Boat Financing Rates & Calculator

Yes! Compared to other types of financing like vehicle financing, marine financing tends to be subject to a higher standard for credit. Even though lenders may look for applicants who have better credit, we can help you even if you have past credit issues or a less-than-stellar credit score.

Range of Credit Scores

A credit score can range from 300 to 850, and individuals who have a low credit score between 300 and 569 may have a lower chance of obtaining a boat loan, as they may pose a risk for defaulting payments. Fortunately, we offer free credit consultation that may help improve your credit score and your odds of getting financing. 

If you have a high credit score, you will likely be more appealing to marine lenders, as you are perceived to be a lower risk. Since a boat is considered to be a luxury item, most lenders are looking for borrowers who have a higher credit score. But we search for loan programs for various credit types to help our clients find boat loans with the terms and rates that are right for them.

If you want to finance a boat, you'll submit a credit application that allows a company to check your credit score and review your credit history. This step tends to be the most crucial deciding factor in determining whether you qualify for a loan, but each lender uses its own credit ranges.

To prequalify for a boat loan at My Financing USA, our current credit score range is 550 and up. Generally, the credit score tiers fall into the following ranges:

• Super prime: The range of 750 to 850 is considered excellent credit and is referred to as super prime. 
• Prime: The range of 675 to 749 is considered average to good credit and is referred to as prime. 
• Subprime: The range of 550 to 674 is considered below-average credit and is referred to as subprime. 
• Deep subprime: The range of 300 to 549 is considered bad credit and is referred to as deep subprime. 

Beyond these ranges, we understand that everyone has a unique financial history. Though some dealers refuse to work with individuals with deep subprime or subprime credit, we offer our services to individuals even with credit scores that are considered poor.

Prime Boat Loans

Most lenders are looking for borrowers in this credit score range. If you have a prime credit score, you will likely be offered better terms and interest rates compared to borrowers with lower credit scores. The advantages of a prime boat loan include:

• Better loan terms 
• Better interest rates
• More negotiating power
• Lower rate for insurance
• Longer available loan terms
• Lower down payment required
• Speedy approval on a boat loan

Subprime Boat Loans

If you have a below-average credit score, you may be able to get financing from a company that offers subprime loans. Regardless of your credit range, we can match you with the best boat loan rates and terms. The advantages of a subprime loan include: 

• Approval of a credit score as low as 570
• Loan terms that can be stretched out to 15 years
• Financing options available, even if you have a past bankruptcy

With a subprime loan, you may also face capped loan amounts, higher interest rates and restrictions on the age or type of boat you can buy. 

Improving your credit score can take time, but increasing your score from subprime to prime can have advantages that will benefit you over the long term. You can purchase a boat rather than rent one at the best possible loan rate. You'll have a better selection of boats and spend less because of a lower interest rate. But even with a strong credit score, you should understand the cost of owning a boat.