What is the average interest rate on a boat loan?
What is a good interest rate for a boat loan? Borrowers with strong credit can expect boat loan interest rates in the 4% to 5% APR range for new and used boats.
What credit score do you need to finance a boat?
about 700 or higher
Most lenders will be looking for credit scores of about 700 or higher. You can get a boat loan with a lower credit score, but expect that you may have to pay a penalty in the form of a higher interest rate or a larger down-payment.
How long are boat loan terms?
Boat loan repayment terms You can generally apply for up to a 20-year loan term for a secured boat loan, depending on the loan amount and lender. Unsecured boat loans — which are personal loans — tend to come with shorter terms (typically no more than five to seven years).
Can you get a boat loan with a 550 credit score?
A bad credit boat loan could get you the cash you need to buy a boat even if you have a 550 credit score. You’ll most likely pay a higher interest rate, however. Bad credit boat loan borrowers can typically expect an APR around 17%.
What is the oldest boat that can be financed?
The lender usually requires that the boat be no older than a certain age, and most lenders won’t finance a boat that was built before 2000 or 2001. However, some will finance boats of any age and price range, but you may end up paying a higher rate and making a larger down payment.
Why are boat loans so long?
While lenders used to offer shorter boat loan terms, boats are now built better than ever, so lenders can use them as collateral for longer periods of time. As a result, lenders are willing to finance boats for more years, making boat ownership affordable for more borrowers.
Is it easy to finance a boat?
Fact #1: Getting a boat loan is harder than getting an auto loan, but easier than getting a mortgage. Yes, securing a favorable boat loan can be tricky, and it’s certainly not as easy as financing a car purchase at your local bank or credit union.
Is boat financing hard?