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No matter what kind of watercraft you have in mind - from a simple fishing boat to a luxury yacht - you want financing that allows you to make it happen. While you could turn to your local bank for a loan, you might find a better offer elsewhere. There are a number of lenders who specialize in marine loans, and they might give you more competitive interest rates and terms.
What are the requirements for qualifying for a boat loan? That varies widely. Of course, it helps to have good-to-excellent credit. For high-end boats of $200,000 or more, expect lenders to have minimum credit score requirements of at least 700 along with the income and assets to support such a purchase. Also, for bigger boats, your loan approval process is likely to require a marine survey: just like buying a home, an inspection shows both you and the lender that it's a sound vessel.
Thursday, February 9th
As part of the Truist financial family, LightStream puts nearly 150 years of experience to work for you in getting financing to buy a boat for $100,000 or less. Their interest rates are very competitive and have repayment terms from 2-12 years. Funds can be available the same day you apply, and you don't have to provide any documentation on the watercraft you're purchasing. With lots of positive customer feedback and one of the easiest application processes around, LightStream is the right choice for boat loans under $100,000.
For those who aspire to own a luxury watercraft, Trident Funding is a great source of boat loans. With nearly 30 years of experience, and as the largest originator of boat and yacht loans nationwide, this provider can help you get the vessel of your dreams. Their lending network includes approximately 20 banks, allowing Trident to source a funding package customized to your particular boat purchase. "A+" rated by the BBB and with plenty of glowing client testimonials, Trident Funding is the best choice for boat loans of $100,000 or more.
Excel Credit is a terrific option for financing on boats from $25,000 to $10 million. In service for nearly 30 years, the company has an impressive track record for helping clients purchase the boats of their dreams in 7 business days or less. Even more impressive are the testimonials from repeat customers who describe the entire process as lightning-fast, professional and responsive. Excel Credit is a solid choice for your higher-end boat loan.
LendingTree can be used to comparison shop loans of all kinds, including financing for new and used boats or to refinance a current boat loan. The service connects you with loan offers from up to five fully-vetted partners in their lending network, and you have ample information about each financial institution that can help you make your choice. LendingTree enjoys a strong reputation and can be a quick and easy way to compare several boat loan options at once.
Upgrade doesn't offer loans specifically for buying boats, but rather offers personal loans for any purpose up to $50,000. Because there are only two lenders in their network, Upgrade loans can often be funded within a single business day when you accept an offer. If you're looking for a smaller boat loan, this "A+" rated service is worth looking into.
BoatUS has two featured lenders for boat loans: Trident Funding for boat loans over $25,000, and First Approval Source for loans less than $25,000. Since Trident Funding we already have a review of Trident Funding, we focused this review on First Approval Source. Unfortunately, they have a long way to go before earning a higher rating among sources of boat loans.
On the other hand, for smaller watercraft, you may not need a boat-specific loan. These loans are usually structured as a traditional personal loan and are based solely on your creditworthiness, not on what you're buying. That's good news if you have less-than-perfect credit too: you'll pay more in interest on your marine loan, but at least you can still qualify as a borrower.
There are quite a few options out there for boat loans, and it can be challenging to determine which financial institution or lending service is the right one for your unique situation. To simplify your search for a marine loan, here are several factors to consider:
TopConsumerReviews.com has reviewed and ranked the best providers of boat loans available today. We're confident that this information will help you get the financing you need to purchase the boat of your dreams!
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