The BBB, a non-profit organization focused on consumer protection and trust, measures businesses based on factors like their responsiveness to consumer complaints, truthfulness in advertising, and clarity about business practices. We've compared each institution's Better Business Bureau score. Which Boat Loan Lender Is the Most Trustworthy? A high minimum loan amount of $25,000 also may be more than many borrowers need. Boat US: This online boat loan marketplace didn't beat interest rates offered by other lenders.However, a starting interest rate of 5.95% for new boats and 7.45% for used boat loans mean there are better deals to be found elsewhere. Navy Federal Credit Union: Like USAA, membership with this credit union is only available to certain people.However, even those eligible could get a better rate from one of our top picks - interest rates start at 5.25% with USAA, about a percentage point higher than a LightStream loan. USAA: USAA is only available to people with military affiliations, limiting the number of people who can access these loans.Ultimately, lower rates may be available elsewhere. The bank states that rates may be higher for private party boat purchases, loans under $25,000, and used boats. US Bank: This lender's loan interest rates weren't the most competitive, starting at 5.24% for a new boat.A 10% down payment is also required for loans between $10,000 and $200,000, and percentages increase for higher loan amounts.Īdditionally, Bank of the West adds 0.5% to all interest rates for houseboats and high-performance boats, and adds 0.25% to interest rates for boats between model year 20. It's worth noting that this lender does have a loan processing fee that could add to your total cost of borrowing. While their rates for loan amounts over $50,000 are competitive, anyone looking for a smaller loan may find a better rate with LightStream. Bank of the West states on its site that it lends only to people with credit scores of 700 or higher.īoat loans through Bank of the West and its lending division, Essex Credit, are a good option for people planning to get a boat loan of $50,000 or above.Ī $10,000 boat loan with Bank of the West would have a starting interest rate of 10.19%, a $15,000 boat loan would start at 9.44%, and a $50,000 loan starts at 6.64%. Watch out for: Credit score requirements. Loan amounts available: $10,000 and up for new and used boats, $25,000 and up for live-aboard boats. However, it does not finance boats that can exceed 99 miles per hour. The lender also offers loans for high-performance boats, houseboats, and wood hull boats. Bank of the West specifically says that it finances standard or custom power or sailboats, multi-hull boats, pontoon boats, and electric boats. Types of boats financed: Boats must be model year 2001 or newer to be eligible. That opens up more possibilities for a variety of model types and older boats that other lenders don't finance. The loan is treated as an unsecured personal loan. With LightStream boat loans, the boat itself isn't used as collateral. LightStream doesn't list any specific types of boats that it will or won't finance on its website. Coupled with the lowest starting interest rates of the competition, LightStream's loans are a strong option. Loan amounts range from $5,000 to $100,000, which provides a large range that will fit most budgets. LightStream offers boat loans that have relatively low interest rates and no fees. With a completely online experience, same-day funding available, and many loan types offered, LightStream is one of our picks for the best RV loans and best personal loans. LightStream is an online lender backed by Truist (Member FDIC). LightStream boat loans are a strong option for most borrowers looking for an inexpensive boat and fast funding. LightStream only works with borrowers with good or better credit, so anyone with a low credit score may not qualify. Watch out for: High credit score requirements. Types of boats financed: LightStream doesn't list any specific requirementsĪPR range: 7.99% to 16.64% with AutoPay (Rates as of. Best Boat Loan Company Reviews LightStream Boat Loan While a smaller loan may have terms between 24 and and 72 months, higher-dollar boat loans could last as long as 240 months, or almost 12 years. The typical boat loan's length depends on the amount financed and your lender.
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