Boat Financing Rates

J.J. BEST BANC & CO. has over 20 years of experience offering some of the top boat finance rates in the industry. We work with you to get you the best loan for your needs, allowing you the financial leeway to pursue your dreams and make the boat purchase you have desired for many years.

J.J. BEST BANC & CO. has over 20 years of experience offering some of the top boat finance rates in the industry. We work with you to get you the best loan for your needs, allowing you the financial leeway to pursue your dreams and make the boat purchase you have desired for many years.

J.J. BEST BANC & CO. has many years of experience offering some of the top boat finance rates in the industry. We work with you to get you the best loan for your needs, allowing you the financial leeway to pursue your dreams and make the boat purchase you desire.

JJ Best boat loans provide flexible financing to purchase or refinance new or used boats with competitive boat loan finance rates. Get the process started today— our very simple process begins with the completion of our loan application, either over the phone or online. You will get your results in as little as 5 minutes.

Boat Loans

We understand how much fun and adventure water activities can add to one’s life. Owning a boat opens up a whole new world of opportunities. With our boat finance rates, you can make lasting memories with your family and friends. Whatever your plans are for your boat purchase, rest assured that J.J. Best Banc & Co. is knowledgeable, pleasant and committed to serving your needs. Not all lenders or loan companies can make that promise.

At J.J. Best Banc & Co., we have some of the best boat finance rates available. We offer products with a loan amount as large as $3,000,000 and a loan amount as small as $10,000. Stop standing on the shore and daydreaming and get behind the helm! J.J. Best Banc & Co. is here to help you in whichever way we can.

Boat Loan Calculator

J.J. Best Banc and Co. has a team of Marine Loan Officers who conduct personal financial reviews of potential borrowers. We check credit scores, evaluate debt-to-income ratios, and gain an understanding of their financial capacity to meet the potential loan repayments. Our Boat Loan Calculator is a very useful tool for potential borrowers to get out in front of the buying process by viewing rates, terms and payments in various scenarios.

The loan calculator operates using a simple sliding scale. It is a device used by many commercial entities in the banking world and in other finance providing entities. Personal borrowers can simply slide the bar to a prospective interest rate. JJ Best interest rates, as with all banks and banking institutions, move in conjunction with fluctuations in the federal funds rate, as set by the Federal Reserve, with consideration to the prime lending rate, a rate banks use to lend to each other. JJ Best interest rates are highly competitive, offering the personal borrower some of the lowest rates that can be attained.

The term bar on the JJ Best loan calculator simply allows the user to set various lengths for their loan sample. In the classic and collector car market, JJ Best terms offered are generally in the range of 60 to 84 months. To finance a boat, for which purchase prices are often over six digits and sometimes over seven, our terms tend to be 20 years, closer to the length individuals would pay for a house or home.

The JJ Best loan calculator “does the math on the fly,” meaning no clicking or returning is required. The potential borrower can simply view payment fluctuations while sliding the bars. This boat loan calculator is a very important tool to be used early and throughout the process of planning the financing of a boat purchase.

Interest Rate

Interest rates are a fundamental aspect of finance that influence almost every economic decision, from taking out a loan, investing, to saving money. At its simplest, an interest rate is the cost of borrowing money, or, on the flip side, the compensation for the service of lending money. It is typically expressed as a percentage of the principal (the original amount of money) per time period, usually per year, hence it is often referred to as an annual percentage rate (APR).

There are two main types of interest rates: simple and compound. Simple interest is calculated only on the original amount (or principal) that you have deposited or borrowed. This is the type of interest rate JJ Best features.

Boat Loan Rates

Understanding interest rates in the context of boat loans is crucial for several reasons.

Determining Affordability

Interest rates determine how much you’ll pay over the life of the loan in addition to the principal amount. A lower interest rate means less total cost to you, making the boat more affordable in the long run.

Understanding the True Cost

Interest is essentially the cost of borrowing money. By understanding the interest rate, you can more accurately assess the true cost of the boat, beyond just the sticker price. Some boat loan financing companies feature loans with terms spread over many years. Many JJ Best boat loans carry a term of 20 years.

Monthly Budgeting

The interest rate will affect your monthly payment amount. A higher interest rate translates to a higher monthly payment, which can impact your budget.  Of course, a longer term loan will lower your monthly payment, but will significantly raise the personal amount of money you must pay for the purchase of your boat. Paying less per month means paying more overall.

Long-term Financial Planning and Wealth Management

Understanding how much of your payment goes toward interest versus principal helps you understand how quickly you’re building equity in the boat. This can be important for future financial planning, such as if you plan to sell the boat or trade it in at some point. Buying a boat is such a significant purchase, it may well have an impact on your retirement plans, either positive or negative.

Impact of Credit Score

Your credit score often directly impacts the interest rate you’re offered. Understanding your credit score and its importance to your personal financial well-being can motivate good financial behavior to maintain or improve your credit score.

Understanding interest rates for boat loans is essential to making informed financial decisions and ensuring the loan fits within your budget and long-term financial goals.

Loan Type

Different types of loans have varying structures for interest rates and repayments. For example, fixed-rate loans have a constant interest rate, while variable-rate loans have interest rates that can fluctuate based on market conditions. The impact of interest rates on loan repayments may be more significant for variable-rate loans, as borrowers may experience changes in their monthly payments as interest rates change. JJ Best offers fixed loan terms, generally from 10 to 20 years.

In summary, interest rates have a direct impact on loan repayments, affecting the monthly payments, total interest paid, loan affordability, and potentially the loan term and type. Understanding the impact of interest rates on loan repayments is crucial for borrowers when making decisions about taking out loans and managing their debt.

Typical Loan Amounts and Terms of Boat Loans

Boat loans can vary significantly based on the type of boat, the age and condition of the boat, and the borrower’s creditworthiness, among other factors. As of my last training data in September 2021, here are some general parameters:

Loan Amounts

Boat loans can range from a few thousand dollars to over a million for luxury or commercial boats. More typical loan amounts for personal use boats might range from $10,000 to $50,000.

Loan Terms

Boat loans often have longer terms than car loans due to their typically higher cost. Terms might range from 2 years to 20 years, with 10 to 15 years being more common for larger loans.

Interest Rates

Interest rates on boat loans depend on a variety of factors including the borrower’s credit score, the loan term, and the size of the loan. Keep in mind that just as with any other loan, the specifics will vary based on the lender’s policies and the borrower’s circumstances. Always be sure to read the fine print before accepting a loan.

Boat Loans vs. Auto Loans and Home Loans

Boat loans, car loans, and home loans all serve the same basic purpose: they provide you with the funds needed to make a large purchase, typically with the purchased item serving as collateral. However, there are several key differences between these types of loans:


For all three loans, the purchased item (boat, car, or house) is typically used as collateral. This means if you default on the loan, the lender can seize the asset to recoup their losses.

Loan Term

The length of the loan can vary greatly between these three types of loans. Car loans typically have terms ranging from 2 to 7 years. Boat loans can have longer terms, often up to 15 years or even 20 years for more expensive boats. Home loans, or mortgages, usually have the longest terms, typically 15 or 30 years, although other terms are available.

Interest Rates

Interest rates can vary between these types of loans, often due to the perceived risk to the lender and the term of the loan. Car loans typically have lower interest rates than boat loans, as cars are seen as more of a necessity and less of a risk. Boat loans often have higher interest rates as boats are often seen as luxury items and not a necessity. Home loans typically have the lowest interest rates due to their long terms and the stability of the real estate market.


Cars tend to depreciate (lose value) quickly, especially new cars. Boats also depreciate but at a slower rate than cars. Homes, on the other hand, usually appreciate or at least maintain their value over time, assuming no drastic changes in the housing market or the neighborhood.

Insurance and Maintenance

Insurance is required for all three types of loans. However, the costs and requirements can vary greatly. The J.J. Best Insurance Agency is an affiliate commercial company to J.J. Best & Co. The insurance agents at JJ Best Insurance Agency have helped thousands of clients across America get the insurance they need. Maintenance costs are also a factor, with boats often requiring more expensive maintenance than cars. Home maintenance can also be costly, but these costs can be more sporadic and dependent on the specific property.

Tax Implications

In some cases, interest paid on home loans can be tax-deductible, providing a potential tax advantage. The same is often true for some boat loans if the boat is considered a second home (i.e., it has sleeping, cooking, and toilet facilities). Auto loan interest is typically not tax-deductible.

Remember that the specific terms and conditions of any loan can vary depending on the lender, your credit score, your income, and other factors. Always do your research and consult with a financial advisor before taking out any large loan.

Down Payment, Term and the Effect on Boat Loan Rates

Loan Terms

The term of a loan refers to the length of time you have to pay back the loan. Generally, shorter-term loans have lower interest rates than longer-term loans. This is because the lender takes on less risk with a shorter-term loan, as there’s less time for something to happen that might prevent you from paying back the loan. However, while the interest rate might be lower for a shorter-term loan, your monthly payments could be higher because you’re paying back the loan principal in less time.

Down Payment

The down payment refers to the amount of money you pay upfront for the boat. A larger down payment can result in a lower interest rate for a couple of reasons. First, a larger down payment reduces the loan-to-value ratio (LTV), which is the amount of the loan compared to the value of the boat. A lower LTV reduces the lender’s risk, which can result in a lower interest rate. Secondly, a larger down payment shows the lender that you’re serious about the purchase and that you’re less likely to default on the loan, which also reduces their risk.

It’s also important to note that your credit score and income will likely have a significant impact on your boat loan’s interest rate. A higher credit score and stable income can lead to a lower interest rate, as they indicate to lenders that you’re less of a risk.

Remember that each lender may consider these factors differently, so it’s always a good idea to shop around and compare loan offers from several different lenders before deciding on a boat loan.


Refinancing a boat loan could be a good idea under several circumstances:

Lower Interest Rates

If interest rates have dropped significantly since you took out your boat loan, refinancing could save you a lot of money over the life of the loan.

Improved Credit Score

If your credit score has improved since you got your boat loan, you might qualify for a lower interest rate now.

Financial Hardship

If you’re having trouble making your current monthly payments, refinancing could potentially lower them, making your loan more manageable. However, keep in mind this may also extend the term of the loan, meaning you’ll be in debt for a longer period. Because boat loans require insurance, your payments for that insurance will also affect your funding layout.

Change in Loan Terms

If you want to change the terms of your loan, such as shortening or lengthening the loan term, refinancing can allow you to do that.

Remember, refinancing often comes with costs, such as origination fees, so you’ll want to factor those into your calculations. It’s also important to shop around and compare rates from different lenders to make sure you’re getting the best deal.

It’s always a good idea to speak with a financial advisor before making any major financial decisions. They can help you understand the potential benefits and drawbacks of refinancing in your specific situation.


About J.J. Best

J.J. Best Banc & Co. offers boat loans with competitive interest rates, allowing individuals to finance their boat purchases and embark on exciting water adventures. The company prides itself on its knowledge, customer service, and commitment to meeting the needs of borrowers. Their boat finance rates are available for loan amounts ranging from $10,000 to $3,000,000, providing flexibility for various budgets and boat purchases.

Boat Loan Calculator

To assist potential borrowers in their financial planning, J.J. Best Banc & Co. provides a Boat Loan Calculator. This tool allows users to input different interest rates and loan terms to view estimated rates, terms, and payments. The calculator helps borrowers understand the affordability of the loan, the true cost of the boat beyond its sticker price, monthly budgeting implications, and long-term financial planning.

Boat Loan Interest Rates

Interest rates play a crucial role in boat loans as they affect the overall cost, monthly payments, and long-term financial impact. JJ Best features simple interest rates, which are calculated based on the original loan amount. Understanding interest rates help borrowers determine affordability, assess the true cost of the boat, budget monthly payments, plan for long-term wealth management, and consider the impact of their credit score on the interest rate offered.

Boat Loans VS Home Loans

Boat loans differ from auto loans and home loans in several aspects, including collateral, loan term, interest rates, depreciation, insurance, maintenance costs, and potential tax implications. Understanding these differences is essential for borrowers to make informed decisions about their loan options and align them with their financial goals.

Boat Loan Rates & Terms

Factors such as loan terms, down payment amounts, credit scores, and income influence boat loan rates. Shorter loan terms generally have lower interest rates, while larger down payments and higher credit scores can result in more favorable rates. Refinancing may be an option for borrowers to consider if interest rates have decreased, credit scores have improved, or changes in loan terms are desired. However, borrowers should carefully evaluate the costs and benefits associated with refinancing and seek guidance from a financial advisor.

J.J. Best Banc & Co. offers boat loans with competitive rates, empowering individuals to finance their boat purchases and enjoy memorable experiences on the water. Understanding interest rates, loan terms, and the impact of factors like credit scores and down payments are crucial for borrowers to make informed decisions and ensure that the loan aligns with their financial goals.

Frequently Asked Questions

Should I use a boat loan or a home equity loan to finance my boat?

The decision between a boat loan and a home equity loan depends on your personal financial situation and preferences. Boat loans are specifically designed for financing boat purchases and typically have terms and interest rates tailored to the boating industry. On the other hand, a home equity loan allows you to borrow against the equity you’ve built in your home. It may offer lower interest rates, but you’ll be using your home as collateral. Consider factors such as interest rates, loan terms, creditworthiness, and the potential risks involved in using your home as collateral before making a decision. Consulting with a financial advisor can provide personalized guidance based on your circumstances.

What is the difference between a used boat loan and a new boat loan?

A used boat loan and a new boat loan differ in terms of the boats they finance. A used boat loan is specifically designed for financing the purchase of pre-owned boats, while a new boat loan is intended for financing the purchase of brand-new boats. Lenders often have different loan terms, interest rates, and requirements for used and new boat loans. Used boat loans may have slightly higher interest rates and shorter terms compared to new boat loans. It’s essential to consider factors such as the condition and age of the boat, its resale value, and your budget when deciding between a used or new boat loan.

Can I get a boat loan with a 700 credit score?

A credit score of 700 generally falls within the range of good credit, and it is possible to obtain a boat loan with this credit score. However, the specific approval criteria and interest rates may vary between lenders. A higher credit score generally increases your chances of getting approved for a loan and may result in more favorable interest rates. Lenders also consider other factors such as income, debt-to-income ratio, employment history, and loan amount when evaluating loan applications. It’s advisable to shop around and compare loan offers from different lenders to find the best terms and rates available to you based on your credit score and financial profile.


Call us today at (800) 872-1965 or send us an email for more information on boat finance rates that can help you.Call us at 1-800-USA-1965, or fill out our online application form.


Call us today at (800) 872-1965 or send us an email for more information on boat finance rates that can help you.Call us at 1-800-USA-1965, or fill out our online application form.

Prequalify in five minutes or less!

Call us at 1-800-USA-1965, or fill out our online application form.