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LightStream boat loans review

Set sail with low-interest financing available as soon as the same day.

  • Best for borrowers with good to excellent credit looking to buy an expensive watercraft.
  • Pick something else if you’d like to get preapproved before filling out a full application.
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Min. Loan Amount$5,000
Max. Loan Amount$100,000
Interest Rate TypeFixed
Min. Credit ScoreGood to excellent credit
Loan TermFlexible

First, do I qualify?

To qualify for a boat loan or refinancing through LightStream, you need to satisfy a few requirements:

  • Must have a good to excellent credit profile
  • Must be a US citizen or a permanent resident with a valid green card
  • Have a valid Social Security number
  • Credit card verification requested upon loan approval
  • Must have a valid US address

What makes a LightStream boat loan unique?

LightStream has one of the fastest turnaround times out there when it comes to buying a new boat or refinancing your existing one. That, combined with its relatively high loan amounts, makes it a good choice for buying a large cabin cruiser or exotic watercraft. You can also use your loan to finance expenses that come with owning your own watercraft, including a boat lift, dock, winter storage or any other boat-related expense.

What types of boat loans does LightStream offer?

LightStream offers three types of boat financing to suit your needs:

  • New and used boat loans. Finance everything from a small used waverunner to a brand-new pontoon boat with a LightStream boat loan.
  • Refinancing an existing boat loan. Apply to swap out the high payments on your current boat loan with more favorable rates and terms by refinancing with LightStream.
  • Boat repair loans. Use a Lightstream loan to finance repairs, rebuilds or overhauls to your boat engine, navigation system and more.

Does LightStream finance other types of vehicles?

Yes, you can also take out a new or used car loan, refinance your current auto loan, buy out your car lease, purchase a new or used RV and more through LightStream.

  • New and used car loans. When you need a new car fast, LightStream’s quick turnaround times can help make it happen.
  • Auto refinancing. When you’ve grown attached to your car but not to your current car loan, Lightstream auto refinance can help make your payment more affordable.
  • Auto lease buyout. If you don’t want to give up your leased vehicle, LightStream can turn that large buyout payment into one you can afford.
  • Classic car financing. LightStream’s high loan amounts make it a good option for buying exotic or classic cars.
  • Motorcycle loans and refinancing. Get special financing options for buying a new motorcycle or refinancing the loan on your existing ride.
  • Private party auto purchases. Finance a vehicle purchase from a friend, neighbor or family member if you don’t want to go through a dealer.
  • RV loans and refinancing. Purchase a new RV or trade in your current loan for one from LightStream with better rates, terms — or both.

What are the benefits of a Lightstream boat loan or refinance?

From its fast funding to its competitive rates, here are a few perks of financing your boat through LightStream.

  • Quick turnaround. It’s possible to get your funds the same day you apply with LightStream.
  • Competitive rates. LightStream’s fixed interest rates get very attractive if you sign up for autopay.
  • Rate beat program. Its special rate beat program will beat a competitor’s rate if the offer meets certain requirements.
  • No fees or collateral requirements. LightStream offers unsecured boat loans that have no fees, prepayment penalties or collateral requirements.
  • Loan experience guarantee. If you’re not 100% satisfied with your experience borrowing through LightStream, it will send you $100 for your troubles

What to watch out for

LightStream’s strict credit requirements and lack of a prequalification form means it might not be right for everyone.

  • No preapproval form. LightStream doesn’t allow you to see what rates and terms you might qualify for before filling out a full application.
  • Good to excellent credit required. LightStream isn’t a good option if you’re still building your credit or have had slipups in the past.

Compare LightStream to personal loan providers

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Name Product Filter Values APR Min. Credit Score Loan Amount
Best Egg personal loans
7.99% to 35.99%
$2,000 to $50,000
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Credible personal loans
3.99% to 35.99%
Fair to excellent credit
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Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Upstart personal loans
5.6% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
7.99% to 23.43%
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingClub personal loans
6.34% to 35.89%
$1,000 to $40,000
A peer-to-peer lender offering fair rates based on your credit score.

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LightStream reviews and complaints

BBB accreditedNo
BBB ratingA+
BBB customer reviews1.03 out of 5 stars, based on 221 customer reviews
Trustpilot score2.6 out of 5 stars, based on 6 customer reviews
Customer reviews verified as of12 October 2020

Despite the fact that LightStream has been around for a while, there are only a few reviews on Trustpilot. And it doesn’t have any on its Better Business Bureau (BBB) page. Those that are there are a mixed bag of customers happy with their experience, and others complaining of rejected applications despite having excellent credit.

How do I apply?

You can apply for a boat loan through LightStream by following these steps:

  1. Go to the LightStream website and hover over Recreation in the main navigation bar.
  2. Click Boat Loans & Refinancing, then click Apply Now.
  3. Follow instructions to complete the application with details about yourself and your finances.
  4. Read the security information and privacy policy, then submit your application

What do I need to apply?

To apply for a LightStream boat loan, you’ll need to provide the following information:

  • Name, birthday and Social Security number
  • Driver’s license number
  • Job history and salary
  • Other assets and income
  • Monthly debt obligations

How do repayments work with LightStream?

LightStream’s boat loans come with monthly repayments. Signing up for autopay comes with a 0.5% discount off your interest rate and can help you avoid missing a payment.

If you have any questions or concerns regarding your loan, payment options, rate or term, reach out to customer service as soon as possible.When you’re about ready to abandon ship, it’s time to compare all of your options for getting a boat loan. Or, use our boat loan monthly payment calculator to find out how much your monthly payments will be before setting sail.

Frequently asked questions


Review by

Kathryn Pomroy was a writer for Finder, specializing in loans. She has written for dozens of major publications, small businesses and many well-known personal finance companies, including LendingTree, Money Crashers, Quickbooks/Intuit, BankRate, LendEDU and more. Kathryn holds a BA in Journalism and drinks super bold coffee while eating peanut butter and honey toast.

Expert review

Need financing for a new boat? LightStream can get you into the captain’s chair fast — with same-day funding available in some cases. It offers high loan amounts up to $100,000, ideal for financing an expensive watercraft. And its rate beat program and autopay discount make for competitive rates.

But you need good to excellent credit to qualify. And it doesn’t offer preapproval, meaning you can’t find out what rates and terms you might qualify for before filling out a full application.

Don’t think you can qualify with LightStream? Compare other boat loans below.

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