Used boat loans: age limits, surveys and an unsecured option
Lenders limit used boat loans mainly by model year. Truist’s secured boat loan takes boats 10 years old or newer and its marine loan up to 15 prior model years. Trident Funding says boats generally need to be 20 years old or younger. DuPage Credit Union limits boats from 2019 and older to 60 months. Navy Federal requires a marine survey on every used boat.
Age limits by lender
From each lender’s own page, read October 24, 2026:
| Lender | Age rule published | What else changes with age |
|---|---|---|
| Truist secured boat loan | 10 years old or less (also under 30 feet and under 5 net tons) | Term up to 180 months, set by loan amount and boat age |
| Truist marine loan | Up to 15 prior model years (over 30 feet, value over $150,000) | Used vessels on the same criteria as new |
| Trident Funding | “Generally need to be 20 years old or younger” | Model years 2006 to 2015 “are subject to a rate increase” |
| DuPage Credit Union | No cutoff published | Rates step by model year; 2019 and older limited to 60 months |
| Southeast Financial | “Older vessels may have age restrictions depending on lender guidelines” | Not specified |
| U.S. Bank (refinance) | Its advertised refinance rate needs a boat under 4 years old | Not available on Coast Guard documented vessels |
Navy Federal and M&T Bank don’t publish an age limit for boats.
How age moves the rate and term
DuPage’s rate table (no date shown, read October 24, 2026) shows the pattern clearly. For the same term, the rate steps up as the model year gets older:
| Model year | 36 months | 60 months | 180 months |
|---|---|---|---|
| 2024 and newer, and used 2022 to 2023 | 5.75% | 6.09% | 8.09% |
| Used 2020 to 2021 | 6.75% | 7.09% | 9.09% |
| Used 2019 and older | 7.50% | 7.84% | not offered |
Those are DuPage’s published APRs; your rate depends on your application. The bigger effect for a yacht buyer is the term. On a 2019 boat at DuPage, 60 months is the longest available, and five years is a short time to pay off a six-figure loan.
Navy Federal’s rate table, stamped “Rates as of Oct 24, 2026,” prices used boats separately from new: 7.45% APR for up to 36 months, 9.00% for 37 to 72 months and 9.90% for 73 to 180 months, against 6.95% to 8.95% for new boats. Those rates assume excellent credit.
For the published maximum terms across lenders, see how long you can finance a boat.
The survey is part of the loan
On a used boat, plan on a survey. Navy Federal requires one on all used boats and may ask for a mechanical survey if concerns turn up. Trident Funding says lenders generally require one on used boats and that the buyer usually arranges and pays for it.
The survey matters twice for financing. It gives the lender a market value, which sets your loan-to-value. And it documents condition, which on an older boat can decide whether the lender goes ahead. The marine survey guide covers how to find a SAMS or NAMS surveyor and what the report needs to show.
Dealer or private seller
Some lenders only lend through dealers. U.S. Bank says its pre-approved boat financing is good “only at our participating dealers.” For a used boat from a private seller, it points to a personal loan instead: up to $50,000 for U.S. Bank clients and up to $25,000 for others. At yacht prices, that covers a small slice.
Before you fall for a boat sold privately, check that the lenders you want will finance a private sale.
The unsecured option: LightStream
An unsecured loan isn’t tied to the boat, so the boat’s age doesn’t matter to the lender. LightStream, which is part of Truist, publishes these terms (read October 24, 2026):
- Loan amounts from $5,000 to $100,000
- APRs of 9.99% to 14.49% with AutoPay; rates without AutoPay are 0.50 percentage points higher; maximum APR 25.44%
- Terms of 24 to 240 months depending on loan type. Truist’s boat page describes the LightStream unsecured boat loan as “up to 144 months”
- No restrictions on the boat’s make, model, size or age, per Truist’s page
- At least 33% of approved applicants who applied for the bottom of the range got it, based on LightStream’s data from April 1 to June 30, 2026
LightStream’s own payment example: $25,000 at 9.99% APR for 3 years is 36 monthly payments of $806.56, with no balloon. That’s LightStream’s example, not an offer to you.
Two catches. The $100,000 ceiling means an unsecured loan covers only part of the price of most boats in this site’s range. And because it isn’t secured by the boat, it doesn’t meet the “secured by a qualified home” condition in IRS Publication 936; see the boat loan interest deduction guide. LightStream also notes that Florida borrowers pay a documentary stamp tax of “slightly more than .0035 times your loan amount,” added to the loan.
A practical order for a used boat
- Check the model year against each lender’s age rule before you make an offer.
- Make the offer subject to survey and financing.
- Book a surveyor your lender accepts.
- Compare secured offers on rate and term, and decide whether any part needs an unsecured loan.
The full sequence is in buying a boat step by step, and the lender terms page has every lender’s published rules in one table. When you have a boat in mind, check each lender’s age limit for that model year before you apply. Questions? Send us the details.
Questions people ask
How old a boat will lenders finance?
On pages read October 24, 2026: Truist's secured boat loan takes boats 10 model years old or newer and its marine loan up to 15 prior model years; Trident Funding says boats generally need to be 20 years old or younger.
Can you get an unsecured boat loan?
Yes. LightStream offers unsecured boat loans from $5,000 to $100,000 with no restrictions on the boat's age, per Truist's page. The boat is not collateral, so the amount is limited.