Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.

Upstart vs LendingTree

Thursday, October 21st

2021 Boat Loan Reviews

Upstart Review 3.5 Star Rating

Upstart

3.5 Star Rating
  • Loans with 3 and 5 year terms
  • Competitive interest rates
  • Over 90% of borrowers receive funds very quickly after accepting a loan offer
  • "A" rated and accredited by the BBB
  • Origination fees disclosed at the time of loan offer

Upstart knows there's more to you than your credit score: when considering your loan application, they employ a sophisticated artificial intelligence system that looks at your complete financial picture. You can get a loan for any purpose, including boats, and their interest rates are competitive with other lenders. Thousands of people have used Upstart to get their funds very quickly, and they have a happy and loyal customer base.

LendingTree Review 3.5 Star Rating

LendingTree

3.5 Star Rating
  • 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.

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.

The Best Boat Loans Compare Boat Loans Compare Boat Loan Reviews What are the best Boat Loans Best Boat Loan Reviews

Boat Loan FAQ

Boat loans range from $1,000 to as much as $50,000,000. Your ability to qualify for a marine loan is heavily dependent on your financial situation, including your credit history, income and savings/investments, and the age and price of the watercraft you hope to buy.
On luxury watercraft, yes. If you're obtaining a boat loan of $100,000 or more, expect a down payment requirement of 10-20%, depending on the lender you choose. If you're buying a lower-priced boat, your funding will probably be structured as an unsecured personal loan and won't need a down payment.
What do you have in mind? If you're purchasing a million-dollar yacht, your boat loan will require a considerable amount of documentation, including a marine survey, prior to being approved. On the other hand, if you're taking out a loan to buy an inexpensive, used fishing boat, it'll likely be a personal loan that can be used for any purchase.
As long as you've entered your information accurately and you pass a credit check, your loan approval can happen almost instantaneously, though for higher loan amounts it may take a day or two. But, getting the funds for your loan won't necessarily be same-day, especially for more expensive boats that require a marine survey and other paperwork prior to funding.
On some boat loans under $100,000, you could be approved and have the money deposited to your account on the day you apply! On larger loans, expect the entire process to take at least a week or two, because your lender will likely request a marine survey that can take some time to arrange (similar to a home inspection when buying a house and applying for a mortgage).
It always helps. There are a few lenders who will approve you for a boat loan with poor to average credit, but you'll pay much higher interest rates. And, for luxury boats with price tags of $100,000 or more, you typically need a credit score of at least 700 to be eligible for a boat loan.
All boat loans will require a credit check, and further verification may require basic financial documents such as tax returns, bank statements, and proof of income. When buying a bigger boat - in price, size, or both! - your process is likely to include much more extensive paperwork, like a marine survey and a personal financial statement.
The most obvious fee is interest. Depending on the size of your loan, the lender you choose, and your credit history, you could pay as little as 3% or as much as 36% APR. Your boat loan may also come with a one-time origination fee, costs for a marine survey or other paperwork necessary before your loan is approved, and so forth. Be sure to get a fee breakdown before you sign on the dotted line with any provider of boat loans.
Compare the Best Reviews

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!

The Best Reviews of Boat Loans