What credit score do I need for a boat loan?

It depends on the lender. Southeast Financial accepts scores as low as 575, and Good Sam's network considers scores as low as 600. Navy Federal and LightStream don't publish a minimum but favor good to excellent credit. In general, a score above 670 opens up more competitive options.

What's the difference between a secured and an unsecured boat loan?

A secured boat loan uses the vessel as collateral — if you default, the lender can repossess it. An unsecured loan (like LightStream's) is based on your creditworthiness only, with no lien on the boat. Unsecured loans tend to have lower maximum loan amounts but are simpler and don't require a marine survey.

Can I get a boat loan for a used vessel?

Yes, though terms may be shorter and rates slightly higher than for new boats. Southeast Financial, Good Sam and Navy Federal all finance used vessels.

What is a good boat loan interest rate?

For well-qualified borrowers in 2026, anything starting around 6.49% to 6.95% APR is competitive. Rates climb from there depending on your credit, the age of the boat and the loan term.

What type of loan is best for a boat?

It depends on your situation. A secured boat loan typically gets you lower rates and longer terms, which works well for bigger purchases. If you have strong credit and need less than $100,000, an unsecured personal loan like LightStream's skips the collateral requirement entirely, which can be a simpler path for smaller or used boats.