PERSONAL LOANS
LightStream: Best overall boat loan
4.7
Bankrate Rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
The annual percentage (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing.
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This lender is registered in states where it does business, has a Consumer Loan Company License and was vetted by the Bankrate Editorial team.
LightStream offers some of the most competitive boat loan terms of the lenders Bankrate reviewed. Its APR range is the lowest of our featured lenders. Its 12-year maximum term will give you a much lower payment for a pricey new boat purchase than the five-year max offered by most personal loan lenders. Make sure your credit is tip-top shape before you apply: LightStream's minimum credit score requirement is on the high side.
- Several years of mixed credit
- Assets or savings
- Stable, sufficient income
- Few reported delinquencies
- None
Same day if approved before 2:30 p.m. ET, Monday through Friday
Pros
- Longer terms
- High maximum amount
- Low minimum and maximum APRs
Cons
- Requires very good to excellent credit
- No ability to prequalify
- Fixed due date
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are .50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 9.99% APR with a term of 3 years would result in 36 monthly payments of $322.62. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.