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Interest Rates On Boat Loans

How You Can Compare Boat Loans

How does marine financing work for a boat loan?

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

  • What is the interest rate?The interest rate for this type of loan varies depending on what provider you go with, but rates for secured loans are generally low. 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. Its important to think about whether you want fixed repayments or if you prefer a variable loan to take advantage of market fluctuations.
  • What is the loan limit?The limit of your boat 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. Its important you dont borrow more money than you need and are able to make repayments so you dont default.
  • How long will your loan term be?The length of your loan term tends to be longer with a boat loan, but some may extend only up to seven years. Its still important to select a loan that gives you enough time to pay off your debt. Do your calculations and figure out how long it will take you to pay off the amount you want to borrow.
  • Is the loan secured or unsecured.?Boat loans can be secured or unsecured, so you need to consider which one is the better option for you so you can select a loan that matches up with what you want.

How much does a boat cost?

Should I Buy A New Or Used Boat

Buying a boat is a very personal choice. Consider your budget and your needs while new boats are more expensive, you may qualify for more competitive loans for them. Used boats are cheaper overall however it is important to ensure they meet all safety requirements. Consider a if you are buying a used boat, as this can highlight structural defects or mechanical problems.

Have You Got A Question About Boat Loan

Yes we finance every type of marine vehicle you can think of, from sailcruisers, yachts, dinghys, motorcruisers, powerboats, keelboats, trailer sailers and more.

Yes we finance all kinds of transactions whether your chosen boat is new or used, or from a dealer or private seller.

Yes Savvy helps many people with bad credit get approval for boat loans and marine finance. 9/10 applications are approved!

Yes We help the self-employed and retirees find the great deals on boat loans. You can speak to one of our consultants to find out more.

Yes you can use our online loan calculator to get a clearer understanding of how much a loan will cost. Its free and easy to use.

Yes we have a range of commercial boat loan options to suit your needs. Click here for more information on our offering of marine finance options for business.

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Secured Boat Loans From Banks

Youre more likely to find secured loans from banks. Banks may offer perks to existing customers, like discounts and favorable loan terms. If your bank offers boat loans, its a good place to start.

Bank of the West

Bank of the West offers boat loans in all 50 states, but not in Washington, D.C. You can submit your application online. You’ll then be assigned a sales representative who will work with you to close the loan.

Loan amount: $10,000 to $5 million.

Rates: 4.24% to 10.49%.

» MORE: Read NerdWallets Bank of the West review

U.S. Bank

U.S. Banks boat loans are available in the 25 states where the bank has branches. You may have to visit a branch to close a boat loan, but the bank says it can make same-day preapproval decisions.

Loan amounts: $25,000 to $150,000.

Rates: Starting at 5.24%.

» MORE: Read NerdWallets U.S. Bank personal loan review


USAA works primarily with military members and their families. Though you can apply online, you must call USAA to complete your application.

Loan amounts: $5,000 to $500,000.

Rates: Starting at 6.20%.

» MORE:Read NerdWallets USAA Bank personal loan review


Truist Bank has locations primarily along the East Coast, and existing account holders can apply by phone. Those without accounts will need to apply in person.

Loan amounts: Starting at $3,500.

Rates: 6.30% to 8.52%.

» MORE:Read NerdWallets Truist Bank personal loan review

What Is A Boat And Marine Loan

Average Interest Rate For Used Boat Loan

Although boat and marine loans can be borrowed from many select lenders across the country, particularly those located near bodies of water, Loans Canada can match you with the lender of your choosing, no matter where you live.

A marine or boat loan is a type of financing thats used to purchase almost any seafaring vessel. From sailboats to ski-dos to fishing boats. A boat loan from a specialty lender, private lender, or big bank allows you to make this large purchase, often by transferring the money directly to the dealer, although some lenders do offer direct deposit to the borrower. Once the funds are received, you would repay the loan through a series of equal installments.

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Best For Bad Credit: Southeast Financial

Southeast Financial

For borrowers with bad credit, Southeast Financial is a good choice for a boat loan. This lender has no minimum credit score requirements, and loans are available even for borrowers with past bankruptcies.

  • No minimum credit score requirement

  • Discharged bankruptcies okay

  • Rates starting at 3.74% APR

  • Not available in Alaska or Hawaii

  • $20,000 minimum loan

  • High debt ratios may be a limiting factor

With a history dating back to 1936, Southeast Financial has been providing loans and other financial products to customers across the country for over 80 years. When it comes to boat loans, though, Southeast Financial excels at connecting borrowers with poor credit to lenders willing to finance their purchase.

Through Southeast Financial, subprime borrowers can access boat loans ranging from $20,000 up to $4 million, with no published credit score minimum. Borrowers with low credit scores or high debt ratios may not qualify for the best possible rates, but loans are available even to those with past bankruptcies.

New and used boat loans are not available in Alaska or Hawaii, and borrowers are only allowed to finance their purchase if the boat is intended for recreational useno full-timers or liveaboards allowed. Repayment terms may vary according to the loan amount but are available for up to 15 years.

Which Lender Is The Most Trustworthy

We’ve compared each institution’s Better Business Bureau score.

The BBB, a non-profit organization focused on consumer protection and trust, measures businesses based on factors like their responsiveness to consumer complaints, truthfulness in advertising, and clarity about business practices. Here is each company’s score:

Suntrust A+

All of our three picks are rated A+ by the BBB. Keep in mind that a high BBB score does not guarantee a positive relationship with a lender, and that you should continue to do research and talk to others who have used the company to get the most comprehensive information possible.

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Best Overall: Bank Of The West

Bank of the West

Bank of the West is our top overall pick for a boat loan. The lender features low rates, flexible loan amounts, and widespread availability, making it a great choice for borrowers with good credit looking to purchase a boat.

  • Loans up to $5 million

  • Repayment terms between One and seven years

  • Available in all 50 states

  • Full-time and liveaboard accepted

  • Fees can be rolled into loan

  • Rates as low as 3.74% APR

  • No cosigners allowed

Bank of the West is arguably one of the most popular watercraft lenders. Founded in 1874, Bank of the West, also known as Essex Credit, operates and provides loans to creditworthy borrowers in all 50 states. Boat loans through Bank of the West can range from $10,000 all the way up to $5 million, with repayment terms from four to 20 years depending on the loan amount.

While the wide range of loan amounts and repayment terms is great, this lender wins our best overall spot because of the types of boats it accepts. Bank of the West offers to finance for boat model year 2001 or newer. Allowed boats include standard and custom power, sailboats, multi-hull boats, pontoon boats, electric boats, high-performance boats, houseboats, and wood hull boats. One of Essexs few exceptions is boats capable of speeds of 99 mph or higher.

Where Can You Apply For A Boat Or Marine Loan

Loan Calculator For Buying A Boat | Boat Payment Calculator

Many of Canadas largest financial institutions provide boat and marine financing. Some borrowers prefer to apply with their bank or because they offer higher security, lower interest rates and better payment plans than private lenders. Plus, as members, applicants could score the odd in-house benefit.

The only problem is that banks and credit unions have tougher loan requirements. So, if you have bad credit, a low income or lots of debt, youll likely be rejected. Thats when an alternative lender or private lender can help. They typically have more flexible requirements in comparison to traditional lenders.

However, due to the added risk they take, they may charge higher rates and fees for smaller loans. During your search for marine vehicle financing, its important to take your time and shop around to find the best deal possible.

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Best Marine Lending Specialist: Trident Funding

Trident Funding

Our choice for the best marine lending specialist is Trident Funding because they offer competitive rates, specialize in custom marine financing, and have been in business since 1996.

Trident has worked with over 40 banks and lenders so you can rate shop to offer the most competitive rates and terms which vary based on the type of vessel, down payment amount, loan type, and borrower qualifications.

They offer fixed- and variable-rate loans and both short- and long-term boat loans up to 25 years. Typically, they approve loans within 48 hours and a down payment of 10 to 20% is standard. They finance new and used boats that are no older than 25 years and only used for recreational purposes.

Trident Funding has positive customer service reviews and a solid industry reputation. Customers raved about the excellent service, timely responses, and marine industry knowledge.

Trident Funding was founded in 1996 by boat enthusiasts for boat enthusiasts with the goal of connecting borrowers to lenders so they can finance their passion. It is the U.S.s largest independently owned boat and yacht loan origination company. Trident also finances RVs and provides marine resources and tips on its website.

  • Dont finance boats more than 25 years old

  • Dont finance live-aboard vessels

  • You usually need a down payment

Boat And Marine Loans From Banks

RBCBoat And Marine Loans

As mentioned, plenty of big financial institutions sell marine vehicle loans in Canada, For example, the Royal Bank of Canada offers financing for boats and RVs with:

  • Flexible Payment Options Choose from several payment plans , with no penalties for prepayments.
  • Competitive Interest Rates RBC offers competitive interest rates when you finance your boat through one of their affiliated marine dealerships.
  • Adjustable Terms & Conditions If youre a qualified applicant, you could be eligible for financing terms as long as 20 years on boats and RVs that are no more than 10 years old.

TDBoat And Marine Loans

TD Canada Trust is another popular bank with its own flexible marine vehicle financing program. They have an expansive network of dealers and offer many benefits, like:

  • Long Terms & Extensions Payment terms can last up to 240 months on newer vehicles and youll have the option of extending .
  • Additional Financing Available If necessary, TD can also offer you financing for other marine vehicle costs, like warranties, gap insurance, and storage fees.
  • Competitive Interest Rates You could qualify for a competitive fixed or variable financing rate for most marine crafts.
  • Payment Options Loans can be paid early with a lump sum, penalty-free.


  • Payment Breaks If you follow your financing plan responsibly, youre allowed to postpone one payment each year that your marine craft loan is active.

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How Long Are Boat Loans

Unlike car loans, which typically last anywhere from 3-7 years, on average, boat loans are more similar to a home loan in length. You can expect boat loans to be in the 15-20 year range. The higher the cost of the boat and the less you put towards the down payment, the longer your loan term will be. However, shorter-term boat loans definitely exist. It is possible to get loans with a 24-87 month length, especially if the boat youre purchasing is in a lower pricing tier, such as in between $10,000 and $50,000.

Your Credit Score And Average Interest Rates

Best interest rate on boat loan

If you dont know your credit score, chances are, youre one of 2.7 million Aussies who are too afraid to ask. Knowing your credit score allows you to fix your credit history if necessary. Equifax offers a credit score band for you to gain some insight on where you are if youre looking at an interest rate on a car loan:

  • Excellent 833 1,200

Savvy is rated 4.8 for customer satisfaction by 2749customers.

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How We Do Boat Loans

Trident Funding offers a wide variety of boat loan rate programs for boat and yacht buyers. With nearly 30 years of experience, Trident Funding is the most trusted partner for all your boat financing needs.

We offer boat lending options for new and used boat purchases as well as boat refinancing. Our dedicated team of sales representatives guarantees professionalism and competitive rates. With access to specialized programs and experienced lenders, we listen to your needs and find the right solution to finance your boat.

Whether youre looking for a small runabout, a sailing vessel, a sportfish or the finest megayacht, we have the right boat loan program for you. We specialize in boats, thats all we do! If youre purchasing a new boat, used boat, classic boat, or project boat, well help you find the best boat loan lender to meet your needs.

Let us handle the heavy lifting, with help from application submission through closing. Our experienced team of finance professionals will coordinate all elements of closing, including state title, coast guard documentation, insurance, and settlement services. When you apply for a boat loan with Trident Funding, we examine your unique situation to determine which of our trusted boat lending partners can provide the best boat interest rate and term for your boat loan.

  • Standard Fixed Rates

Are Boat Loans Hard To Get

Youll typically need good to excellent credit and verifiable income to qualify for a boat loan. If you have poor or fair credit and can wait to take out a loan, it could be a good idea to build your credit before applying.


Keep in mind that with secured boat loans, the people applying for the loan typically need to be listed on the vessel title. This means that if you apply with a cosigner, theyll most likely need to be on the boat title.

Some manufacturers and dealers also offer their own in-house financing, which might be easier to qualify for. Be sure to consider all of your options to choose what works best for you.

Learn More: Bad Credit Loans

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How Else Can I Pay For A Boat

If you cant find a boat loan near you or would rather not use it as collateral, you might want to consider these alternatives:

  • Leisure vehicle loans. Some lenders offer leisure vehicle loans that cover a wide range of vehicles from jet skis to RVs and include boats.
  • Save up. Not in a rush? Saving up is the cheapest way to buy a boat, since you wont have to pay any interest or fees.
  • Rent a boat. Marketplaces like GetMyBoat act like Airbnb for watercrafts, letting you reserve one when you need it.
  • Find a boat club. Boat clubs give you access to fleets of boats in exchange for a monthly or annual payment and you wont have to foot the bill for insurance and maintenance.

Boat Yacht & Rv Insurance

MSUFCU Boat Loan Refinance Commercial

Stay covered, wherever the road or water takes you. M& T Insurance and Travelers offer boat and yacht insurance as well as RV Insurance to make sure your boat, RV and everyone in it is properly protected. Travelers offers flexible coverage and discounts like multi-policy discounts, boat equipment credits and more.

to learn more about Travelers Insurance or call 1-844-773-8467 to get a quote.

Insurance Products are NOT Deposits NOT FDIC Insured NOT insured by nor an obligation of Any Federal Government Agency NOT Guaranteed or Underwritten by the Bank Not a Condition to the Provision or Terms of any Banking Service or Activity.

M& T Insurance Agency, Inc. may be paid commissions or other compensation for services provided in connection with this offer of insurance. Insurance products are offered by M& T Insurance Agency, Inc., not by M& T Bank. Insurance policies are obligations of the insurers that issue the policies. M& T Insurance Agency, Inc. is a subsidiary of M& T Bank.

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Navy Federal Credit Union

Navy Federal Credit Union offers loans for new and used boats and personal watercraft, with terms of up to 180 months. Military members with direct deposit may qualify for a rate discount. Service members in all branches of the armed forces, along with their families and household members, are eligible for credit union membership.

Applying For A Boat Loan

There are a few steps youll need to take in order to apply for a boat loan. These include:

  • Whether youre interested in a sailboat, motorboat, or houseboat, what boat you want to purchase will influence what type of loan you need from a lender.
  • Compare rates: When shopping for a loan, you should compare rates from multiple different lenders. This can help to ensure that you get the best deal possible.
  • Review your credit score: Some lenders have minimum credit score requirements, while others reserve the most competitive rates for borrowers with excellent credit. Make sure your score is in a good place before applying.
  • Make sure you have enough for a down payment: Typical down payments range from 10% to 30% of the total loan amount.
  • Complete a loan application: To apply for a loan, youll need to provide information about yourself and the boat you want to buy, including your name, address, social security number.

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