Not specified
Up to 240 months
$5,000 to $2,000,000
550
If you want to finance a boat with no money down, you may be in luck — iNet doesn’t require a down payment for certain boat loans under $100,000. iNet also offers high loan amounts and long repayment terms to help you afford monthly payments for the boat of your dreams. If you have bad credit, you can apply with a co-applicant to potentially get lower rates.
On the other hand, this lender doesn’t offer insight into annual percentage rates (APRs) or loan requirements on its website to make it easily comparable with other lenders.
While iNet doesn’t share much about its credit requirements on its website, here’s what we know you’ll need to qualify for a boat loan with iNet:
14.74%
60 to 240 months
Starting at $10,000
550
If late payments or a past bankruptcy are weighing down your credit, consider getting your boat loan with My Financing USA. My Financing USA’s lending partners offer boat loans specifically for people with bad credit. It’s easy to check your rates without damaging your score by prequalifying on My Financing USA’s website.
If you’re looking for a small boat loan, move on to another lender on this list – you’ll need to borrow at least $10,000 to work with My Financing USA.
My Financing USA’s boat loan rates go up to 19.95% for borrowers with bad credit, which could make your boat loan very expensive. Note, though, that many boat lenders don’t specify their maximum APR, so it’s possible that other companies on this list charge rates this high for bad credit.
To qualify for a bad credit boat loan with My Financing USA, you must meet the following requirements:
9.99%
60 to 240 months
$10,000 to $100,000
550
While many boat loan companies leave you guessing about whether you’ll be approved for a boat loan, SeaDream outlines its credit requirements extensively on the SeaDream website. Plus, you can apply with a co-applicant to potentially boost your chances of qualifying for a loan with one of SeaDream’s partner lenders.
SeaDream doesn’t offer loans directly. Instead, it partners with boat lenders to connect them with people who need boat loans. If you need a small boat loan, consider other boat loan lenders on this list like iNet. You’ll need to borrow at least $10,000 to work with SeaDream.
To get a boat loan with SeaDream’s lenders, you and your boat must meet the following requirements:
6.49%
Up to 240 months
$10,000 to $4,000,000
575
If you’re strapped for time, consider applying for a boat loan with Southeast Financial. The company offers loan decisions in as little as three hours, and its long repayment terms make monthly payments for luxury boats more affordable. You can use its loans whether you plan to buy from a private party or a dealership.
However, its boat loans are exclusive to U.S. citizens. You also won’t qualify for a boat loan with the lender if you live on your vessel full time or if it’s a speed boat.
Southeast Financial offers a lot of flexibility when it comes to loan requirements, but you’ll need to meet the following criteria to qualify:
Not specified
Up to 240 months
Up to $25,000,000
620
You may not find a larger bad credit boat loan than with Boatzon. Its lenders offer up to $25 million for secured loans, making it a solid option if you’re looking to finance a luxury boat. Boatzon also offers prequalification, which allows you to see an estimate of your rates without the damage to your credit that comes with a hard credit pull.
Since Boatzon is a lending platform, it doesn’t directly fund your loan. Instead, the platform connects you with more than 20 lenders, some of which require up to 20% for a down payment.
Outside of the minimum credit score of 620, Boatzon doesn’t offer many details as to how consumers can qualify for a boat loan. However, boat loan lenders typically take into account the following factors:
Take two minutes to share a few details about your identity and the kind of boat you’re buying.
We’ll connect you with up to five of our lending partners. You can compare rates and choose the lender offering you the cheapest boat loan.
You’ll fill out an application with the lender, and they’ll send you the money if you’re approved.
Home equity loans and home equity lines of credit (HELOCs) are loans backed by your equity — or ownership — in your house instead of your boat. HELOCs and home equity loans often come with low interest rates, but you might lose your house if you miss your payments.
If you’re willing to take the time to save up for a larger down payment — or for the entire boat purchase — you can put your money toward the costs of owning a boat rather than high monthly boat loan payments.
You can lease a boat if you’re looking for lower monthly payments with many of the same benefits as boat ownership. Just be aware that leasing a boat won’t help you build equity, or ownership, in the boat, and at the end of your lease, you will have to give the boat back.
Yes, you can get a loan if you have bad credit, but you might have a difficult time qualifying if you don’t have a cosigner or don’t offer a large down payment. Before applying for boat financing with poor credit, consider taking some time to improve your credit score first.
While a few lenders are willing to work with borrowers who have credit scores as low as 550, you’re more likely to get low rates with a score above 670.
Assuming you have bad credit and qualify for an APR of 19.95% (the maximum APR for My Financing USA), your monthly payment will be $578.77 if your loan term is 10 years, $525.78 if your loan term is 15 years or $508.47 if your loan term is 20 years.
Boat loan terms are typically 10 to 20 years, though some lenders may offer longer or shorter options. Keep in mind that the longer your loan term, the more you’ll pay in interest. For this reason, it’s wise to select the shortest loan term you can comfortably afford.
Typically, lenders require that you provide a down payment between 10% and 20% of the total cost of the boat. Some lenders may offer zero-down boat loans, but putting money down will reduce the amount you pay in interest, lower your monthly payment and keep you from becoming upside down in your loan.
