If you’re ready to get on the water, boat loans can cover up to 100% of the purchase price with terms as long as 20 years. The right lender depends on your credit, how much you need to borrow and whether you want a secured or unsecured loan.
We evaluated boat loan lenders and marketplaces across several factors:
We prioritized lenders with transparent terms, accessible eligibility requirements and strong reputations as measured by Better Business Bureau ratings and third-party reviews.
All lender details were verified directly against each company’s official website.
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Boat loans work by offering you funding for a new watercraft that uses your vessel as collateral. It’s similar to a car loan — you can find a boat loan directly through a dealership or a private lender. If you finance through a lender, you can either have the funds sent to you or have the lender directly pay the dealership.
To qualify for the most competitive deal, you’ll generally need to meet the following criteria:
How much you can borrow generally depends on the price of your boat. Typically, you can fund 90% to 100% of the value of your boat. Minimum loan amounts can start anywhere from $5,000 to $25,000, depending on the lender, and maximums range from $100,000 for unsecured personal loans to $5 million or more with specialized marine lenders.
Like car loans and mortgages, boat loans often require a down payment — generally at least 10%, though lenders tend to favor applicants who can put down 20%. The less you borrow, the less interest you’ll pay overall.
Boats depreciate like cars, not houses. If you borrow a large amount over a lengthy term, you may end up owing more than the vessel is worth. Putting more down up front protects against this.
Use our boat loan calculator to find out how much you might owe based on your loan amount, term and interest rate. This can help you compare offers to find the best deal for you.
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Yes — without collateral and a down payment — by applying for an unsecured personal loan. LightStream offers exactly this for boat purchases. Loan amounts typically max out around $100,000, and terms don’t run longer than seven years for most lenders.
Not every personal loan provider allows boat purchases, so confirm this before applying to avoid a surprise denial.
If you have trouble qualifying without collateral, a secured loan using the boat itself (or another asset, like home equity) tends to offer lower APRs and easier-to-meet requirements. Most dedicated marine lenders — including Southeast Financial, Good Sam and Navy Federal — use the boat as collateral.
Depending on the type of loan you’re looking for, boat financing is available from:
Boats vary widely depending on type and size. You can expect to pay anywhere from $25,000 for a new motorboat to well over $1 million for a new yacht. Used models can go for considerably less.
Comparing offers across lenders is the most effective approach. Ask yourself:
It depends on the lender. Some ask for a specific make and model, while others allow you to apply for a ballpark amount. If you’re unsure, ask your lender what’s required ahead of time.
Boat loans can help cover up to 100% of the cost of a new vessel and come in higher amounts and longer terms than your typical personal loan.
But if you need less than $100,000 and don’t want to use your boat as collateral, check out our guide to personal loans to find out if it’s the right choice for you.
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