Best Marine Lending Specialist : Trident Funding

Best Unsecured Loan : LightStream

Why We Chose It: We chose LightStream as our best unsecured boat loan because their loans require no collateral, they offer a Rate Beat program, and quick funding.

LightStream is an online consumer lending division of SunTrust Bank, a part of Truist Bank. The company offers boat loans, banking products and services, home improvement loans, swimming pool loans, RV loans, and motorcycle loans. The company was founded in 2014 as a small startup company and has grown into an innovative online lending platform.

LightStream believes in rewarding borrowers with good credit with a simple loan application, seamless loan process, and rapid funding. It offers same-day approvals and can even fund some loans the same day, although others will be funded in a few days. It offers new and used boat loans nationwide as well as boat refinancing. Loan amounts range from $5,000–$100,00 and terms are between two and seven years.

Rates start at 4.29% (as of ) with an applied discount for autopay. There are no processing or prepayment fees and no appraisal fees. Their Rate Beat program offers a rate that is 0.10% lower than the rate offered for the same type of loan from a competitor.

Some customers love the quick application and funding process and the loan knowledge of the agents but others experienced confusion on published rates versus actual rates.

Best High-Value Boat Loan : SunTrust

Why We Chose It: Our choice have a glimpse at the website for the best high-value boat loan is SunTrust because it offers loans up to $100,000 with no points, service charges, or processing fees. It also has a team of dedicated marine loan specialists and is a reputable company that has been in business since 1891.

SunTrust is a part of the newly formed financial services company Truist which also includes BBT. It also offers boat refinances, in addition to banking,

investment and retirement services, as well as small business loans.

SunTrust offers marine loans for new and used boats and it also refinances boat loans. It offers boat loans that are between $5,000 to $100,000. Rates are fixed and typically range from 4.29%–9.99% (as of ) and terms go up to 7 years. You can apply in a branch or over the phone with a marine loan specialist in about 15 minutes. Funding times vary but aren’t as fast as some of the other lenders. It doesn’t have a minimum credit score requirement and doesn’t charge any loan processing fees.

SunTrust has mixed customer reviews, with most of the negative reviews complaining about the banking services. The positive reviews boast about the customer service agents’ marine loan knowledge and responsiveness.

Why We Chose It: Our choice for the best marine lending specialist is Trident Funding because they offer competitive rates, specialize in custom marine financing, and have been in business since 1996.

Trident Funding was founded by boat enthusiasts for boat enthusiasts with the goal of connecting borrowers to lenders so they can finance their passion. It is the U.S.’s largest independently owned boat and yacht loan origination company. Trident also finances RVs and provides marine resources and tips on its website.

The company understands the boating business so can help educate you if this is your first boat. It has worked with over 40 banks and lenders so can rate shop to offer the most competitive rates and terms which vary based on the type of vessel, down payment amount, loan type, and borrower qualifications.

They offer fixed and variable rates starting at 3.99% (as of ) and both short and long term boat loans up to 25 years. Typically, they approve loans within 48 hours and a down payment of 10–20% is standard. They finance new and used boats that are no older than 25 years and only used for recreational purposes.