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Boat Loans Made Easy

Now that you’ve found the boat of your dreams, here are some ways to pay for it.

People looking for boat loans know that it can get quite difficult to find low-interest financing these days, mainly because there are a number of restrictions when it comes to boat financing.

Lenders are very conservative and strict about a boat’s age, model, and even its location, in order to reduce their financial risk in case a borrower defaults on their loan. Because of this, there is a huge limit to the type of boats that actually qualify for traditional financing.

Many borrowers face this problem. That is why we have created this guide to help future boat owners find the perfect boat loan for them.

boat loans

Today, there’s a new way to finance your boat and this alternative is available from peer to peer lending sites. What these new lenders do is connect borrowers to individual investors. Investors are then able to contribute as little as $25 to the loan amount, which minimizes their risk. The borrower can then apply online and receive quick approval decision. Instead of leaving their loan approval in the hands of a loan officer, it’s the individual investors that decide if the boat loan is a good investment or not.

best boat financing

Peer to peer boat loans have several benefits:

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Friendly interest rates

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Boat is not required to stay in U.S. waters

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No down payment

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Finance up to $50,000

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Applies to new and used boats

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Get short term repayment periods

Here are some boat loan options. Apply now to see how much you qualify for.

Best For:

Customers looking for fixed rate loans (3 or 5 years)

Qualifications

No Qualifications

All loans are evaluated individually

Free rate check available

Loan Amount and APR

Up to $35,000

APR 5.99%-36%

Best For:

Customers with at least 600 FICO Score

Moderate loan amounts

Qualifications

Maximum loan is based on credit score:

FICO 720 – $40,000

FICO 660-719 – $30,000

FICO 600-659 – $15,000

FICO below 600 – $1,000

Loan Amount and APR

Up to $40,000

Rates variable based on credit history

Company

Lending Club

Best For:

Customers looking for 36-60 month terms

Customers looking for loans to boost credit score

Qualifications

No Credit Score Requirement

All Loans are graded to determine interest rate and terms

Free rate check available

Loan Amount and APR

Up to $40,000

7.46-14.27% for most loans

Best For:

Customers interested in early repayment with no penalty and next-day funding

Qualifications

No credit score or loan requirements for most customers

Min. $6,000 for Ohio residents, $7,000 for Massachusetts residents

Free rate check available

Loan Amount and APR

$1,000-$50,000

APR 7.16-29.99%

Best For:

Customers looking for extra features and bonuses

Qualifications

No credit score or loan requirements for most customers

Free rate check.

Loan Amount and APR

Up to $35,000

APR 7%-29.99%

Requirements for Boat Loans

Borrowers who have struggled with boat financing may have already found out there are so many restrictions when it comes to traditional boat financing. For example, lenders will only finance specific types of boats, including many conditions which limit what the boat loan can be used for. These traditional boat lenders will only finance recent model recreational boats. In addition, they would also require the boat, the seller, and the buyer to all be within the Continental United States.

Traditional Boat Loan Restrictions

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Model must be less than 30 years old

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Boat must be in title state if less than 26 feet

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Seller, Buyer, and Boat must be in Continental US

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Boat only for recreational use

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Foreign registry not allowed

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Models that are 20-30 years old have different rates and terms

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More conditions for multi-hulls and houseboats

Because of these restrictions, many potential boat owners are left without a financing option. Today, however, peer to peer lending sites offer borrowers boat financing terms without limits on use. Boaters can receive a $50,000 personal loan from a social lending platform, which will help them buy the boat they’ve only dreamt of before.

Applying Online for Boat Loans

When applying for standard boat financing, borrowers have to be prepared. They should be able to provide all the required information during the application process. Lenders use the boat specifications when evaluating the borrower’s default rate as well as the potential risk. Compared to traditional bank loans that require information about the type and age of the boat being bought, peer to peer lending does not require the borrower to supply this. However, the borrower can voluntarily give details they want that they believe will increase their chances of getting approved.

Typically, borrowers look for boat financing not just once but during various points in within the buying process. For example, there’s financing available for a boat purchase within 60 days of getting approved for a loan. At times, lenders also offer pre-approval application for borrowers who are just starting their search for their new boat, and they plan on buying it within the next 60 to 90 days. One more popular option for boat owners is refinancing their current loan so they get a lower interest rate and better terms.

Regardless of the type of financing the borrower is looking for, the bottom line is they should be prepared with the details of their planned boat purchase.

boat loans

Information Needed for a Boat Loan

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Manufacturer

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Title State

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Boat Year

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Model Name and Number

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Hull Material

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Length of Boat

Try Peer to Peer Lending

Borrowers who are looking to quickly buy their next boat may find that boat financing approvals may take aggravatingly long. As discussed earlier, there is a better boat financing option for them, from peer to peer lending sites. Boat owners all over the country have enjoyed the benefits of social lending, especially because of the lack of restrictions on use, as well as the attractively low interest rates. Using these unsecured personal loans when buying a boat can help borrowers achieve the life they want right away.

As with any major purchase, borrowers are of course encouraged to first review their financial situation before applying for boat loans (or any other major loans, for that matter).

Reviewing Your Boat Loan Options

Prosper is one of the best online lenders around. They offer low interest rates, fixed 3 or 5 year terms, easy monthly payments, and no hidden fees. Moreover, there’s never any prepayment penalty with Prosper, so you can pay off your loan at the rate you want without having to worry! You can use loans from Prosper to finance a new boat, pay for repairs, or enhance your boat with new upgrades and features. The process is easy and borrowers can have an offer within minutes of filling out a brief questionnaire. Don’t wait for another day, check out Prosper now and see what they can do for you!

If you need financing for your boat, be sure to check out Guide to Lenders. They are one of the best online lending websites around. Simply enter some basic information and you’ll receive offers from some of the top lenders around. Use Guide to Lenders’ powerful tool to find the best deal for your boat financing needs. Whether you’re looking for a large loan to get a brand new boat, or just a small personal loan for boat repairs or upgrades, Guide to Lenders is the tool you’ve been looking for to get the best deal. After all, when lenders compete for your business, you win. Don’t delay, check out Guide to Lenders today!

Lending Club is the #1 peer-to-peer lending network. They take loan offers from investors and connect them with borrowers around the world. This cuts out the red tape borrowers encounter at banks, earning consumers the best lending rates and providing lenders a way to make sure their investment grows. Use your loan to buy a new boat, or upgrade and repair your current boat. The low rates offered by their peer-to-peer lending network are perfect for any kind of boat enthusiast. Get back out on the water sooner, click now and see what the direct, peer-to-peer lending network of the Lending Club can do for you!

Upstart is on the cutting edge of innovations in lending. They recognize that you are more than your credit score, and take education and experience into account when considering your loan. They offer low rates, fast funding, security, and no pre-payment penalties. This means boat owners can get the loan they need, when they need it, at rates they can afford. Use your loan to get a new boat, to repair your boat, or to take your boat to the next level with additions and upgrades. When lenders consider the whole person, borrowers win! Act now to secure your great rate and get back out on the waves.

MoneyLion is the next-generation lender you’ve been looking for. They offer personal loans up to $35,000, with a great starting interest rate of 7%, pre-qualification in as little as five minutes, next day deposits for funds, and rewards for on time payments. All of this goes to show that MoneyLion is the lender you’ve been waiting for to get a new boat, make some needed repairs, or upgrade your boat to take your nautical experience to the next level. Check them out today to get the financing you’ve been looking for with terms that make sense for you, and you’ll be out on your boat in no time!

Bad Credit Boat Loans 


As mentioned previously, boating finance is complicated. Because boats experience such rapid depreciation, it can be hard to get financing from traditional lenders. If you have bad credit, it can be even harder. 

But attaining boating finance with bad credit isn’t impossible – there are many new lenders in the market that have begun lending to individuals with bad credit. Your credit rating will impact the interest rate that you receive, but it won’t necessarily rule you out of the equation. 

boat loans

Traditional lenders will be much less inclined to give you any capital if you have bad credit. They have long, complicated loan processes that make it next to impossible to get the financing you need if you’re not the perfect applicant. But online lenders have changed the game. They’re willing to take many more risks with borrowers because they are able to cut out a lot of the costs associated with brick-and-mortar lenders. 

Many of the lenders we suggest on this page offer bad credit boat loans to their clients. While the amount you can borrow will vary by lender, don’t hesitate to apply for their financing if you need capital for a boat loan. We’ve listed their lending requirements on this page.