Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
8.15%
Up to 240 months
$5,000 to $2,000,000
580
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 receive better interest 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 disclose much information about its loan requirements on its website, here’s what we do know:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
8.49%
24 to 84 months
$1,000 to $50,000
580
If you’re looking for a small boat loan, Upgrade may be your best bet. Upgrade’s loans start at just $1,000, and because they are unsecured personal loans, they come with flexibility in how you use the money. But if you have bad credit, consider adding a second person in a joint loan application to access lower rates.
All Upgrade loans come with a one-time administrative fee — called an origination fee — that can range from 1.85% to 9.99% of your loan amount. In addition, Upgrade only offers loans up to $50,000, which may not work for borrowers looking for luxury boats.
Here’s what you need to know about qualifying for an Upgrade loan:
6.99%
Up to 240 months
$10,000 to $4,000,000
600
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:
7.49%
Up to 240 months
Up to $25,000,000
620
You’ll have a hard time finding 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 over 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:
Bad credit boat loans are exactly what they sound like — loans that people with low credit scores can use to purchase a boat. While many boat lenders only work with borrowers with good credit, a few will extend loans to applicants with credit scores below 600.
Borrowers with low credit scores typically qualify for the highest interest rates, which makes their boat loans more expensive to pay off.
Boat loan terms can range anywhere from 12 to 240 months, 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.
While a few lenders are willing to work with borrowers who have credit scores as low as 580, you’re more likely to get low rates with a score above 700.
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.
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 a boat loan, consider taking some time to improve your credit score first.
Yes, you can get a boat loan for a private-party purchase, but some lenders only offer funding if you’re shopping at a dealership. Before you get your heart set on a boat, be sure to check with your preferred lender to see whether it offers private-parting financing options.
