Thursday, October 21st
2021 Boat Loan Reviews
LendingTree
- Boat loans up to $1,000,000
- Funds available for new and used boats, plus refinancing
- Referral service pairs you with up to 5 lending partners
- APRs vary widely
- Repayment terms between 61 days and 180 months
- "A+" rated and accredited by the BBB
- 24+ years in business
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
- Fixed-rate loans from $1,000 to $50,000
- Wide range of interest rates
- Repayment terms from 24-84 months
- Origination fees of 2.9% to 8% included in the interest rate
- "A+" rated and accredited by the BBB
- Two lending partners
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.
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The 7 Best Boat Loans
Where Can You Get the Best Boat Loans?
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.
Boat Loan FAQ
Continued from above...
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:
- Loan amount. How much do you need to borrow to buy the boat? Some lenders only provide up to $50,000, while others have a minimum loan amount of $25,000 and go all the way up to $50 million. Make sure the provider you're considering is appropriate for the loan size you need.
- Funding timeframe. If you already have a boat in mind and you live in a hot market, it'll be important to get your loan proceeds quickly. A few boat loan companies can have the funds deposited on the same day you apply.
- Loan information. Does the company tell you upfront what you can expect in terms of interest rates, loan amounts, and any fees associated with the loan? Is it easy to get a preliminary quote?
- Reputation. What do other boat owners say about their experience getting a boat loan from the service you're considering? Has the Better Business Bureau given the company a strong rating?
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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