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Starting from 4.49%
APR
Product Name | BoatUS boat loans |
---|---|
Min. Loan Amount | $15,000 |
APR | Starting from 4.49% |
Interest Rate Type | Fixed |
Loan Term | Up to 20 years |
Turnaround Time | 3 to 6 business days |
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
This boat loan connection service is ideal for borrowers with good credit looking to finance an expensive boat over $350,000. There’s no maximum loan amount, and the more you borrow — the lower your rate.
But it doesn’t offer funding under $15,000. And you need to make at least a 10% down payment — maybe more depending on how much you plan on borrowing.
You should also look elsewhere if you want to shop around for rates and aren’t settled on a boat yet. None of its lenders offer preapproval. And you have to list a specific boat on your application when you apply.
Not sure BoatU.S. is right for you? Compare personal loan offers below.
To qualify for a boat loan from BoatU.S., you must meet the following criteria at a minimum:
Depending on the lender you're connected with, you might have to meet additional criteria.
Customers have been silent about their experience borrowing from BoatU.S. as of May 2020. It has no reviews on Trustpilot and none of the reviews on its Better Business Bureau page are related to boat loans. While not necessarily a bad sign, this also makes it difficult to tell what kind of experience you might have.
Follow these steps to get started online:
You might need to provide the following documents during the application process:
After you submit your application, you might be asked to provide documents to verify your income, assets and other information you submitted. You should hear back with a decision within two to three business days. After you sign and return your documents, it typically takes another one or two business days to receive your funds.
Typically, loans of this size come with fixed monthly repayments, though how it works exactly depends on your lender. Look at your loan documents to find out how much you owe and your due date each month.
If you have any questions about your loan or think you might be late, reach out to the company handling repayments as soon as possible.
You can learn how it compares to other lenders by visiting our guide to boat loans.
No, you don't have to be a member of BoatU.S. to use this service.
No, you have to fill out an online application in order to get connected with one of BoatU.S.'s partner lenders.
Yes, you must make a 10% down payment at a minimum. The standard down payment is 15%.