Boat Loan Interest Rates
Any loan can be confusing, and boat loans are no different. One of the most important aspects of any loan is the interest rate. We’ll look at how different rates compare from some of our favorite companies.
Guide to Lenders
Guide to Lenders is a popular peer-to-peer lending platform that offers some great options for boat owners. As the chart shows, the rates for Guide to Lenders are variable, but they are capped at 35.99%. Our research indicates that the average loan for borrowers with good, but not great, credit is around 10.52%, which makes them an excellent option for marine loans and refinancing.
Lending Club
Lending Club is a peer-to-peer lending network that offers loans up to $40,000. Their rates range from 7.46% to 14.27% for most loans. Depending on the craft you want and your credit history, this can make them an excellent option for saving money and getting the best deal on your boat loan.
Upstart
Upstart has a number of qualities that make them an appealing option for many aspiring boat owners. In addition to the fact that there’s no pre-payment penalty and their next-day funding, Upstart offers loans with an APR of 7.16-29.99%. As a result, many consumers have found them to be a great source for marine financing, and customers with good to great credit can enjoy some of the lowest rates available.
Prosper
One of the best things about Prosper’s loans is the fact that they offer fixed interest rates. This ensures that your bill will be the same each month, and save you time trying to keep track of when your rate can change. They have one of the lowest APR’s around, starting at 5.99%, and can be a great option for customers looking to refinance and keep their monthly payments down.
Money Lion
Money Lion is fast becoming one of the most popular lenders for marine loans. Their rates range from 7% to 29.99%, and there are no credit score requirements for many customers. This makes them a great option for those with a less than perfect credit history and who are looking to borrow up to $35,000.
Here are some boat loan options. Apply now to see how much you qualify for.
Company
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
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
Company
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%
Company
Best For:
Customers looking for fixed rate loans from 3-5 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%
Company
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%