Where to Find Boat Loans for Older Boats (30 Years Old? No Problem)

Boat lenders sometimes require that the boat you are purchasing be new or under 10 years old, but some lenders will consider loans for boats older than 10 years. Keep in mind, financing an older boat may require a higher down payment, minimum loan amount, and/or high interest rate, but, given these requirements, it is possible to find a lender that will finance a boat even if it’s 30 years or older.

Below, we have the list of lenders that said they are willing to finance boats ranging anywhere from 12 to more than 30 years old. Approval is on a case-by-case basis and is not guaranteed; lenders will consider not only the boat’s age but its condition, type, and your creditworthiness. Our list includes each lender’s acceptable vessels, requirements, loan details, and instructions for how to apply.

Financing for Boats Up to 25 Years Old

BoatUS

Eligible boats:
- Powerboats, pontoons, sailboats, yachts, and multihull boats from model year 1990 or newer
- Does not finance steel-hull boats
Loan amounts: Minimum loan amounts of $15,000 for boats from 1999 or newer and $25,000 for boats from 1990 to 1999
Application requirements:
- Boat’s purchase price must match its value
- Must have verifiable income and a low debt-to-income ratio
- Must have the funds available to make a down payment
- Must submit to a credit check and have a score of at least 680 with no bankruptcies, foreclosures, or settlements in the past three to five years
Terms: Vary by loan amount; find current APRs by using the BoatUS Boat Loan Calculator
Apply

Essex Credit

Eligible boats:
- Must be model year 1999 or newer; best rates apply for pleasure boats from 2009 or newer
- Allows live-aboard boats, new boats, and used boats
- Does not allow boats capable of speeds greater than 99 miles per hour
- Can be a sailboat, houseboat, wooden boat, multihull, pontoon, electric boat, high-performance boat, or powerboat
Loan amounts: Minimum of $10,000 for pleasure boats and $25,000 for live-aboard boats; loans are available up to $5,000,000 for both types
Application requirements:
- Must be a U.S. resident; citizenship not required
- Must have a credit score of at least 690
- Must have verifiable income and a low debt-to-income ratio
Terms: Vary by loan amount and financing type; check current rates on Essex Credit’s Boat Loan Rates page
Apply

Good Sam Finance Center

Eligible boats:
- Model year 1999 or newer
- Finances new, used, and live-aboard boats
- Higher rates apply for boats older than 10 years, as well as high-performance boats and houseboats
Loan amounts: $10,000 and up for new and used boats — except for live-aboard boats, which have a minimum loan amount of $25,000
Application requirements:
- Must be a resident of the U.S. or Puerto Rico
- Must have verifiable income/employment and a low debt-to-income ratio
- Must not have outstanding collections, delinquent payments, or bankruptcies
- Must submit to a credit check
Terms: Vary by loan amount, loan type, and loan length; see the current rate schedule on the Good Sam website
Apply

My Financing USA

Eligible boats:
- Boats 20 years old or newer from a dealer or private seller
- Cannot have a salvage or rebuilt title
- Boats older than from 2008 are eligible for loans on a case-by-case basis and will have higher interest rates.
Loan amounts: $10,000 to $75,000
Application requirements:
- Must have a credit score of 550 or higher and a debt-to-income ratio under 40%
- Must have a verifiable income
- Must not live in Alaska or Hawaii
- Boat must be for recreational use (not for residence or commercial use)
Terms: Vary depending on the boat, loan amount, and your creditworthiness. You will learn the terms of your loan after approval but can find more information on My Financing USA’s FAQs page.
How to apply: If your credit score is at least 680, you can apply for a good credit boat loan from My Financing USA; all other applicants can apply for a My Financing USA bad credit boat loan.

SeaDream

Eligible boats:
- New and used boats 15 years old or newer
- Does not finance high-performance boats, houseboats, or commercial vessels
Loan amounts: Minimum loan amount of $10,000
Application requirements:
- Must have verifiable income and employment
- Must have a minimum down payment of $10
- Must submit to a credit check and have a credit score of at least 550 and a low debt-to-income ratio
- Must not have a recent late payment on a mortgage or vehicle loan
Terms: Vary by loan amount and length; see current rates on the SeaDream website
Apply

SunTrust

Eligible boats:
- Boats must be less than 20 years old — except multihull boats (must be 15 years or newer) and houseboats (must be 10 years or newer)
- Must be at least 25 feet in length and have an aluminum or fiberglass hull
- Must be for recreational use
- Does not finance high-performance boats, floating homes, barges, dredge boats, PWCs, or commercial vessels
Loan amounts: $25,000 to $4,000,000
Application requirements:
- Must have verifiable income and employment
- Must provide details of your assets, debt, and the boat you wish to purchase
- Must not live in Hawaii or Vermont
- Must make a down payment of 15% to 25%, depending on the loan amount and boat type
Terms: Vary by loan term and amount; see the current rate schedule on SunTrust Marine’s Loan Rates page
Apply

USA Specialty Lending

Eligible boats:
- The total age of the boat plus the loan term should be under 30 years — for example, a boat would need to be less than 25 years old to qualify for a five-year loan (the shortest term available). USA Specialty Lending will consider boats older than this on a case-by-case basis.
- The boat may be new or used but must not have a salvage title
- Does not finance live-aboard boats
Loan amounts: Generally $40,000 to $1,000,000, though USA Specialty Lending may allow higher or lower loans with customized terms
Application requirements:
- Must be a U.S. citizen or permanent resident; if the boat requires U.S. Coast Guard documentation, you must be a U.S. citizen
- Must join the USALLIANCE Financial credit union to close the loan
- Must provide personal and financial information, identity verification, and income information
- Must provide a certificate of insurance, trade evidence, and proof of down payment
Terms: Vary depending on the boat and your qualifications; USA Specialty Lending does not offer a rate schedule online
Apply

U.S. Bank

Eligible boats:
- New and used boats 12 years old or newer
Loan amounts: $25,000 to $150,000
Application requirements:
- Must be at least 18 and a U.S. resident
- Must provide the boat’s age and estimated value in your application
- Must provide your Social Security number or Taxpayer Identification Number, annual income, employment status, and driver’s license, state ID or military ID
- Must submit to a credit check
Terms: APR will vary based on the loan amount, term, and boat specifications. You can find more information about the current APR range on the U.S. Bank Boat Loans & Boat Financing page.
Apply

Vantage Recreational Finance

Eligible boats:
- New and used boats up to 25 years old
Loan amounts: Vary by boat type, age, condition, and buyer qualifications
Application requirements:
- Must provide verifiable identity and employment information
- Must provide information about the boat, motor, and trailer you wish to purchase
- Must submit to a credit check
Terms: Vantage Recreational Finance offers terms up to 240 months; rates vary by your qualifications and loan agreement.
Apply

Financing for Boats Older Than 25 Years

Boat Finance

Eligible boats:
- New and used boats up to 30 years old
Loan amounts: Determined on a case-by-case basis; Boat Finance does not have a minimum loan amount
Application requirements:
- Must have a credit score of 580 or higher
- Must provide your personal information, Social Security number, and employment information
- Can have some past credit issues such as a bankruptcy or charge-off
Terms: You will learn the terms of your loan after pre-approval; Boat Finance does not provide an online loan calculator or rate schedule
Apply

BoatsBank by Boat Trader

Eligible boats:
- Boats up to 30 years old
- Does not finance live-aboard, commercial, full-time charter, or wooden-hull boats
Loan amounts: Varies by state; usually, the minimum loan amount is $25,000
Application requirements:
- Must be at least 18 and a legal U.S. citizen or resident
- Must provide documentation of your monthly expenses, income, and employment
- Must list the brand, model, engine, hull ID, hull material, and trailer information for the boat you want to purchase
- Must not live in Alaska or Hawaii
Terms: Vary depending on your loan agreement and which lending partner BoatsBank connects you with; see current sample rates Boat Trader’s BoatsBank homepage
Apply

J.J. Best Bank & Co.

Eligible boats:
- Specializes in classic vehicles and will finance boats over 25 years old
- Finances powerboats, yachts, sailboats, and wooden boats
Loan amounts: Vary by boat type and buyer qualifications; loans start around $10,000
Application requirements:
- Boat must be in good, operational condition
- Must be able to provide a down payment
- Must have verifiable income; if self-employed, must provide two years of tax returns and personal financial statements
- Must have established credit with a good-to-excellent credit score and a low debt-to-income ratio
Terms: Vary depending on your loan agreement and vessel details; J.J. Best does not have a rate schedule online
Apply

LH-Finance

Eligible boats:
- Finances boats up to 30 years old on a case-by-case basis with inspection by an approved surveyor
Loan amounts: Vary on an individual basis; LH-Finance specializes in luxury boats and yachts
Application requirements:
- Must provide income tax returns, proof of liquid assets, and verifiable employment information
- Must be able to pay a down payment of about 20%
Terms: Vary depending on your loan agreement; LH-Finance does not offer an online rate schedule
How to apply: Request prequalification or apply online at LH-Finance.com

LightStream

Eligible boats:
- No restrictions on year or model; LightStream does not require an appraisal
Loan amounts: $5,000 to $100,000
Application requirements:
- Must provide personal information, including your Social Security number and driver’s license number
- Must provide verifiable income and employment information
- Must have good credit and submit to a “hard” credit check; LightStream uses Experian and Equifax
- Must state the purpose of your loan on the application and must only use loan funds for that purpose
Terms: Vary by loan amount; see the current rate chart on LightStream’s website
Apply

Marathon Specialty Finance

Eligible boats:
- Boats up to 30 years old
- Finances new and used boats
Loan amounts: Vary based on credit approval
Application requirements:
- Must have verifiable income and identity information
- Must submit to a credit check
- If you have a previous bankruptcy, it must be discharged
- Must be able to provide a 10% to 15% down payment
Terms: Vary depending on your creditworthiness and loan details; Marathon Specialty Finance does not provide an online rate schedule for boat financing
Apply

Shore Premier Finance

Eligible boats:
- New and used boats up to 30 years old
- Specializes in financing sailboats, powerboats, and yachts
Loan amounts: Minimum loan amount is $70,000
Application requirements:
- Must provide detailed information about your finances, including your assets, liabilities, and net worth
- Must submit copies of your current pay stubs, two years of tax returns or business financial statements, proof of liquid assets, and the purchase agreement for the boat you are buying
- Must submit to a credit check
Terms: Vary depending on the terms of your loan, the boat you purchase, and your creditworthiness; Shore Premier Finance does not provide sample rates online but does offer a boat loan calculator
Apply

Trident Funding

Eligible boats:
- Boats up to 30 years old; will consider boats older than 30 years on a case-by-case basis
- Does not finance live-aboard boats
Loan amounts: Vary depending on the vessel’s age and type and your qualifications as a buyer
Application requirements:
- Must provide verifiable income, employment, and residence information
- Must provide information about the boat you wish to purchase, including its manufacturer, year, model, and engine(s), as well as descriptions of the last two boats you have owned
- Must have the ability to make a down payment of 10% to 20%
- Must have proper U.S. Coast Guard documentation for boats over $100,000
- May own the vessel individually, jointly, as an LLC, or as a trust
Terms: Rates are variable and Trident Funding offers terms up to 25 years; see the Trident Funding FAQs page for more information
Apply

YachtCloser Financial

Eligible boats:
- Boats up to 30 years old
Loan amounts: Minimum loan amount is $50,000 if the boat is used but less than 20 years old and $100,000 if the boat is 20 to 30 years old
Application requirements:
- Must provide current, verifiable residence and employment information and a personal financial statement
- Must provide your Social Security and driver’s license numbers
- Must provide details of the boat you plan to purchase
- Must provide a down payment of about 25%
Terms: Rates and loan lengths vary based on your loan program and the age of the vessel; see sample rates on YachtCloser’s website
Apply