Each credit union has its own membership requirements, which could include living in a specific county or working for a certain company. While there are some nationwide credit unions, many of them are local. However, credit unions are not-for-profit financial institutions and usually offer lower interest rates to borrowers who might not qualify for loans through a traditional bank due to their credit scores. Like banks, credit unions offer a variety of financial products, including checking accounts, saving accounts and loans. If you have an existing banking relationship, check to see if your bank offers boat, auto, or personal loans you can use for recreational vehicles. These are just a few banks that offer boat loans.

USSA: Here you’ll find boat loans that start at $5,000 and cover various types of boats, including motorboats, fishing boats, pontoons and sail boats.

Wells Fargo: At Wells Fargo, you can open a secured personal loan that ranges from $3,000 to $100,000, which you can use to finance a boat.

Bank: This national bank offers loans up to $150,000 for new and used boats.

Some banks that offer boat loans include: Whether it’s a nationwide bank or one local to your area, you might find that your bank offers boat loans or other types of loans that you can use to pay for a boat. Your financing needs and the qualification requirements you can meet typically point you in the direction of the right provider. You can find a boat loan through a variety of institutions, like banks, credit unions and online lenders. Additionally, repayment terms might be shorter than boat loans, which means monthly payments can be hard to meet for some.

Although lenders don’t require you to pledge collateral, personal loan interest rates tend to be higher than most other loans. Personal loan: This is a type of unsecured loan that you can use for anything, including financing a boat.If you don’t have enough equity in your home (or don’t own your home at all), this option won’t work for you. Home equity loans may offer longer repayment terms than traditional boat loans however, this means you’ll pay more in interest over time. Home equity loan: This type of loan uses the equity of your home as collateral instead of your boat.You can still damage your credit score and be taken to court by the lender. However, this doesn’t absolve you of penalties for failing to repay. If you don’t want to use your boat as collateral, an unsecured loan may be right for you. Unsecured loans: These are great for borrowers with stellar credit, but usually come with higher interest rates and shorter repayment terms than secured loans.Secured loans typically come with lower interest rates and higher loan limits because of the protection the collateral provides the lender. This means the lender can take possession of the boat if you fail to repay your loan. In the case of a boat loan, the boat would serve as collateral. Secured loans: A secured loan requires you to offer collateral.The length of your loan and its interest rate typically vary depending on various factors, including your loan size, credit score, annual income, the lender and the type of loan you get- secured or unsecured. When you get a boat loan, you’re required to make fixed monthly payments over the life your loan until it’s repaid. A boat loan is a type of installment loan similar to an auto loan that banks, credit unions and online lenders offer.

Boat loan calculator with tax