Best Boat Loans in 2025

While other companies only offer zero-down boat loans for up to $70,000, iNet offers up to $100,000 with no down payment on some loans. You don’t need perfect credit to qualify, but keep in mind that like other lenders, iNet reserves its lowest rates for borrowers with good to excellent credit.

If you’re looking for a loan for an older vessel, you may need to look elsewhere – iNet only lets you borrow money for boats less than 20 years old.

To qualify for a boat loan with iNet, you must meet the following requirements:

• Credit score: 550+
• Boat requirements: Must be less than 20 years old

With a funding limit of $25,000,000, Boatzon‘s partners offer more than enough to cover the cost of buying a luxury vessel. But you don’t need to borrow millions to take advantage of competitive rates and fast funding timelines — Boatzon connects borrowers of all budgets with more than 20 partner lenders.

But if you have bad credit or can’t afford a down payment, you’ll likely need to look elsewhere. Boatzon partners require a credit score of at least 620, and many ask for a down payment of 10% to 20% of the cost of your boat.

While Boatzon’s minimum credit score is 620, you may qualify with a lower score. Boatzon doesn’t provide information about any additional credit or income requirements.

If you need to spread out your loan payments, consider applying for a loan with Boatloan.com. You could qualify for loan terms of up to 252 months, which is a full year longer than most lenders offer. You can also improve your chances of getting a loan with lower rates by applying with a co-borrower who has excellent credit.

Boatloan.com’s loans start at 84 months, so if you want to save money on interest with a short-term boat loan, consider lenders like LightStream.

To get a boat loan through Boatloan.com, you’ll need to have a credit score of at least 640. You’ll also need to meet other debt requirements.

While most boat loans come with fees and require you to put down your boat as collateral, you can skip these requirements with LightStream. LightStream just requires your signature and at least good credit to qualify for a boat loan.

Unlike other lenders, LightStream requires a hard credit pull to see your rates and whether you’re approved for a loan. And if you need to borrow a lot of money or stretch your payments out across a long repayment term, you’ll need to consider other lenders.

LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:

• At least five years of on-time payments under a variety of accounts (credit cards, auto loans, etc.)
• Stable income and the ability to handle paying their current debt obligations
• Savings, whether in a bank account, an investment account or a retirement account

While many lenders require fair or even good credit to qualify for a boat loan, Southeast Financial offers boat loans for bad credit. Plus, in some cases, you’ll know whether you’re approved as soon as three hours after you apply.

Keep in mind that it could take up to five business days to get your loan money once you’re approved. Residents of Alaska and Hawaii will have to look elsewhere for a loan, since Southeast Financial only operates in the continental United States.

Southeast Financial offers clear guidance on how potential borrowers can qualify for a boat loan:

• Age: 18+
• Credit score: 575+
• Residency: Must be a U.S. citizen, can’t live in Alaska or Hawaii
• Income: $25,000+
• Boat model age: 2010 and newer

Competitive starting rates and long repayment terms make Good Sam one of the top boat lenders. Good Sam stands out from competitors by offering loans for private party boat purchases and loans in all 50 states instead of just the continental U.S.

Know that Good Sam may require you to put down 10 to 20% of the boat’s value as a down payment, and its approval and funding timeline are on the slow side compared to competitors.

To qualify for a boat loan from Good Sam, you’ll need to meet the following requirements:

• Minimum credit score: 600+
• Residency: Must live in one of the 50 U.S. states (excluding Washington, D.C.), do not need U.S. citizenship for some loans
• Boat requirements: Must be less than 20 – 25 years old
• Administrative: Must provide copies of your driver’s license, purchase agreement, current title and registration, proof of down payment and proof of insurance