In some cases, lenders will finance a boat that is 20 to 30 years old. Buying an older boat may have a cheaper purchase price, but the maintenance and other costs may be higher. Lenders may offer a higher interest rate on an older boat because it's not as valuable and may be more likely to break. While a newer boat may cost more, it may be worth it. If a newer boat comes with warranty and or a cheaper interest rate, it may represent a better value. If you want to buy an older boat and are unable to find a boat loan, you can use a personal loan to finance the boat.