Best Boat Loans 2025

Unless you can float the entire cost from your savings, you’ll likely need some financing to afford a boat.

While personal loans can technically be used to finance almost anything — including a boat purchase — some lenders specialize in financing boat purchases. Below, CNBC Select rounded up some of the best boat loan lenders that offer competitive loan amounts and terms. We considered a mix of both personal loan lenders and boat loan lenders. See below for our methodology.

Who’s this for? Southeast Financial offers loans with repayment terms as long as 240 months, the longest repayment term on this list. By contrast, most other personal loan lenders offer repayment terms of up to just seven years.

Standout benefits: Southeast Financial also offers loan amounts as high as $4,000,000, also making it an appealing lender if you need to borrow larger amounts of money.

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Who’s this for? LightStream is known for offering personal loans with quick funding timelines. You can receive your funding as soon as the same business day providing that the application process goes off without a hitch and the information you submit is accurate and complete. You’ll also need to review and electronically sign your loan agreement, provide your banking information and complete a final verification process by 2:30 p.m. ET to receive your funds the same day.

Standout benefits: LightStream offers a 0.50% interest rate discount if you sign up for Autopay prior to loan funding.

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Who’s this for? OneMain Financial doesn’t have a hard and fast minimum credit score that they require for applicants, so this lender is a bit more flexible in its considerations. This means you still have a chance at approval if your credit score is less than ideal, but it’s a good idea to make sure the rest of your application is in good standing to improve your chances of approval.

Standout benefits: OneMain Financial doesn’t charge any prepayment penalties, which means you won’t be penalized for paying off your loan balance early.

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Who’s this for? Sterling Associates specializes in funding boat loans for both new and used boats. It can be difficult to get a loan for older boats since they’ve weathered more wear and tear and are more likely to be considered higher risk.

Standout benefits: Not only does Sterling Associates fund boat loans for used boats but this lender also offers refinancing for boat loans.

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Who’s this for? Boatzon offers boat loans with funding amounts as high as $10,000,000. That’s the highest funding amount of any lender on this list, so if you’re looking to buy a more expensive boat, this lender may be a solid option to consider.

Standout benefits: Boatzon is also an online marketplace where you can view and shop for different types of boats that fit your budget.

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Southeast Financial doesn’t just offer boat loans — it also offers funding for RVs, trailers and motorcycles. offers loans for RVs, boats, trailers and motorcycles. If looking to secure a boat loan, you’ll have to apply for a minimum of $10,000. This lender, unfortunately, doesn’t offer much information about its fees.

Loan amounts

$10,000 to $4,000,000

Loan terms

Up to 20 years

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LightStream is a personal loan lender that offers funding for a variety of needs including boats, swimming pools, vacations, timeshares, weddings, debt consolidation and more. It’s known for offering fairly low rates and quick funding

Loan amounts

$5,000 to $100,000

Loan terms

24 to 240 months dependent on loan purpose

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Unlike some of the other lenders out there, OneMain Financial charges late fees that can either be a flat fee of up to $30 per late payment or run you up to 15% of the late amount of your last monthly payment. 

Loan amounts

$1,500 and $20,000

Loan terms

24, 36, 48 or 60 months

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Sterling Associates has been in the boat financing space for almost 30 years. This lender also offers funding for RVs, manufactured homes and airplanes.

Loan amounts

$15,000 to $500,000+

Loan terms

Up to 240 months

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Boatzon is an online marketplace and lender for financing boat purchases. In addition to loan funding, Boatzon also offers boat insurance quotes. You can receive your quote online in five minutes or less by answering a few simple questions.

Loan amounts

Up to $10,000,000

Loan terms

Up to 240 months

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When it comes to purchasing a boat, some people may consider using their personal savings so they can avoid taking on additional debt. Of course, because a boat is such a large purchase you may also consider financing it with a loan if you don’t have all the money on hand to pay for it in full.

Personal loans can be used for just about anything, including swimming pools, recreational vehicles and boats. However, their maximum funding amount may be on the lower side and it may not always be enough to cover the entire cost of a boat. There are also some lenders out there who offer loans specifically for boats, so this can be a good place to start, especially if you’re buying a more expensive boat.

When comparing boat loans, consider the following key features:

• Loan amounts: Make sure the loan can cover the entirety of your purchase. But also make sure you can afford the monthly payment that comes with taking on a sizable loan.
• Repayment terms: Longer repayment terms can mean smaller monthly payments, while shorter repayment terms can lead to larger monthly payments.
• APR: A higher APR means the loan will be more expensive to take on since you’ll have to pay more in interest during the loan term. The best way to secure a lower APR is to apply with a healthy credit score.
• Fees: Be aware of any prepayment fees, late payment fees and loan origination fees. These can all make it more expensive to borrow money.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best boat loans.

To determine the best boat loans, CNBC Select analyzed dozens of U.S. lenders offering both personal loans that can be used to finance a boat purchase and lenders offering boat loans specifically.

When narrowing down and ranking the best loans, we focused on the following features:

• No (or low) origination or signup fee: At the time of this writing, the majority of lenders on our best-of list don’t charge borrowers an upfront fee for processing your loan.
• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary, making your budget easier to plan.
• Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your budget and how long you need to pay back your loan.
• No early payoff penalties: At the time of this writing, Most of the lenders on our list do not charge borrowers for paying off loans early.
• Streamlined application process: We considered whether lenders offered same-day or next-day approval decisions and a fast online application process or fast pre-qualification process.
• Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging.
• Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check.

Note that the rates and fee structures advertised for loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. 

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