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Is It Easy To Get Boat Financing

What Is The Typical Down Payment For A Boat

What they don’t tell you about boat loans. Our experience financing our boat.

The size of the down payment required will depend on the age, price, and type of vessel as well as on your credit profile. Expect to pay 15 to 20 percent down payment on most Center Console or Sportfishing Boats. A Boat loan specialist can help you with programs available through various manufacturers that could allow you to qualify for a lower down payment. They can also help you find lenders that offer lower interest rates for higher down payments.

We Have The Best Boat Loans For People With A Bad Credit History

You can trust My Financing USA to help you find the financing options you want. We have assisted hundreds of thousands of customers, and we have earned a sterling reputation. Our customers’ reviews reflect our dedication to offering stellar support and making the process as easy as possible. By conducting everything online, we make your part simple. You can even sign your closing documents online using DocuSign. Other benefits of working with us include:

  • Safe and secure DigiCert Norton VeriSign Secured website, which protects your personal information.
  • Fast response times as short as 48 to 72 hours after submitting your application.
  • Pre-qualification for loans, which makes it easier to know how much you can afford to spend on your boat.

What Is A Good Interest Rate On A Used Boat Loan

While used boat loans can occasionally have rates higher than those offered for new boats, this isnt always the case. In fact, many lenders offer the same competitive rates whether youre buying used, new, or even refinancing. Because of this, applicants can expect to find used boat loans with rates in the 4% to 5% APR range.

For instance, Bank of the West our overall top pickoffers interest rates starting at 3.59% APR for watercraft over $50,000, whether the boat is new or used.

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How Do Boat Loans Work

Boat loans at Southeast Financial are efficient, fast, and flexible. We offer boat financing for all types of circumstances and provide quick credit decisions. To get started, simply fill out our online application and we can get you a credit decision in 24 hours or less. Once you are approved, you can get your check within about 3-5 business days. Southeast Financial finances boats from $15,000 to $4 million.

Can I Finance A Boat With Bad Credit

How Long Does It Take To Get Approved For A Boat Loan ...

Yes, you can finance a boat with bad credit. Southeast Financial is proud to offer bad credit boat loans for those who may not qualify with other lenders. We base our qualifications on several factors and do not have a minimum credit score requirement. We work hard to offer a loan approval that works for your budget, even if you have bad credit.

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Streamline Your Boat Financing Process With Southeast Financial

Lets face it, theres nothing like being out on the water. Whether you love the spray of the sea in your face or towing a couple of skiers behind you, its hard to beat a day on the lake. Dont let an unreasonable rate or ridiculous terms sink your dream of boat ownership.

Let Southeast Financial help you navigate the tricky waters of boat financing that will put you behind the wheel of the watercraft of your choice.

Visit Us Before You Get On The Water

Make some waves with a boat loan from Flagstar Bank. Our bankers will work with you to help you purchase a new or used watercraftor even refinance a current boat loan. And with quick approvals and easy boat financing, you may as well visit the branch with your boat shoes on.


  • Competitive interest rates
  • 100% financing available for qualified customers
  • Simple loan application
  • A variety of terms available on new and used boats
  • 0.25% rate reduction for qualified customers1
  • 0.25% rate reduction when payments are automatically made from a Flagstar bank deposit account2

We look forward to helping you with your boat financing. Here’s what you need to qualify for a boat loan:

  • Be 18 years or older
  • Be a U.S. citizen or permanent resident alien
  • Open to residents in California, Indiana, Michigan, Ohio and Wisconsin only
  • Available for individual borrowers only. Other underwriting conditions may apply

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How Much Does It Cost To Rent A Boat Slip

The cost of renting a boat slip mostly depends on the size of the boat and the location. Renting a spot or slip off the dock in the US costs an average of about $50/ft per year. However, location can significantly impact the cost. In some places, it can cost $240+ per foot annually. At $50/ft per year, a slip for a 45 boat should cost about $2,250 annually.

What Credit Score Is Needed To Buy A Boat

BAD CREDIT BOAT LOANS – Direct Source To Lenders Who Approve Boat Loans With Bad Credit

Most lenders consider a boat to be a luxury item purchase something you want but probably dont need. In addition, boats can be very expensive to purchase and maintain. Lenders want to ensure that a borrower is financially stable before approving them for a boat loan. To qualify for a boat loan you may need a credit score of 700 or higher. You may qualify for a boat loan with a credit score below 700 but youll most likely need money down. Even with money down, the interest rate will probably be higher. If you have credit challenges but want to purchase a boat you might consider a personal loan. Personal loans may have higher interest rates but can be easier to qualify for. You can explore options for personal loans for a boat dock or boat financing at Acorn Finance.

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How To Apply / Next Steps:

A) If you meet the Credit Profile Parameters please apply here. If you have any questions please call 949-515-0055 for more information on our mid-tier and sub-prime marine financing programs. Our service-oriented and friendly staff of experienced boat finance professionals will work with you, one-to-one, every step of the way to get you the boat of your dreams and get your credit rating back on track. * B) If you have not met the Credit Profile Parameters noted above you may not qualify for our sub-prime marine loan financing programs. We strongly suggest that you not apply for a loan unless you are relatively sure that you have met the general Credit Profile Parameters as it will place an unnecessary inquiry on your credit report that may lower your FICO score. Instead we recommend that you start monitoring your credit score and apply for a SeaDream loan once it has reached 550 or above.

To learn more about increasing your chances of securing boat financing SeaDream has put together a series of boat financing tips. After you have taken measures to increase your chances of being financed SeaDream will work with you to get the best possible boat loan.

You may always contact one of our loan representatives to further investigate your current scenario.

* Disclaimer: The credit profile parameters are only a general guideline and do not guarantee a loan approval.

Compare Multiple Offers Before Setting Sail On A Boat Loan

Be sure to compare as many lenders as possible when shopping around for a boat loan. Also consider any manufacturer or dealer financing available to you. This way, you can decide what best suits your needs.


With Credible, you can compare your prequalified rates from several lenders that offer personal loans for boats in just two minutes.

Ready to find your personal loan?Credible makes it easy to find the right loan for you.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

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Best For Quick Funding: Lightstream


  • Minimum credit score: None, but good credit recommended
  • Loan terms : 24 to 84 months

For borrowers looking for fast funding for a boat loan, LightStream is a great option. The lender offers same-day approval and even same-day funding in some cases.

  • Funds deposited as soon as same-day

  • Rate Beat program

  • No fees or collateral required

  • Available for buying or refinancing a boat

  • Offered in all 50 states

  • Loans cap out at $100,000

  • Maximum rates can be high

As part of the Truist bank family, LightStreamalong with SunTrust and BB& Tprovides a variety of banking products and services to customers across the country. This bank operates in all 50 states, offering loans on new, used, and refinanced boats to qualified applicants ages 18 and over.

We chose LightStream as best for quick funding because this bank offers not only same-day approvals but same-day funding in many cases. You can choose your own funding date once approved for your boat loan, even if its the same day you applied.

Boat loans through LightStream are offered from $5,000 to $100,000 with repayment terms ranging from 24 to 84 months. Current interest rates range from 4.29% to 11.89% APR with a 0.50% auto-pay discount. They also offer a Rate Beat program, which promises to offer a rate thats 0.10% lower than the rate offered by a competing lender within the last business day.

What Do You Need To Do To Get Pre

Sailing class: Capsizing is the easy part. Its getting ...

Every lender is different, but its quite common to be asked to share some financial information, including:

  • Proof of identity, generally your social security number.
  • Details about any debts youre currently paying off, like your mortgage, car loan, student loans, or other personal loans.
  • Proof of incomeusually your W-2 form or recent tax returns.
  • Proof of employment, usually pay stubs from your current job to show that you have a regular income.
  • Proof of other financial assets like savings accounts, real estate investments, stocks and shares, etc.

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How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Boat Loans: Questions To Ask Before You Apply

How does the loan fit into my budget? Monthly payments on a boat loan should fit comfortably within a budget that covers all of your needs, wants, debt payments and savings. Use our boat loan calculator to see estimated monthly payments, interest costs and total payments.

Payments toward the boat loan combined with other debt payments shouldnt exceed more than 20% of your income.

What is the true cost of boat ownership? Buying a boat isnt your only new expense. Additional costs include fuel, licenses, insurance, storage, maintenance and repairs. Boats also depreciate over time, just like a car.

Does my boat have resale value? Its smart to buy a boat that is both affordable and popular, as this can attract potential buyers if you decide to sell it and pay off your loan at any point in the future.

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Best For Bad Credit: Southeast Financial

Southeast Financial

For borrowers with bad credit, Southwest Financial is a good choice for a boat loan. This lender has no minimum credit score requirements, and loans are available even for borrowers with past bankruptcies.

  • No minimum credit score requirement

  • Discharged bankruptcies okay

  • Rates starting at 4.49% APR

  • Not available in Alaska or Hawaii

  • $20,000 minimum loan

  • High debt ratios may be a limiting factor

With a history dating back to 1936, Southeast Financial has been providing loans and other financial products to customers across the country for over 80 years. When it comes to boat loans, though, Southeast Financial excels at connecting borrowers with poor credit to lenders willing to finance their purchase.

Through Southeast Financial, subprime borrowers can access boat loans ranging from $20,000 all the way up to $4 million, with no published credit score minimum. Borrowers with low credit scores or high debt ratios may not qualify for the best possible rates, but loans are available even to those with past bankruptcies.

New and used boat loans are not available in Alaska or Hawaii, and borrowers are only allowed to finance their purchase if the boat is intended for recreational useno full-timers or liveaboards allowed. Repayment terms may vary according to the loan amount but are available all the way up to 15 years.

Apply To Several Lenders

Get It Done With SBI – Gold Loan

Because bad credit boat loans have higher interest rates, its important to shop around so you can get the lowest. It doesnt hurt your credit score to apply to multiple lenders any more than it does to apply to one if you do all applications within 14 days. Once you have the loan offers, ask the dealership to beat the lowest rate you got.

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The Best Boat Loans Of December 2021

The best boat loan depends on your budget, the type of boat you’re purchasing, and the age of the boat. From financing for small ski boats to full-size yachts, there’s a loan out there for most things that float. But they’re not all the same.

Once you’ve narrowed down the type of boat you’re interested in buying and what model year you’re looking for, you can start shopping for a boat loan. Many lenders will only finance certain types of boats, or require a boat to be newer than a certain model year. To make sure you make the most of your shopping, know this going into it.

There aren’t as many lenders offering boat loans as there are auto loans. But there are still a few to choose from.

Here are Insider’s top picks for boat loans in December 2021.

Types of boats financed: LightStream doesn’t list any specific requirements

4.29% to 11.89% with AutoPay

Loan amounts available: $5,000 to $100,000

Watch out for: High credit score requirements. LightStream only works with borrowers with good or better credit, so anyone with a low credit score may not qualify.

LightStream boat loans are a strong option for most borrowers looking for an inexpensive boat and fast funding.

LightStream is an online lender backed by Truist . With a completely online experience, same-day funding available, and many loan types offered, LightStream is one of our picks for the best RV loans and best personal loans.

How Much Boat Can You Afford

Because a bad credit boat loan will cost you more, its especially important to understand how much boat you can afford. Use a boat loan calculator to understand exactly how much money you can spend on a boat. Your bad credit boat loan payment must be affordable because total costs of boat ownership include insurance, off-season storage, winterizing, launching/mooring/docking fees, fuel, maintenance and repairs.

On the calculator, plug in your potential loan amount, estimated interest rate and the length of the loan youd like to get to see what your payment would be. Change any of the inputs to see how the payment changes.

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Buying A Boat What Could Be More Exciting

But if you dont have the cash on hand to buy your boat outright, your dreams of smooth sailing could run aground unless you can secure financing.

Boat dealers and manufacturers often provide financing, but you should research and consider all of your borrowing options before setting sail. The more you know about your options, the easier it may be to pick a loan with the best terms.

Read on to learn about a few options to get a loan for a boat, and the benefits and drawbacks of each.

Whether Youll Need A Marine Survey

Boating Myths

When you apply for a secured boat loan, the boats value will be a factor in how much you can borrow.

If youre not getting a new boat, you should get a marine survey. During a marine survey, an inspector will examine the vessel, engine and trailer, detail the boats condition, note any repairs needed and determine whether its safe to take on the water.

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Try Peer To Peer Lending

Borrowers who are looking to quickly buy their next boat may find that boat financing approvals may take aggravatingly long. As discussed earlier, there is a better boat financing option for them, from peer to peer lending sites. Boat owners all over the country have enjoyed the benefits of social lending, especially because of the lack of restrictions on use, as well as the attractively low interest rates. Using these unsecured personal loans when buying a boat can help borrowers achieve the life they want right away.

As with any major purchase, borrowers are of course encouraged to first review their financial situation before applying for boat loans .

The Best Place To Get Online Boat Loans Is My Financing Usa

We stand out from other boat loan companies. With an A+ rating from the Better Business Bureau and high customer satisfaction ratings, we’ve developed a sterling reputation that we’re proud of. Our friendly team responds right away when you contact us, and we make ourselves available to you. Other reasons people love working with us include: Our Norton VeriSign Secured website keeps your information safe. We provide closing documents to sign on your phone. Our team works with you, even if you have a low credit score.Customers can pre-qualify for loans. Our trusted lenders offer great rates and terms.

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