Lendingtree Boat Loans: What You Need To Know

LendingTree is an online lending marketplace that connects consumers to hundreds of different lenders offering a variety of loans, including boat loans. The platform provides a simple loan application process and allows users to compare different loan offers to find the best one for their needs. LendingTree offers boat loan options with competitive rates and terms, catering to diverse budgets and financial positions. The company is compensated by the lenders on its site, and this may influence how and where the offers appear. While LendingTree provides a range of boat loan choices, it does not include all lenders or loan options available in the marketplace.

LendingTree's boat loan calculator

The loan amount will be the cost of your boat minus any down payment. Typically, a new boat costs around $42,000, while a used boat costs around $10,000. The down payment is usually between 10% and 20% of the boat's purchase price.

Your interest rate or annual percentage rate (APR) measures how much you will pay to borrow money. Boat financing typically comes with fixed rates, meaning your payment will be the same every month.

The loan term is the duration of your loan, and it determines how long you will be making monthly payments. Shorter loan terms result in lower interest payments over time.

LendingTree also provides a service that matches you with up to five boat lenders from its nationwide network. This allows you to compare offers and ensure you get the best rate for your boat loan.

It is important to note that LendingTree does not include all lenders, savings products, or loan options available in the marketplace, and their recommendations may be influenced by the compensation they receive from certain companies.

Best boat loan options for bad credit

LendingTree does not include all lenders, savings products, or loan options available in the marketplace. However, it does offer a service that connects you with its trusted lending partners.

If you have bad credit, you may still be able to get a boat loan, but it might be difficult to qualify without a cosigner or a large down payment. Here are some of the best boat loan options for those with bad credit:

Boatzon

Boatzon is a lending platform that connects borrowers with more than 20 partner lenders. It offers competitive terms and fast funding, with a funding limit of up to $25 million for secured loans. While Boatzon's minimum credit score requirement is 620, you may qualify with a lower score. Keep in mind that many of Boatzon's partners require a down payment of 10% to 20% of the boat's cost.

Southeast Financial

Southeast Financial is another option for those with bad credit. The company offers boat loans with no minimum credit score requirement and considers a range of factors, including your location, borrowing amount, and what you are buying. They offer financing in all 50 states and provide flexible repayment terms of up to 15 years.

INet

INet is a lender that does not require a down payment for certain boat loans under $100,000. They also offer high loan amounts and long repayment terms to make the monthly payments more affordable. If you have bad credit, you can apply with a co-applicant to potentially receive better interest rates.

LightStream

LightStream is a lender that does not charge fees or require collateral for boat loans. However, they require a hard credit pull to see your rates and whether you are approved for a loan. LightStream looks for consumers with good to excellent credit profiles and several years of credit history.

Unsecured Personal Loan

Using an unsecured personal loan to purchase a boat means you won't risk losing your boat or home if you fall behind on payments. However, personal loans often come with origination fees, and you will face other consequences like late fees and damaged credit if you default on the loan.

It is important to shop around and compare different loan options to find the best rates and terms that fit your budget and financial situation. Additionally, consider taking some time to improve your credit score before applying for a boat loan, as it can help you qualify for lower interest rates.

Alternative boat financing solutions

LendingTree does not include all lenders, savings products, or loan options available in the marketplace. However, it can help you find the best boat loan for your budget and financial position.

If you don’t qualify for a boat loan due to bad credit, or if you’re looking for a loan that doesn’t require you to put up your boat as collateral, you may still have options to finance your boat. Here are some alternative boat financing solutions:

• Unsecured personal loans: You won't risk losing your boat (or your house) if you fall behind on payments. However, personal loans often come with origination fees, which may make taking out a loan more expensive.
• Home equity loan or second mortgage: Exchange the equity in your home for cash that you can use to pay for your boat.
• Used boat loans: These are provided by a variety of marine lenders and can be a good option for those looking for a pre-owned boat. Similar to new boat loans, used boat loans provide upfront funds to acquire the boat, with repayment obligations over time, often with interest. Interest rates for used boat loans may be higher, but borrowers can secure more favourable terms by making a substantial down payment, maintaining a strong credit score, and opting for shorter loan terms.
• Trident Funding: One of the largest and most experienced financing companies in the US, specializing in boat, yacht, RV and aircraft loans.
• Southeast Financial: Connects you with a specialized boat lender through its network. Southeast Financial offers loan amounts from $15,000 to $4 million, with options for prospective borrowers with bad credit. However, those with bad credit may not receive the most favourable terms.
• LightStream: Requires only your signature and good credit to qualify for a boat loan. LightStream doesn't charge fees or require collateral, but it doesn't allow you to pre-qualify for a loan, and you may find longer loan terms and larger loan amounts with other lenders.

How to qualify for a boat loan

LendingTree is a platform that connects consumers with lending partners within its network. While LendingTree does not include all lenders, savings products, or loan options available in the marketplace, it can help you find the best boat loan for you.

Boat loans are a type of personal loan used to finance the purchase of a new or used marine vessel. Lenders offer boat loans to people with levels of credit ranging from fair to excellent. The exact requirements for boat financing can vary from one lender to the next, and may even differ depending on the boat you choose.

Check your credit score

Lenders will have different credit score requirements, but you can expect most to require a minimum score of 680. Some lenders will work with borrowers who have lower credit scores, but those with bad credit may need to make a larger down payment, use a cosigner, or apply for a secured loan. A higher credit score will also help you qualify for a lender's introductory rates.

Calculate your debt-to-income ratio

Lenders want to know that you have enough income to repay the loan. Your debt-to-income ratio (DTI) is a relationship between your gross monthly income and your monthly obligations/expenses. A high income and a low DTI are considered lower risk, which will translate into more favorable terms and interest rates.

Shop around for a loan

Boat loans can come with fees and require you to put down your boat as collateral. However, there are lenders that do not require collateral, such as LightStream, which offers loans with no fees. Shopping around for a loan can save you thousands in interest payments.

Consider the total cost of ownership

Remember that the monthly payments on your loan are not the only expenses to consider. Boat owners also have to pay for registration, maintenance, repairs, gas, taxes, boat insurance, docking fees, and storage. Make sure to consider all these costs along with your loan payments before taking out a loan.

Get pre-qualified

Before you commit to a boat loan, it's a good idea to go through the pre-approval process to ensure you'll qualify. This will involve providing personal information on your income, assets, and debt to your lender.

In summary, qualifying for a boat loan depends on a combination of factors, including your credit score, debt-to-income ratio, and the specific requirements of the lender. By shopping around for a loan, considering the total cost of ownership, and getting pre-qualified, you can increase your chances of securing a boat loan that fits your budget and financial position.

How does LendingTree get paid?

LendingTree is an online lending marketplace that connects consumers to lenders. It is compensated by the companies on its site, and this compensation may impact how and where offers appear. LendingTree does not include all lenders, savings products, or loan options available in the marketplace. It is free for consumers to use LendingTree to submit a loan request, get matched with lenders, and receive conditional loan offers or quotes. The company does not make any approval decisions itself but passes the user's information to its network of lenders, who decide whether or not to extend an offer based on their loan criteria.

LendingTree does not charge a fee as a percentage of the loan amount, unlike a broker. Instead, banks and specialty mortgage lenders pay the company to join its network. LendingTree provides them with valuable leads, so they are willing to cover the costs of obtaining those loan requests. LendingTree strives to be people's go-to resource for comparing different loan offers and finding the best loan for their needs. It offers a convenient 'one-stop shop' for loan needs, giving users choice, convenience, and value while helping them find the lender that's perfect for them.

LendingTree offers a range of loan types, including mortgages, home equity loans, auto loans, and personal loans. It also provides debt relief options such as debt consolidation loans, home equity loans, and balance transfer cards. The company works with a network of hundreds of lenders that offer a wide range of loan products. When a user submits a loan request, LendingTree searches its lender database to find up to five lenders who most closely match their needs.

LendingTree's boat loan options include Boatzon, which offers competitive terms and fast funding with a funding limit of $25 million. LightStream is another option, which does not require the boat as collateral but does require a hard credit pull to see rates and whether the borrower is approved for a loan.

Frequently asked questions