Bottom line
When you’re choosing a loan to finance your new boat, knowing how much you’ll pay in the short and long run is crucial to figuring out which is the best deal.
What is the average interest rate for a boat loan?
Interest rates depend on both your lender and credit history, but they usually start somewhere between 10% and 20%. The lowest rates are typically reserved for those with high incomes and excellent credit.
How long can I get a boat loan for?
Since boats can be pricey, the average term for a boat loan is typically longer than that of your average personal loan, clocking in anywhere from 7 to 15 years. Though some lenders might offer terms as long as 20 years.
What credit score do I need for a boat loan?
Because boat loan amounts can be rather high, lenders typically require good credit for you to qualify. It’s best to have a credit score of at least 700 if you want to get approved for the most competitive rates.
Ezra Wolfgang
Ezra Wolfgang is a graduate publisher for Finder, helping readers compare providers to choose the best for their needs. Prior to joining Finder, Ezra interned on the assignment desk at ABC News in New York, where he helped find, develop and write breaking news stories. Ezra earned a BA in media studies from Hunter College, where he took a healthy dose of courses in film/documentary production, print and digital reporting and studio television. In his spare time, Ezra goes on the occasional run, takes photos, writes scripts and shoots his own tiny, short films.
More guides on Finder
https://rapidloan.net/title-loans-la/
Use Go Auto to shop for new or used vehicles from multiple dealerships, with no hidden fees and access to bad credit financing.
Get competitive exchange rates and pay no foreign transaction fees when you spend money internationally with this fee-free Visa debit card.
View our list of the top trending stocks today, and read our guide to choosing the best stocks to buy right now.
Find out where to buy the Abbott Panbio rapid antigen test in Canada. Check out pricing, and get step-by-step instructions on how to use the test.
Crypto has taken the sports world by storm, landing major deals like becoming a brand partner of the UFC. Learn how to buy and sell unique UFC NFTs on the Crypto NFT marketplace.
Somnium Space is one of the fastest growing P2E games in the Solana and Ethereum network – learn how to play it here.
Explore all of the ways to earn interest on a variety of cryptocurrency assets by using KuCoin exchange, including staking and lending.
Ask an Expert
- Careers
- Media Room
- Partner with us
- How we make money
Disclaimer – We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.
finder is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, we may receive compensation from our partners for featured placement of their products or services. We may also receive compensation if you click on certain links posted on our site.
How likely would you be to recommend finder to a friend or colleague?
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.