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A boat loan is a loan used to purchase a new or pre-owned boat. It may be necessary to obtain a boat loan if you don’t have the cash to purchase the boat outright.
Boats vary in size, use, condition, and features, and the loans to finance them vary just as much. There are unsecured boat loans, secured boat loans, loans offered by banks and online lenders, and loans offered by marine lending specialists. There are also commercial boat loans which are ideal if you use your boat as a business such as a charter operation.
The best boat loans offer competitive rates and terms, are available for a variety of boats, and are offered by reputable banks. We reviewed more than a dozen companies that offer boat loans before deciding on our top choices. Keep reading to see which boat loan is right for you.
Best Boat Loans of 2022
- Best Overall:Essex Credit
- Best for Bad Credit:Southeast Financial
- Best Unsecured Loan:LightStream
- Best High-Value Boat Loan:SunTrust
- Best Marine Lending Specialist:Trident Funding
- Best Commercial Loan:Coastal Financial
- Essex Credit
- Southeast Financial
Best Overall : Essex Credit
Why We Chose It: Essex Credit is our choice for best overall boat loan because it offers multiple types of loans including ones for borrowers who use the boat recreationally and for those who want to live on their boat. It has a simple online application process, has been in business since 1981, and offers long terms.
Essex Credit is a division of Bank of the West. Its goal is to get you approved for a boat loan as quickly and easily as possible. It offers boat loans for new and used boats (year 2001 or newer) as well as RV loans and boat refinancing options. Seguir leyendo «Best for Bad Credit : Southeast Financial»