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Can You Finance a Boat If You Have Bad Credit? A Guide

Nov 23, 2021 | Blog

Making good investments and financial decisions are great stepping stones to establishing good credit. However, sometimes, the catch to being able to make these sound decisions to increase your net worth and improve your credit score is that you need to shell out a big amount of cash or have good credit to reach these goals.  

Even if you have bad credit, you shouldn’t let these circumstances put a damper on your goal of owning a boat! After all, there may be good effects (for your life and for your credit score, too!) that buying a boat may bring. If you find yourself wanting to buy a boat, and have lower-than-average credit, this article will help you figure out the right move for you to make, 

Can You Finance a Boat If You Have Bad Credit? A Guide

The simple answer to this question is that you can still apply for a loan to buy a boat, even if you have bad credit. However, there is a chance that you will not get approved for your loan should your credit be too low.  

Look into Your Current Financial Situation

Before applying for the loan, it is best to take a step back and analyze your current financial situation. What made your credit score low in the first place? Work on habits to improve your score and pull it up in the long run. Monitoring your financial situation regularly before you apply for a boat loan is the key. 

Manage Expectations

Next, you need to be realistic about taking out a loan for your boat. If you have a credit score that falls below 650, you may be ineligible to get a loan to finance your boat. Also, on the off chance that you do get approved, a lower credit score will mean that you will likely have higher interest rates on your loan, 

Improve Your Credit

This is why it is a good idea to work on your credit score before applying for a loan. Paying your debt on time and ensuring that you do not apply for any loans or new credit cards before taking out your boat loan. On the other hand, if you get approved and end up being able to own your boat, you will be able to improve your credit score while you make regular and on-time payments for your boat. 

Find Good Funding Options

Selecting a good lender to finance your boat is the key to getting approved. It is a good practice to shop around with various lenders before applying. This will allow you to find the best funding options that will most effectively meet your needs as a borrower. 


If you have read this far, you will now know that your dream of owning a boat may become a reality even if you have bad credit, however, you have to play your cards right, take steps to improve your credit, and work with the right lender to ensure that the odds will be in your favour. 

Should you need a loan for your boat, come to Canada Powersports Financing! We have the financial power to get you moving! We finance ATVs, snowmobiles, RVs, dirt bikes, jet skis, boats, 4-Wheelers and more! Get boat loans approved online in minutes! 

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