Table of Contents

We 澳洲幸运5官方开奖结果体彩网:independently evaluate all of o🎉ur recommend🅠ations. If you click on links we provide, we may receive compensation.

What Is a Good Interest Rate for a Boat Loan?

The best interest rates🍒 for boat loans currently start a🤪round 6.94%

By

澳洲幸运5官方开奖结果体彩网:Karon Warren

Updated January 02, 2025

Borrowers with strong credit may find boat loan rates as low as 6.74% APR. Of course, the boat loan interest rate varies based on several ﷽factors, including the loan amou💖nt, length of loan, and the borrower’s credit score and history.

Key Takeaway

Many 澳洲幸运5官方开奖结果体彩网:boat loan interest rates start around 7.00%.
Four boat lenders offering low rates include LightStream, Southeast Financial, Trident Funding, and Mountain America Credit Union.
Interest rates vary based on such factors as your credit score.
Some lenders may finance boats as old as 20 years.

How Do Lenders Calcula𓂃te the Interest Rate on My Boat Loan?🔜

Boat loans work similar to 澳洲幸运5官方开奖结果体彩网:personal loans, with a number of factors determining the interest rate on a 澳洲幸运5官方开奖结果体彩网:boat loan. These include:

The borrower’s 澳洲幸运5官方开奖结果体彩网:credit score
The borrower’s financial information, such as credit history and income
The purchase price of the boat
The boat’s age
The loan term

Also, interest rates fluctuate depending on market conditions and inflation and how the Federal Reserve responds to these.

Other Factors that Affect the C🐬o♏st of Your Boat Loan

Additional factors that affect 澳洲幸运5官方开奖结果体彩网:the cost of your boat loan include:

Loan amount
Down payment
Fees such as 澳洲幸运5官方开奖结果体彩网:origination fees
Length of the loan
Borrower’s credit score

To get an idea of how much you would pay for a boat loan, use our 澳洲幸运5官方开奖结果体彩网:personal loan calculator.

What Is the Oldest Boat a Bank Will Finance?

This varies by lenders, but some lenders will finance boats that are 20 years old or older if they are exceptionꦐally valuable.

Boat Lenders With Low-Interest Rates

There are a variety of lenders for boat loans, ranging from banks and 澳洲幸运5官方开奖结果体彩网:credit unions to marine dealers.

Best For	APR Range	Origination Fee	Loan Amounts	Max Repayment Term
Best Overall	6.94%–25.29%	0.00%	$5,000–$100,000	240 months
Best for Fast Funding	8.99%–29.49%	0.00%-7.00%	$5,000–$100,000	84 months
Best for Fair or Bad Credit	9.99%–35.99%	1.85%–9.99%	$1,000–$50,000	84 months
Best for Large Loan Amounts	11.96%–24.91%	0.00%	$20,000–$200,000	120 months
Best Credit Union	9.30%–17.90%	0.00%	$300–$100,000	84 months

What Is the Difference Between Interest Rate and APR?

The 澳洲幸运5官方开奖结果体彩网:interest rate represents the cost of the loan for the borrower and affects how much you pay each month on the loan. APR, or 澳洲幸运5官方开奖结果体彩网:annual percentage rate, represents how much the loan costs each year. This includes not only the interest rate, but also the additional costs of the loan, such as 澳洲幸运5官方开奖结果体彩网:origination fees, points, and other fees.

What Credit Score Do I Need to Get a Boat Loan?

Credit score requirements vary by lender, but the higher your credit sco🉐re, the more likely you are to receive favorable terms on a boat loan.

What Is the Average Term on a Boat Loan?

On average, boat loans are for between 10 and 15 years, but it’s possible to get boat loans with 澳洲幸运5官方开奖结果体彩网:shorter or longer loan terms.

What Is the Typical Down Payment on a Boat Loan?

Typiꦐcal down payments for a boat loan range bet😼ween 10% and 20% of the purchase price.

Can I Expect Loan Boat Rates to Go Down?

Beginning in Q2 2022, the Fed began increasing interest rates in an effort to slow record-high inflation, so rates could still possibly increase if the Fed's inflation target doesn't reach 2% or remain unchanged in the near term, depending on economic conditions. However, there are growing expectations that the Fed might begin to cut rates at some point in 2024.

The Bottom Line

Interest rates on boat loans generally start around 6.74% for those with excellent credit. Several factors affect the interest rate a borrower will pay—namely their credit score, the l𒁏oan amouඣnt, the age of the boat, and the loan term. To get the best interest rate, shop around with different lenders to see which one offers the lowest rate and best loan terms.

澳洲幸运5官方开奖结果体彩网