focus on sweetness by adding muddled pineapple, strawberry or peach.

A great mixed drink should always be balanced, with contrasting flavors that compliment the spirit and excite the taste buds. The carbonation of the ginger beer creates a soothing texture not commonly found in most cocktails and, depending on the strength of the ginger beer used, the earthy spice can be a nice departure from the overwhelming sweetness of many cocktails. The lime juice offers a tartness, and keeps the ginger's potency in check. There's nothing quite like it.

Another element that makes the Tequila Moscow Mule unique is the garnishes. Whereas a traditional Moscow Mule is garnished with a lime wedge and a sprig of mint, a Mexican Mule often adds jalapeno slices, pineapple chunks, or cilantro.

Jalapeno will certainly increase the heat, and pronounce certain musky notes of the tequila. The acidity of pineapple is a great substitute for fresh limes, but also pairs quite well with any fresh citrus. And, if you love coriander, you know how refreshing it can be - its notes of citrus enhance the natural flavors of the lime juice, and create a robust bouquet for the nose.

Whether you're in the mood for something a bit spicy, or cool and sweet, the Tequila Mule has exactly what you're looking for.

Pro Tips on How to Prepare a Mexican Mule

Unlike some fancy cocktails, the Moscow Mule and all its variations (like the Tequila Mule) are pretty easy to make. In fact, the only specialized equipment needed is the copper mug it's served in (and, although purists may cringe, truth be told, any cup or glass will do).

Here are some important things to remember when making your Mexican Moscow Mules:

1. Use high quality ingredients. A mixed drink is only as good as what you put in it and, the higher the quality, the better the end result. This means using your favorite brand of tequila, and ice made from purified water.

2. Use ginger beer, and not ginger ale! Sure, they are both ginger beverages, and ginger ale is far easier to obtain. However, it is no substitute for the body and intense flavor of a quality ginger beer. Ginger beer itself can vary in both quality and strength, so do some research, and only use the best. Another option is to make your own ginger beer, which can be fun, but will require planning a few days in advance. However, if you really want to impress your guests, and save some money, brewing your own batch can be pretty easy.

3. Use fresh lime juice from fresh limes. As tempting as it may be to use the little green plastic fruit-shaped bottle available at any supermarket, this drink absolutely insists on the real thing. The flavor of a fresh lime is brighter and more intense than any bottled juice, and cannot be substituted. Also, you ought to garnish your drink with a lime wedge, so don't be lazy, and only use fresh limes when making your mule.

4. If adding additional fruit to your Tequila Mule, be sure to not only use them as a garnish, but also be sure to muddle it in the bottom of your mug before adding the tequila and ginger beer. If your recipe calls for strawberry puree, or pineapple chunks, take a moment to crush the fruit with a spoon to unleash its full potential. Just placing a pineapple in a drink will do little to the overall flavor profile- you gotta smash it up! 

5. Garnish like a champion. Presentation is a crucial element when making a mixed drink, and the right garnish can do a lot for your Mexican Mule. Not only does it add a pop of color and personality to the cocktail, it helps tell a story. Plus, they can be a nice snack to munch as you leisurely sip your mule. A fruit wedge is essential, and your choices range from lime to pineapple to strawberry. If you appreciate spicy, a jalapeno slice (minus the seeds) is a great touch. And either you love or you hate cilantro/coriander, but a sprig of some variety of fresh herb is never a bad idea.

Easy Mexican Mule Recipes

Part of the genius of the Mexican Mule is the simplicity. It is typically just three or four ingredients, and only takes a couple minutes to prepare. Here are some great, easy recipes for how to make a Mexican Mule, but feel free to get creative and make something unique.

Simple Tequila Mule Recipe

Ingredients:

• 1.5 ounces of your favorite tequila
• A bottle of ginger beer
• Crushed ice

Instructions:

• Pour some salt in a dish, wet the rim of your mug or glass, and dip into the salt.
• Squeeze fresh lime juice with some pulp into the mug or glass, and fill with crushed ice. 
• Add your shot of tequila, and fill the rest of the mug or glass with ginger beer. 
• Give it a few swirls to mix thoroughly, and garnish with a wedge of lime.

Pineapple Mexican Mule Recipe

• A quality tequila of your choice
• Fresh pineapple chunks
• Ginger beer
• Add a slice of lime and pineapple wedge to the bottom of a chilled copper mug or glass.
• Use the back of a spoon to muddle the lime and pineapple.
• Add your tequila and stir.
• Add ice, cubed or crushed 3/4 of the way full.
• Pour in the ginger beer and garnish with a lime wheel, fresh mint and pineapple slice.

Strawberry Mexican Mule Recipe

• 2 ounces silver tequila
• 1.5 ounces fresh lime juice
• 1 ounce Strawberry Puree
• 4 ounces ginger beer
• Splash of club soda (optional)

For the Strawberry Puree:

• 2 cups quartered strawberries
• 2 teaspoons fresh lime juice
• 2 teaspoons honey (or agave)
• Use a food processor or blender to make your strawberry puree, and strain in a metal sieve. 
• Mix the puree and lime juice with the tequila in your mug or glass, and stir rigorously.
• Fill it up with ice, and pour in the ginger beer. Garnish with a strawberry slice and sprig of mint.

Spicy Mexican Mule Recipe

• High quality tequila
• Organic ginger beer
• 1 jalapeno, sliced
• Cilantro (optional)
• Slice a jalapeno, remove the seeds, and add several slices to the bottom of your chilled copper mug.
• Add freshly squeezed lime juice, and muddle with jalapeno.
• Fill the mug with ice, and top with ginger beer. For an extra kick, pre-make some ice cubes with jalapeno slices or lime wedges inside - it's amazing. 
• Garnish with a slice of jalapeno and optional sprig of fresh cilantro. 

Did You Enjoy This Article?

Thank you for reading! If you enjoyed this article, you might also like the following articles:  Best Kentucky Mule Recipe and  Best Raspberry Moscow Mule Recipe

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