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Length of Boat Loans. Fixed rate boat loan terms are available from 15, 20 years, the terms available are based on the amount you are looking to borrow. The rate of your boat loan is determined by many key factors outside of your credit score.
You use the money to buy a boat, and the boat itself is collateral. So if you default on the loan, the lender has the right to take your boat and sell it in order to recoup losses. Rates on this type of loan will depend on your credit score, and youâll have a down payment of 10%-25% of the boatâs purchase price.Home equity loan: If you have significant equity in your home, you can take out a home equity loan or line of credit to use for basically anything.irst, weâll look at the types of loans you can get, and then weâll check out the places to get these loans. The two most common options for getting a boat loan are a typical collateral loan and a home equity boat loan.