What credit score is needed to buy a boat?

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The short answer to this question is anything 700 or above, however this can vary greatly depending on your lender, your current assets, income, and other factors taken into consideration by your lender. Let’s take a quick look at what credit score is needed to obtain most boat loans.

Is a boat loan within reach?What credit score is needed to buy a boat?

The answer from most clients BoatFinancingGuide has directed to a lender is overwhelmingly yes. Even if your credit is not perfect, there is generally always a way to secure a boat loan. Some programs are stricter than others and will only work with clients with 700 or above, but there are tons of flexible options out there.

How can I secure a better boat loan rate without perfect credit?

This could be it’s own FAQ, and probably will be, but there are plenty of ways to prove to the banks that you deserve the loan at a fair interest rate. The first and most obvious is by making a large down payment which shows you are have liquid assets that could pay off the boat if necessary.

Another tip to secure a boat loan with bad credit is to be careful of shopping any lenders who perform a “‘hard pull” on your credit score vs a “soft pull”. The difference being a hard pull can affect your credit score and shows that your score was pulled but you did not receive the loan. This can hurt your chances down the road as a bank may question why you were unable to obtain the loan.

Shop Your Options

The main three options you will find when searching for a boat loan are your local banks, lending shopping services, and direct boat loan finance companies. The best option is to shop around and see what type of interest rates are offered and compare the results. If your credit is not up to par, you be may be looking at a pretty high interest rate, but through budgeting and improving your credit score, you can hit the water sooner than you think!

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