Wondering how to buy a used boat? A personal loan may help.

If you choose to apply for a personal loan, we consider your credit score and history, debt-to-income ratio, and other factors.
 

Personal loan details and benefits

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As low as X.XX% APR1

If approved, you’ll pay the same amount every month for a term of 12 to 84 months (a maximum of 60 months for those without a U.S. Bank account), with a fixed annual percentage rate (APR) ranging from X.XX% to 24.99%.1

Varying loan amounts

Those with U.S. Bank accounts may be eligible to borrow from $1,000 up to $50,000. Those who aren’t U.S. Bank clients may be able to borrow up to $25,000.

No hidden costs or fees

With a personal loan from U.S. Bank, you’ll pay no origination fees and there is no prepayment penalty. You’re always free to make loan payments in full or make additional payments at any time.

No collateral required

A personal loan doesn’t require your home or vehicle as collateral, so you won’t have to deal with inspections or appraisals.

Not a U.S. Bank client? Explore our checking account options.

Use this personal loan calculator to estimate your monthly payment.

What’s your desired loan term?

Enter a loan term from 12 to 84 months.
Choose a credit score range.

Prefer to buy from a dealership?

Browse and apply for a new or used boat from the dealerships that participate in the U.S. Bank boat financing program. If you’re approved, the dealer will have your pre-approval ready when you arrive for a smoother purchase process.

Learn more about boat shopping with U.S. Bank

What to look for when buying a used boat from a private seller

Determine the kind of boat you want to buy.

Will you go fishing, water skiing, or just enjoy cruising with your family? The type of boat you need depends on what you’ll use it for. This will also help you decide what you’re able to spend on the boat.

Remember: A used boat can cost less to buy, but you might need to spend more to maintain it.

Decide where to shop for your boat.

You can find boats at dealerships, online or through private sellers. Each option has pros and cons. For example, private sellers might offer a better price, but dealers often include warranties and services.

Inspect the boat thoroughly.

A full inspection is crucial, especially for used boats. Here’s what to look for:

  • Engine: Look for signs of overheating, corrosion or discoloration. Ask how many hours it’s been used. Generally, 375–750 hours on a five-year-old boat is reasonable.
  • Hull: Look for cracks or structural damage. A dull knocking sound from the exterior could indicate internal water damage or rot.
  • Electrical systems: Ensure all wiring, lights, pumps and gauges are in working condition. Loose or corroding wires can indicate neglect.
  • Amenities and upholstery: Tears in cushions or outdated electronics can increase future costs.

Tip: Hire a professional marine surveyor to inspect larger or higher-value boats. They’ll assess both in-water and out-of-water conditions.

Take the boat for a test ride.

Before buying any boat, make sure to take it out on the water. This is called a sea trial. Check how the boat handles different speeds, turns and water conditions. This is when you’ll notice problems like strange engine noises or poor handling.

Tip: During the sea trial, also look for any leaks in the bilge or performance issues in accessories like trims and navigation systems.

Check titles and paperwork.

To avoid future headaches, confirm that all ownership and registration documents are valid and match the boat’s details. Check the Hull Identification Number (HIN) and ensure there are no outstanding liens on the boat.

Tip: If a warranty exists, ask if it is transferable. Some sellers roll this into negotiations, which can save you money down the line.

Negotiate the price.

Once you’re satisfied with the boat’s condition, it’s time to negotiate. Research comparable models for sale and use findings from the inspection to justify your offer. If your inspection or sea trial uncovers issues, request a lower price to address repairs.

Advice: Stay flexible yet firm, and don’t be afraid to walk away if the price or condition doesn’t match your expectations.

Draft a purchase agreement.

Write up a clear purchase agreement or bill of sale. This should list all included accessories (e.g., electronics, spare parts, trailers) and ensure you won’t face disputes after the fact. State-specific forms are available, or you can download standard templates from sites like BoatUS.

Get insurance.

Depending on your state and the marina facility, boat insurance may be mandatory. Even if it’s optional, insurance provides essential coverage for unexpected accidents, theft or liability. Shop around for the best rates and policies.

Find out more about boats and loans.

How to choose the right boat

Learn about different boat types to satisfy your marine dreams.

Explore boat types

Costs of owning a boat

Consider the long-term costs of boat ownership when budgeting for your purchase.

Learn about boat expenses

What’s a good credit score?

Know your score before applying for loans and lines of credit.

Learn more about credit scores

Get started or contact us.

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Disclosures

  1. Personal loan: As of March 3, 2025 the fixed Annual Percentage Rate (APR) ranged from 7.99% APR to 24.99% APR, and varies based on credit score, loan amount, purpose, term and automatic payment selection. The minimum loan amount is $1,000 and loan terms range from 12 to 84 months (up to 60 months for non-clients). The lowest APR in the range is available on loans of $10,000 or more with a term of 12–36 months, a credit score of 800 or greater, the purpose of home improvement and includes a discount for automatic payments from a U.S. Bank or an external personal checking or savings account. Automatic payments and U.S. Bank personal checking or savings accounts are not required for loan approval. Electronic funding to a non-U.S. Bank account requires verification and can take one to four business days. Not all loan programs are available in all states. The Consumer Pricing Information disclosure lists fees, terms, and conditions that apply to U.S. Bank personal checking and savings accounts. This disclosure can be obtained by visiting a U.S. Bank branch or calling 800-872-2657. Loan payment example: on a $10,000 loan for 36 months, monthly payments would be $313.32 and APR of 7.99% with automatic payments from a personal checking or savings account and for the purpose of home improvement. Maximum loan amounts may vary by credit score. Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice.

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Disclosures

Installment loans are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.