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.
Also know, how much boat can I afford based on income?
To Loan or Buy Cash
Depending on how you prioritize your housing, car, and boat payments, you can afford different amounts for your boat. A good rule of thumb is that your boat payment should be less than 5-10% of your monthly income.
One may also ask, is it easier to finance a new or used boat?
Buying a used boat typically means that you can take out a smaller loan as prices are lower and depreciation rates are steadier than when you buy new. … If you are purchasing a more expensive boat of $100,000 or more, you will likely be required to provide more information, such as your personal financial statements.
Is LightStream finance legit?
Is LightStream legit? LightStream is a reputable online lender that offers competitive interest rates and an easy application process. While it doesn’t disclose credit requirements, many employed borrowers with good credit scores have a chance of approval.
What is the average boat loan term?
A short loan term for boat financing is going to be anything under 60 months – that’s five years. An average loan term is going to range from eight to 12 years, and a long loan term is going to be 12 to 15 years.