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Unless you can float the entire cost from your savings, you’ll likely need some financing to afford a boat.
Bạn đang xem: Best Boat Loans 2025
While personal loans can technically be used to finance almost anything — including a boat purchase — some lenders specialize in financing boat purchases. Below, CNBC Select rounded up some of the best boat loan lenders that offer competitive loan amounts and terms. We considered a mix of both personal loan lenders and boat loan lenders. See below for our methodology.
Best for long repayment terms
Southeast Financial
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Annual Percentage Rate (APR)
Fixed rates starting at 6.99%
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Loan purpose
RVs, trailers, boats, motorcycles for non-commercial use
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Loan amounts
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Terms
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Credit needed
Minimum credit score of 575
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Origination fee
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Early payoff penalty
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Late fee
Click here to see if you prequalify for a personal loan offer. Terms apply.
Pros
- Low minimum credit score requirement
- Offers long repayment terms of up to 20 years
- High loan amounts of up to $4,000,000
Cons
- Loan cannot to be used to purchase vehicles for commercial use
- Fees are not disclosed on the website
Who’s this for? Southeast Financial offers loans with repayment terms as long as 240 months, the longest repayment term on this list. By contrast, most other personal loan lenders offer repayment terms of up to just seven years.
Standout benefits: Southeast Financial also offers loan amounts as high as $4,000,000, also making it an appealing lender if you need to borrow larger amounts of money.
Best for fast funding
LightStream Personal Loans
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Annual Percentage Rate (APR)
6.94% – 25.29%* APR with AutoPay
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Loan purpose
Debt consolidation, home improvement, auto financing, medical expenses, and others
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Loan amounts
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Terms
24 to 240 months* dependent on loan purpose
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
Terms apply. *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.
Pros
- Same-day funding available through ACH or wire transfer (conditions apply)
- Loan amounts up to $100,000
- No origination fees, no early payoff fees, no late fees
- LightStream plants a tree for every loan
Cons
- Requires several years of credit history
- No option to pay your creditors directly
- Not available for student loans or business loans
- No option for pre-approval on website (but pre-qualification is available on some third-party lending platforms)
Who’s this for? LightStream is known for offering personal loans with quick funding timelines. You can receive your funding as soon as the same business day providing that the application process goes off without a hitch and the information you submit is accurate and complete. You’ll also need to review and electronically sign your loan agreement, provide your banking information and complete a final verification process by 2:30 p.m. ET to receive your funds the same day.
Standout benefits: LightStream offers a 0.50% interest rate discount if you sign up for Autopay prior to loan funding.
Best for lower credit scores
OneMain Financial Personal Loans
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Annual Percentage Rate (APR)
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Loan purpose
Debt consolidation, major expenses, emergency costs
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Loan amounts
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Terms
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Credit needed
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Origination fee
Origination fee starting at $25 to $500 or percentage ranging from 1% to 10% (depends on your state)
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Early payoff penalty
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Late fee
Up to $30 per late payment or up to 15% (depends on your state)
Terms apply.* Click here to see if you prequalify for a personal loan offer.
Pros
- Approves applicants with bad or fair credit
- No early payoff fees
- Reasonable loan minimums ($1,500) for smaller needs
- Can pre-qualify with a soft credit check (no hard inquiry right away)
- ACH funding within 1-2 business days (sometimes same day with proper paperwork)
- Option to apply for secured loan (with collateral) for potentially lower rates
- Borrowers can choose the date the bill is due each month
- Applicants may apply with a co-applicant or, if married, may apply for a loan separately from spouse
Cons
- High origination fee
- High interest rates
- No autopay APR discount
- No co-signers
*You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant’s state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral.
Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms. For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant’s name with valid insurance. APRs are generally higher on loans not secured by a vehicle.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
OneMain charges origination fees allowed by law. Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount.
For information about these fees and minimum and maximum loan sizes available in certain states, visit omf.com/loanfees.
Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options.
Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans.Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Time to Fund Loans: Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.
Who’s this for? OneMain Financial doesn’t have a hard and fast minimum credit score that they require for applicants, so this lender is a bit more flexible in its considerations. This means you still have a chance at approval if your credit score is less than ideal, but it’s a good idea to make sure the rest of your application is in good standing to improve your chances of approval.
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Standout benefits: OneMain Financial doesn’t charge any prepayment penalties, which means you won’t be penalized for paying off your loan balance early.
Best for used boats
Sterling Associates
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Annual Percentage Rate (APR)
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Loan purpose
RVs, boats, manufactured homes and airplanes
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Loan amounts
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Terms
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
Click here to see if you prequalify for a personal loan offer. Terms apply.
Pros
- Offers long repayment terms of up to 20 years
- Loan amounts may go beyond $500,000
- Offers refinancing for boat loans and has expertise in boat insurance
- Offers loans for used boats
Cons
- Fees are not disclosed on the website
- Credit score requirement is not disclosed
Who’s this for? Sterling Associates specializes in funding boat loans for both new and used boats. It can be difficult to get a loan for older boats since they’ve weathered more wear and tear and are more likely to be considered higher risk.
Standout benefits: Not only does Sterling Associates fund boat loans for used boats but this lender also offers refinancing for boat loans.
Best for larger loan amounts
Boatzon
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Annual Percentage Rate (APR)
Pre-qualify to check your rate
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Loan purpose
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Loan amounts
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Terms
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Credit needed
Considers any credit score
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Origination fee
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Early payoff penalty
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Late fee
Pros
- Offers long repayment terms of up to 20 years
- Loan amounts of up to $10,000,000
- Considers any credit score, even if you have poor credit
- Offers same-day approval
Cons
- Fees are not disclosed on the website
- Credit score requirement is not disclosed
Who’s this for? Boatzon offers boat loans with funding amounts as high as $10,000,000. That’s the highest funding amount of any lender on this list, so if you’re looking to buy a more expensive boat, this lender may be a solid option to consider.
Standout benefits: Boatzon is also an online marketplace where you can view and shop for different types of boats that fit your budget.
More on our picks for best boat loans
Southeast Financial
Southeast Financial doesn’t just offer boat loans — it also offers funding for RVs, trailers and motorcycles. offers loans for RVs, boats, trailers and motorcycles. If looking to secure a boat loan, you’ll have to apply for a minimum of $10,000. This lender, unfortunately, doesn’t offer much information about its fees.
Loan amounts
$10,000 to $4,000,000
Loan terms
Up to 20 years
LightStream
LightStream is a personal loan lender that offers funding for a variety of needs including boats, swimming pools, vacations, timeshares, weddings, debt consolidation and more. It’s known for offering fairly low rates and quick funding
Loan amounts
$5,000 to $100,000
Loan terms
24 to 240 months dependent on loan purpose
OneMain Financial
Unlike some of the other lenders out there, OneMain Financial charges late fees that can either be a flat fee of up to $30 per late payment or run you up to 15% of the late amount of your last monthly payment.
Loan amounts
$1,500 and $20,000
Loan terms
24, 36, 48 or 60 months
Sterling Associates
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Sterling Associates has been in the boat financing space for almost 30 years. This lender also offers funding for RVs, manufactured homes and airplanes.
Loan amounts
$15,000 to $500,000+
Loan terms
Up to 240 months
Boatzon
Boatzon is an online marketplace and lender for financing boat purchases. In addition to loan funding, Boatzon also offers boat insurance quotes. You can receive your quote online in five minutes or less by answering a few simple questions.
Loan amounts
Up to $10,000,000
Loan terms
Up to 240 months
How do you finance a boat purchase?
When it comes to purchasing a boat, some people may consider using their personal savings so they can avoid taking on additional debt. Of course, because a boat is such a large purchase you may also consider financing it with a loan if you don’t have all the money on hand to pay for it in full.
Personal loans can be used for just about anything, including swimming pools, recreational vehicles and boats. However, their maximum funding amount may be on the lower side and it may not always be enough to cover the entire cost of a boat. There are also some lenders out there who offer loans specifically for boats, so this can be a good place to start, especially if you’re buying a more expensive boat.
How do you compare boat loans?
When comparing boat loans, consider the following key features:
- Loan amounts: Make sure the loan can cover the entirety of your purchase. But also make sure you can afford the monthly payment that comes with taking on a sizable loan.
- Repayment terms: Longer repayment terms can mean smaller monthly payments, while shorter repayment terms can lead to larger monthly payments.
- APR: A higher APR means the loan will be more expensive to take on since you’ll have to pay more in interest during the loan term. The best way to secure a lower APR is to apply with a healthy credit score.
- Fees: Be aware of any prepayment fees, late payment fees and loan origination fees. These can all make it more expensive to borrow money.
FAQs
How difficult is it to get a boat loan?
Boat loans can sometimes be tougher to secure compared to other types of personal loans. That’s because boats are considered a riskier asset — especially older ones due to wear and tear. If you have less than ideal credit and no collateral, it might be a bit difficult to secure a boat loan.
What credit score is needed for a boat loan?
Credit score requirements can vary depending on the lender. Generally, it’s a good idea to apply with a credit score in the good or excellent range to qualify for the best rates.
What are typical boat loan terms?
Boat loan terms can range from just a few years to up to 20 years, depending on the lender.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best boat loans.
Our methodology
To determine the best boat loans, CNBC Select analyzed dozens of U.S. lenders offering both personal loans that can be used to finance a boat purchase and lenders offering boat loans specifically.
When narrowing down and ranking the best loans, we focused on the following features:
- No (or low) origination or signup fee: At the time of this writing, the majority of lenders on our best-of list don’t charge borrowers an upfront fee for processing your loan.
- Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary, making your budget easier to plan.
- Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your budget and how long you need to pay back your loan.
- No early payoff penalties: At the time of this writing, Most of the lenders on our list do not charge borrowers for paying off loans early.
- Streamlined application process: We considered whether lenders offered same-day or next-day approval decisions and a fast online application process or fast pre-qualification process.
- Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging.
- Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check.
Note that the rates and fee structures advertised for loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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