Best Boat Loan Rates in September 2025
Sail into savings with rates as low as 6.24%
Best boat loan lenders with the lowest rates
How LendingTree works
Don’t miss the boat on big savings. Let boat loan companies from the nation’s largest network of lenders compete for your business.
Tell us what you need
Take two minutes to tell us who you are and how much money you need for your vessel — we’ll take care of the rest. It’s free, simple and secure.
Shop your offers
We’ll send you offers from up to five trusted lenders. Compare your offers side by side to see which one will save you the most money.
Get your money
It’s smooth sailing once you finalize your loan with your lender — you could see money in your account in as soon as 24 hours.
Estimate your monthly payment
What to know about boat loans
Not sure how boat loans work — or if you can really afford one? You’re not alone. We’ll walk you through boat financing step by step so you can make a confident decision before you hit the water.
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How they work
A boat loan is a secured installment loan — you’ll borrow money upfront and pay it back plus interest in equal monthly payments. Your boat is collateral, so you’ll lose it if you stop making payments. -
Cost
The boat loan’s APR is the cost of borrowing money for a boat. Use the LendingTree boat loan calculator and current boat loan rates for your credit score to estimate how much you’ll pay for your boat loan. -
Time
Your boat loan term measures how long you’ll make payments on your boat. Boat loan terms are typically 10 to 20 years, though some lenders offer terms up to 21 years. -
How to apply
You can apply for a boat loan directly with a lender, or you can use a marketplace like LendingTree to compare offers from up to five trusted boat lenders side by side. -
Qualifying
You may be worried about whether you’ll qualify. The good news? Getting preapproved for a boat loan isn’t hard, and some lenders offer boat loans for bad credit. Just know that rates can hit the double digits, making your boat loan expensive. Learn about improving your chances of getting approved with lower rates.
Boat loan rates
The average boat loan rate is 9.02% as of the second quarter of 2025. Use the table below to estimate your boat loan rate based on your credit score.
| Credit score | Average APR |
|---|---|
| Excellent and very good (740+) | 8.03% |
| Good (670 – 739) | 9.78% |
| Fair and poor (669 and below) | 11.6% |
Boat loan rates have been trending downward this summer, so it’s a good time to lock in a low rate and save money on your boat loan.
Expert insights on boat loans in 2025
When deciding between boat loan offers, keep both short- and long-term benefits in mind. A short repayment term can save you money on interest in the long run, but short terms tend to come with higher monthly payments. The money you save won’t be worth it if you fall behind.
If you’re worried about swinging those monthly payments, consider an extended loan term, and throw extra money toward your balance when possible to pay it off faster. Make sure your loan doesn’t come with prepayment penalties for paying off your boat early.
How to choose a boat loan
| Situation | Strategy | Tips |
|---|---|---|
| You have offers from different lenders with similar rates and terms | Compare your offers using the LendingTree boat loan calculator. Pay attention to the total cost of the loan, not just the monthly payments. | Choose the offer with the lowest total cost that still has monthly payments you can afford. |
| You don’t qualify or can’t afford your loan offers | Take steps to improve your odds of getting approved and apply again. | If you’re still stuck, consider other ways to pay for your boat. |
| You’re deciding on a repayment term | Save money on interest by choosing the shortest loan term with monthly payments you can afford. | Choosing a short loan term can make good financial sense, but don’t forget to add the costs of owning a boat to your budget. |
| You can’t decide whether to use your boat as collateral | Collateral helps you get lower rates — just make sure you can afford your payments or you’ll lose the boat. | If you don’t want to use your boat as collateral because you’re worried you can’t afford the payments, take a step back. This is a sign that the boat is out of your price range. Consider alternatives or work on your credit to qualify for lower rates (and cheaper loans). |
| You can’t afford a down payment | Save up 10% to 20% of the cost of your boat. Aim for the 20% benchmark if your boat is expensive. | It’s tempting to go with a zero-down boat loan when you can’t afford a down payment, but try to avoid it. You could end up with an upside-down loan and more debt than you can handle. |
How to improve your chances of getting approved
Other ways to pay for your boat
If you need money for a boat but don’t qualify for an affordable boat loan or don’t want to put your boat up as collateral, you still have options.
Personal loans
Best for: Lower-risk borrowing
When you take out an unsecured personal loan, you don’t risk losing your boat if you miss payments. But personal loans tend to come with higher rates, so you’ll likely spend more money on interest.
Home equity loans
Best for: Homeowners
You pay for your boat by tapping into your home equity with a home equity loan or line of credit. Financing using equity in your home comes with perks like low interest rates, but be careful — your home will be on the line if you miss payments.
Renting or leasing
Best for: Part-time boaters
You can save some serious cash by renting or leasing a boat, but it comes at a price: your captain’s hat. If you’re ready to trade in your dreams of boat ownership, you’ll save on the total cost of owning a boat with a lease or short-term rental.
Why trust our methodology?
Our writers and editors dig through the facts, contact lenders directly and even go through the application process ourselves if it helps better explain what you can expect. As a Certified Financial Education Instructor℠, I’m committed to breaking down complex financial details so people can make confident, informed decisions with their money.
Jessica’s experience in editing and financial education helps shape LendingTree articles that are clear, accurate and truly useful to readers. Her certification means our recommendations are built on a foundation of consumer-first financial knowledge — not just numbers.
What sets LendingTree content apart
Expert
Our auto loan writers and editors have 32 years of combined editorial experience and 28 years of combined personal finance experience.
Verified
100% of our content is reviewed by certified personal finance professionals and meets compliance and legal standards.
Trustworthy
We put your interests first. We’ll tell you about any loan drawbacks and be clear about when to consider alternatives.
Frequently asked questions
You usually need fair credit (a FICO Score of 580 to 669) to get a boat loan with affordable rates. Lenders like iNet and Southeast Financial offer boat loans for bad credit, but you’ll pay more money in interest.
A typical boat loan down payment is 10% to 20% of the cost of the boat. Aim for 20% if your boat is expensive to avoid owing more on your boat than it’s worth.
Some lenders offer same-day preapproval, while others take a couple of days to decide if you qualify.
You risk losing your boat if you don’t make payments. Defaulting will also damage your credit and could prevent you from getting an affordable loan, credit card or even mortgage in the future.
Our methodology
Accessibility: We look for lenders with fewer barriers to approval and award points for lower credit requirements, nationwide access, fast funding and simple applications.
Rates and terms: We prioritize lenders that offer low starting rates, minimal fees, flexible terms and APR discount opportunities.
Repayment experience: We choose lenders with strong reputations, convenient self-service tools, responsive support and borrower-friendly perks.
We reviewed over a dozen top boat lenders to determine the overall top six. To make our list, lenders must offer boat loans with competitive rates to borrowers nationwide. According to our systematic rating and review process, the best boat loans come from Boatloan.com, iNet, Good Sam, LightStream, Southeast Financial and Boatzon.