![]() ![]() New and used boat loans are not available in Alaska or Hawaii, and borrowers are only allowed to finance their purchase if the boat is intended for recreational use-no full-timers or liveaboards allowed. Borrowers with low credit scores or high debt ratios may not qualify for the best possible rates, but loans are available even to those with past bankruptcies. Through Southeast Financial, subprime borrowers can access boat loans ranging from $15,000 up to $4 million, with a credit score minimum of 550. When it comes to boat loans, though, Southeast Financial excels at connecting borrowers with poor credit to lenders willing to finance their purchase. With a history dating back to 1998, Southeast Financial has been providing loans and other financial products to customers across the country for over 20 years. ![]() If purchasing, you can expect funding to take between one to 10 business days after loan approval refinance customers should plan for nine to 12 business days from loan approval to funding. Getting approved and funded is not an immediate process through Bank of the West, which is probably one of the biggest downsides. You’re also able to roll any additional expenses-think taxes, title, licensing, registration, etc.-into the loan as long as you don’t exceed the LTV limits. There are no prepayment penalties, though you will pay a loan processing fee through this lender. In most cases, you’ll need to keep your loan-to-value (LTV) ratio at 85% or lower, and a down payment of 10% to 30% based on the loan amount is required. One of Essex’s few exceptions is boats capable of speeds of 99 mph or higher.Ī credit score of 700 or higher is preferred through this lender, especially if you want to qualify for the lowest published rates. Allowed boats include standard and custom power, sailboats, multi-hull boats, pontoon boats, electric boats, high-performance boats, and wood hull boats. Bank of the West offers to finance for boat model year 2003 or newer. While the wide range of loan amounts and repayment terms is great, this lender wins one of our best overall spots because of the types of boats (and owners) it accepts. Boat loans through Bank of the West can range from $10,000 all the way up to $5 million, with repayment terms from five to 20 years depending on the loan amount. ![]() Founded in 1874, Bank of the West, also known as Essex Credit, operates and provides loans to creditworthy borrowers in all 50 states. There are no application or loan fees, nor will you be penalized for paying off your loan early.īank of the West is arguably one of the most popular watercraft lenders. LightStream boat loans are unsecured and require no collateral or home equity minimums. They also offer a Rate Beat program, which promises to offer a rate that’s 0.10% lower than the rate offered by a competing lender (for the same loan terms) within the last business day. Current interest rates start from 8.49% with a 0.50% auto-pay discount. You can choose your own funding date once approved for your boat loan, even if it’s the same day you applied.īoat loans through LightStream are offered from $5,000 to $100,000 with repayment terms ranging from 24 to 144 months. We chose LightStream as best for quick funding because this bank offers same-day approvals and same-day funding in many cases. This bank operates in all 50 states, offering loans on new, used, and refinanced boats to qualified applicants ages 18 and over. See all rates.As part of the Truist bank family, LightStream-along with SunTrust and BB&T-provides a variety of banking products and services to customers across the country. Please be aware that individual rates and terms may vary based on down payment, age of collateral, mileage, credit history, and credit score.
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