A bad credit boat loan is a traditional boat loan that is offered to borrowers with low credit scores. The exact definition of a bad credit score depends on which credit scoring model you’re using: FICO Score or VantageScore. A bad credit score is under 580 for FICO or 600 for VantageScore. Since a boat is considered a “luxury” purchase, most lenders prefer borrowers with strong credit.
Consumers with a bad credit score can have a harder time qualifying for a loan and can expect to receive high interest rates. Unless you apply for a secured loan or apply with a cosigner who has strong credit, you may have a difficult time qualifying for an affordable boat loan.