What is a good finance rate for a boat?
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 for boat financing?
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 easy is it 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.