Bad Credit Boat Loans

If you need a boat for practical reasons, then you definitely need to get one. However, with the recent hike in boat prices post-pandemic, getting one now may stretch your finances too thin. Not to worry though as CocoLoan, a loan broker, can connect you to lenders who offer affordable personal loans that can help you finance your boat purchase.

Want to borrow more than $5,000? Click here!

What Are Bad Credit Boat Loans?

Most people associate owning a boat with possessing a luxury item. They’d be right if one buys a boat to go fishing with their kid or for show-offs. However, if you live in a riverine area, owning a boat is a necessity for transportation. Unfortunately, the high price has made it difficult to outrightly buy one.

But owning one shouldn't be a problem if you get approved for a boat loan. A boat loan is a loan option that allows borrowers to take out an amount equivalent to the price of their desired boat. The funds allocated can be used to purchase the boat and is to be repaid over fixed monthly payments.

Thankfully, CocoLoan, a reputable loan broker/connecting service with its large lender network can connect you with lenders who can finance your boat purchase, mooring, and transportation costs. They are also partnered with other bad credit lending services like PersonalLoans, CashUSA, CashAdvance, and BadCreditLoans that can help you with bad credit boat loans if your FICO score is in the bad credit category.

How Does CocoLoan Compare

default imgWhy Trust CocoLoan?
How much can you get?$50 to $35,000Zero upfront charges
What are the loan terms?1 - 36 monthsEasy repayment
Are credit checks needed?YesMostly soft pulls
Are bad credit accepted?YesAll credit considered
How to apply?Totally onlineSimple and straightforward
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Loans That Can Help You Buy a Boat

Personal Loans

PersonalLoans is one lending service you can’t go wrong with. It connects you with lenders who charge competitive interest rates on their personal installment loans, make reasonable loan term offers, and approve large loan amounts (up to $35,000). Their partner lenders have high approval rates and can fund you with enough to finance purchases with huge financial implications like a boat.


CashUSA is yet another partner you'd be happy to try out. They take privacy concerns seriously, so use industry-leading security and encryption protocols on their website. Borrowers’ data isn’t shared with third-party sites either. You’d also be glad to know that they frown at hard credit checks. You can get up to $10000 to get a used boat or supplement your savings. The APRs on these loans are competitively priced.


CashAdvance is well-known for its fast and secure loan acquisition process. Bad credit borrowers looking to buy a boat can apply for a loan of up to $10,000 dollars and get borrower-friendly offers. Getting started is relatively easy for a greenhorn. Their three-step application process is pretty straightforward. You may also check out its debt management tips to help you stay on top of your finances and make better financial decisions in the future.


Do you have your eyes set on that $5K+ boat but have little to nothing in your savings? Don’t throw in the towel just yet. Get a $10,000 loan from BadCreditLoans today! They have a wide, extensive network of bad credit lenders with attractive offers for bad credit borrowers. Most of these lenders report payments and so borrowing here and repaying on time can be a good way to build your credit score over time.

Direct Boat Finance

This form of boat financing involves directly dealing with the lender. So, you will have to do the groundwork of finding the ideal lender before applying for the loan.

Popular direct boat financing lenders as of 2022 include Southeast financial, LightStream, SeaDream Finance and Insurance, Bank of the West, Mountain of America, and so on. For now, we’ll focus on three of them:

Southeast Financial

Southeast financial is a direct title loan lender that offers affordable loan options to bad credit borrowers seeking to purchase a boat. Although largely dependent on size, they have loan terms that can be stretched from 12 to 15 years of fixed monthly payments. A borrower could get as high as $4 million with an APR starting from 3.74%.

SeaDream Finance and Insurance

SeaDream Finance and Insurance is a lender that specializes in granting simple interest boat financing to bad credit borrowers who make a minimum down payment of 10%. Currently, they grant loans of over $100,000 with rates starting from 5.24%. If you’re worried about paying extra for early payment, you’d be glad to know SeaDream doesn't impose prepayment penalties on its borrowers.


With loan terms ranging anywhere from 2 to 12 years, any minimum wage worker can finally get their hands on up to $100,000 to purchase his dream boat before the year runs out. Like SeaDream, there are no prepayment penalties or equity requirements for granting boat loans and their current rates start from 4.49% with a 0,05% auto-pay discount.

How to Apply for a Boat Loan for Bad Credit?

The application process differs largely on which institution you apply to. Banks and credit unions usually require hard credit checks and lots of documents before considering you eligible for a boat loan. That! Or, you could use a direct lender whose application process is fast and can be done from the comfort of your couch.

If you’re using a broker like CocoLoan, which is what we strongly advise, then the process is as easy as it gets. To get started with the application, fill in the necessary forms, submit and wait for offers from lenders. Check each offer out and only select the best one available for you.

On the other hand, if you’re using a direct lender, visit their website and click their ‘Get Started’ button and fill in all necessary information required of you. Once done, you’d be presented with an offer you can sign to seal the deal. Approval rates are usually higher with using third-party lenders compared to traditional institutions.

How much would you like to borrow?


Does Bad Credit Matter? How?

Yes! Bad credit does matter. With a good FICO score, you’re able to purchase more expensive boats with lower APRs compared to a bad credit borrower. On the bright side, bad credit borrowers can still get good deals on their boat loans if they find a lender who understands why their credit scores are that way.

That’s why we advise letting brokers like CocoLoan use their lender network to get you a reputable one. Some lenders even go the extra mile to provide borrowers with educational resources on how they can bump their credit scores up a few points.

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Get Your Dream Boat With an Online Loan Today!

Increasing your FICO to 700 could take longer than you expect. If you’re in need of a boat right now but have bad credit, let CocoLoan know of your current financial standing so we can find a lender who’d ease the burden of purchasing a boat for you.

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