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Compare boat loans

Get a boat loan and sail out on the open water sooner than you think.


Need a boat loan?

FlexMoney Personal Loan logo
  • Rates from 18.90% - 46.93%
  • Loan term from 6 - 60 months
  • Pay off loan anytime
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Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500

Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.

Compare up to 4 providers

If you’re looking to purchase a boat but need a little help covering the costs, there are many different financing options available for you to consider. One such option is a personal loan, which offers long loan terms, competitive interest rates and affordable repayments.
Read our guide to learn how to find the best boat loan for your financial situation.

How does a boat loan work?

A boat loan can usually be one of the following:

  • A secured personal loan that is designed to specifically finance a boat.
  • A more general secured loan that allows boats to be used as collateral.
  • An unsecured personal loan with no collateral.

Boats can be expensive, so you will find these loans offer larger loan amounts and may give you longer repayment terms than loans used for other purposes. If you’re looking for a competitive interest rate, you may want to consider using the boat as security for the loan.

Representative example: Barbara gets a boat

Barbara has a cottage on Salt Spring Island and has wanted a boat for many years. Her neighbour is selling a used Angler boat for just $15,000.00 – which is an absolute bargain in Barb’s eyes. Barbara only has $7,000.00 on hand to spend on a boat at the moment, but she doesn’t want to pass up on the opportunity, so she decides to take out a loan to cover the remaining $8,000.00. Barb has an excellent credit score, so she compares both traditional and non-traditional lenders. She finds that her bank offers the lowest rate and best terms, where she will be approved for a loan of $8,000.00 with a 5.00% APR and a 2 year loan term.

Cost of used boat$15,000.00
Loan typePersonal loan
Loan amount$8,000.00
Interest rate (APR)5.00%
Loan term2 years
Additional feesOrigination fee of 3% ($240.00)
Monthly payment$350.97
Total loan cost$8,663.31

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

How can I compare boat loans?

Finding the right financing for your boat is important. When you’re comparing your loan options, keep the following questions in mind:

  • What is the interest rate?
    The interest rate for this type of loan varies depending on the provider you choose, but rates for secured loans are generally lower. Make sure you select a loan with a competitive interest rate that will help you save money in the long run.
  • Are there fixed repayments?
    Some boat loans offer fixed repayments. It’s important to think about whether you want fixed repayments or if you prefer a variable rate loan to take advantage of market fluctuations.
  • What is the loan limit?
    The maximum amount of your loan also varies with providers. Have in mind a rough estimate of how much money you need to borrow and find a boat loan that meets these needs. Don’t borrow more money than you actually need since you’ll pay interest on the amount borrowed.
  • How long will your loan term be?
    Choose your loan term by figuring out how much you can afford to repay each month. Do your calculations to figure out how long it’ll take to pay off the amount you want to borrow with the annual percentage interest rate (APR) you might qualify for.
  • Is the loan secured or unsecured?
    Boat loans can be secured or unsecured, so consider which loan type better suits your financial situation. A secured loan is risky since you can lose the collateral if you don’t make your repayments, however you can usually get a lower interest rate than with a secured loan.
What kinds of rates and terms can I expect?

If you’re looking at a secured personal loan, rates typically start around 2.00%, while unsecured loans can be slightly higher around 5%+. Keep in mind that these are starting rates and some lenders will charge upwards of 30.00%, depending on your credit score and other factors. For borrowers with a good to excellent credit score of 660+, rates will likely sit around the 7.00-12.00% mark.

Personal loans usually come with offer terms from one to either five or seven years. However if the boat is worth a lot, you may find terms much higher. Remember that a longer loan term will mean you pay much more in interest.

What to expect from a personal loan

How much does a boat cost?

It’s important to understand the cost of a boat, and the on-going costs, before you apply for financing.

  • The boat purchase. The actual cost of a boat varies greatly depending on which type you select. You could expect to pay anything from $25,000 for a new motorboat and well over $1,000,000 for a new yacht.
  • Boat equipment. Consider the costs of decking out your boat. Electronics, water toys, accessories and safety equipment could set you back $1,500 or more.
  • Operating costs. This cost will also vary depending on the type of boat you choose and also how you use it.
  • Boat maintenance. You will be stuck with a higher maintenance cost the older your boat is and the less you take care of it yourself. You can slow down wear and tear, for instance, by washing the hull with fresh water after taking your boat out.
  • Storage. Mooring fees are usually calculated by the length of your boat and will increase if you store it in a high traffic area or popular area.
  • Boat insurance. Depending on the type of boat you have and where you store it, insurance can cost anywhere from $300 to $500 usually. Keep in mind you may not need insurance in your province or territory, however the marina you store your boat at may require you to have insurance.

What are the benefits and drawbacks of financing a boat purchase?


  • Specialized loans. While some loans are standard secured personal loans that allow boats as security, there are other options available that are specially designed to finance a boat or vehicle.
  • You could get fast loan approval. Loans usually have a quick turnaround time once you complete the online application. The application process is relatively easy and you can have the finances for your boat within one to ten business days.
  • Access to competitive interest rates. Some boat loans have competitive interest rates available which tend to be lower than other credit options. If you know that you specifically need a loan for a boat, a boat loan is a great way to potentially save money.


  • Large loan amounts are required. Boats are usually quite expensive and that translates to a larger loan amount. Make sure you choose a term that keeps your monthly repayments affordable.
  • Can’t use a secured boat loans for costs other than the boat itself. You need to consider ongoing boat maintenance, boat insurance, marine equipment and storage fees as well as the cost of the boat. These costs usually cannot be added to a secured loan since the loan may likely have to pay off the cost of the boat only.

What types of boats can I finance?

Is there anything to avoid with boat loans?

Before applying for a loan, consider the following:

  • Unlicensed credit providers. Signing up for a loan with an unlicensed provider is a dangerous mistake. There are plenty of scams operating in the online world, so be sure the lender you choose is legitimate and licensed to operate.
  • Getting into a debt spiral. Getting buried in debt can be an easy thing to do once you start borrowing money, especially if you have multiple debts. Make sure you know your limits and seek help if you are having trouble with repaying your debt.
  • Deals that seem too good to be true. If you find a deal online or otherwise that’s in a different league than the competition, do some poking around – it could be the sign of a scam.

How to apply for a boat loan

Once you’ve compared a variety of lenders offering boat loans, head to the specific lenders website to begin your secure online application. Some lenders may additionally allow you to apply over the phone or in person if they have physical stores. You will need to make sure you meet the eligibility criteria and have the necessary documents on hand to apply. The process usually takes less than ten minutes.

Eligibility requirements

These may vary from lender to lender, however you will usually need to:

  • Be 18 years of age, or the age of majority in your province or territory
  • Be a Canadian citizen or a permanent resident with a valid Canadian address
  • Have proof of an income
  • Meet any credit score requirements
  • Have a working bank account
  • Meet any income requirements

Required documents

You will need the following documents on hand when applying:

  • Personal details like your name, address, Social Insurance Number (SIN), phone number and email.
  • Income details including pay stubs or bank statements.
  • Employment details including your employer’s name and contact details.
  • Banking information like your bank’s name, address and transit number, as well as your personal bank account number.

Looking to finance a jet ski instead? Learn more in our guide.

Frequently asked questions

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