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 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.
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