If purchasing a boat is your plan, boat loan can help you in it. Check out offers from the official banks first. They might have a little bit higher interest rates but they don’t differ much from the APRs of the credit unions and online lenders.
U.S. Bank National Association gives an opportunity to count your personal average boat loan rate. It has a calculation where you need to mention your ZIP code, type of the boat (used or new) and amount to borrow. Minimal loan amount should be at least $5,000.
Some lenders take into account the year of the model. They don’t finance loans for boats that are older than 1997, for instance.
The average boat loan interest rate makes up 4.99% if the loan term is 48-60 months. You can find very beneficial offers for 3.99% and less beneficial for 5.79%. It’s possible to get up to $2,000 000+.
When you are looking for the best APR, don’t forget to check out rates from the National Marine Lenders Association. They make the process of purchasing a boat easier and sometimes launch special offers for marines.
While looking for interest rate for a boat loan, you should compare multiple offers to choose the best one.