How much can I borrow to buy a boat?

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.

Will I need to make a down payment to get a boat loan?

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.

Can I buy any kind of watercraft with a boat loan?

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.

How long will it take to get approved for a boat loan?

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.

How quickly can I get the money with a boat loan?

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).

Do I need good credit to qualify for a boat loan?

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.

What documentation is needed to get 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.

What fees should I expect with a boat loan?

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.

SoFi<sup>®</sup> Review for February 2026

Item: SoFi ® Review
Rating: 3.5
Author: Top Consumer Reviews

Thursday, February 19th We 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.

2026 Boat Loan Reviews

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

3.4

GOOD

Good

SoFi^®

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

GOOD

3.4

On the SoFi^® website

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

No surprises in the initial application

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

Not the most competitive rates

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

A few ways to lower your interest rate

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

Watch out for origination fees

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

Same-day funding on most approved loans

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

Mostly positive reputation

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

Could be worth a look

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

On the SoFi^® website

Continued from above...

Where Can You Get the Best Boat Loans?

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

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

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

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

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

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

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

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

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

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

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

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

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