List of the Top 4 Best Boat Loans

Nov 14, 2023 By Susan Kelly


Many people's idea of the perfect lifestyle involves having their boat, but unfortunately, realizing that goal may be quite costly. Therefore, a boat loan is a standard method of financing for boat buyers. Borrowers who need more money to pay for a brand-new boat in cash might take a boat loan to aid with the payments. One has a wide variety of financing options and lenders from which to select, depending on the purpose and price of one's boat. The best boat loans have low-interest rates, low down payments, and flexible terms. In addition to having excellent ratings for financial strength in the sector, they also offer low fees and penalties. The best boat loans provider with a stellar reputation for satisfying customers is the way to go.

Best Boat Loans

Trustworthy institutions supply the best boat loans at reasonable rates and terms, and they apply to a wide range of boat types. The best boat lending services were selected after careful consideration of several options. Read on to find out which boat loan options suit your needs.

Essex Credit

Essex Credit, which has been in operation since 1981, is a Bank of the West division. Essex Credit is the most excellent option for boat financing because they have credit programs tailored to different boat uses, such as recreational and residential. Borrowers with good credit (minimum FICO score of 700) can take advantage of the straightforward online application process and long-term loans of up to twenty years available through this lender. The organization provides loans for recreational vehicles, refinancing services, and new loans. Essex has been around for a while, but its reputation among clients varies. Customers have mixed feelings about online applications; some like the convenience, while others have complained about the difficulty of reaching customer assistance.

Mountain America Credit Union

Across six different states in the United States, Mountain America Credit Union provides banking services to its members. New and used best boat loans and refinancing options are available to Mountain America members through the credit union's website and mobile app. However, the credit union makes these loans available to non-members at affordable rates through its dealership financing program. New or used boat buyers can get financing through an approved dealer at Mountain America Credit Union (up to 19 years old).

You may shop for what you want and get the financing you need from the same lender, streamlining the process and potentially qualifying you for better interest rates than you would have received elsewhere. Mountain America Credit Union is your best bet if you're looking for a boat loan with no need to go outside the country. Mountain America offers direct financing for new and pre-owned boats through its network of authorized dealers.

Southeast Financial

Southeast Financial has been lending money and providing other financial services to people throughout the United States since 1936. However, Southeast Financial is unrivaled in assisting people with bad credit to find boat lenders who are prepared to finance their purchases. Southeast Financial offers boat loans from $20,000 to $4 million with no minimum credit score requirement to those with less-than-perfect credit. Those borrowers who have low credit ratings or high debt-to-income ratios might not be able to get the best rates.

If you have filed for bankruptcy in the past, don't worry about getting a loan. It is impossible to get a loan for a new or used boat in the states of Alaska and Hawaii, and borrowers can only get approval for a loan if the yacht is used for pleasure purposes, not as a full-time residence. Loan amounts have a range of flexibility in terms of repayment, from as little as one year to as much as fifteen.


LightStream is a consumer loan division of SunTrust Bank under Trust Bank. Loans for boats, swimming pools, recreational vehicles, and motorcycles are just some of the products and services provided by this financial institution. The company began as a modest 2014 startup but has since expanded into a formidable online lending marketplace. If you have a strong credit history, getting a loan will be easy, and if approved, you'll have your money quickly. You can get an answer on your loan application the same day, and some loans can even be funded that day. It finances the purchase of both new and pre-owned watercraft and allows for refinancing existing debts. There is a two-year and a seven-year loan option, with the former covering between $25,000 and $100,000.


Boat financing occurs in a wide variety of forms. There are various loan companies to choose from, and some even work with clients with less-than-perfect credit. The Boat Loan experts at Bank of the West are your best bet. Loans for boats can be obtained from the Bank of the West at reasonable interest rates and with convenient payment schedules. Loan sizes of up to $5 million are available, and rates start at just 3.74% APR. In all 50 states, Bank of the West offers its loan services. The financial institution provides boat loans for numerous types of vessels.

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