Working With Credit Challenged Customers Since 2002

SeaDream can assist those with less than-perfect-credit or credit challenges with flexible boat financing options. SeaDream’s Bad Credit Boat Loans Department specializes in mid-tier credit score and sub-prime marine financing programs.

Our mid-tier programs will enable you to secure competitive financing even though you may not qualify for today’s prime rate. SeaDream also offers sub-prime boat financing programs, which allows you to re-establish / rebuild your credit rating while enjoying the fun boating lifestyle.

With financing up to $100,000, SeaDream’s mid-tier and sub prime boat financing programs offer you a variety of options to meet your needs.

Bad Credit Boat Loan Terms

Boat Loan
  • Loan Terms up to 15 years
  • Simple Interest Financing with No Pre-Payment Penalty
  • Standard Fixed Rate & Short Term Fixed Programs
  • Interest rates vary from 9.95 – 17.99%

Before you apply please review the following to ensure you meet the following minimum qualifications:

1. Loan Qualifications:

  • Minimum Down Payment: 10% +
  • Boats May Not Be Older than 15 Years
  • Units That Do Not Qualify: High Performance Boats, Commercial Vessels, & Houseboats

2. Credit Profile Parameters:

  • Credit Score / FICO Score Must Be 550 or Above
    • If you are not sure what your current credit score is, click Credit Reports to obtain a copy of your credit report.
  • Combined Unpaid Accounts Must Be Less than $25,000.00. Accounts include:
    • Collection accounts
    • Charge offs (unpaid accounts written off by the creditor)
    • Repossessions (auto, boat, rv, etc)
    • Property foreclosures
    • Child support payment
    • Tax liens
  • Recent Late Payment (within the last month) on the Following Accounts Will Disqualify:
    • Mortgage payment
    • Investment property mortgage payment
    • Vehicle payment: automobile, rv, boat, etc
  • A Prior Bankruptcy is Not Usually a Problem. Please Review the Program Restrictions Below:
    • Cannot have filed for bankruptcy more that one time
    • Cannot have multiple late payments post bankruptcy
      • (mortgage or vehicle payments, collections, charge offs, tax liens, child support, etc)
    • Have comparable installment credit history prior to bankruptcy
    • Note: credit cards are not considered installment credit
  • Your current monthly Debt to Income ratio should not exceed 50%?

How to apply / next steps:

A) If you meet the Credit Profile Parameters please apply here. If you have any questions please call 949-515-0055 for more information on our mid-tier and sub-prime marine financing programs. Our service-oriented and friendly staff of experienced boat finance professionals will work with you, one-to-one, every step of the way to get you the boat of your dreams and get your credit rating back on track. * (see disclaimer below)

B) If you have not met the Credit Profile Parameters noted above you may not qualify for our sub-prime marine loan financing programs. We strongly suggest that you not apply for a loan unless you are relatively sure that you have met the general Credit Profile Parameters as it will place an unnecessary inquiry on your credit report that may lower your FICO score. Instead we recommend that you start monitoring your credit score and apply for a SeaDream loan once it has reached 550 or above.

To learn more about increasing your chances of securing boat financing SeaDream has put together a series of boat financing tips. After you have taken measures to increase your chances of being financed SeaDream will work with you to get the best possible boat loan.

You may always contact one of our loan representatives to further investigate your current scenario.

* Disclaimer: The credit profile parameters are only a general guideline and do not guarantee a loan approval.

Frequently Asked Questions

Can you get a boat loan with bad credit?

You can get approved for a boat loan even with bad credit. Be mindful however, interest rates and loan terms for high risk loans will not match those offered to prime lenders.

What is the minimum credit score for a boat loan?

Although it is sometimes possible to qualify for a boat loan with FICO credit scores in the 500s, generally you will need 600+ along with a low debt to income ratio to qualify. If you think you qualify you can apply for a loan online today.

How long are boat loans usually?

For bad credit loans the maximum term length is typically 15 years. For those with excellent credit you can get terms up to 20 years.

How much do I need to put down on a bad credit boat loan?

To qualify for a boat loan with bad credit you need to put down a minimum of 10% and the boat must be less than 15 years old.

How to get a boat loan for a private seller?

At SeaDream, you are able to buy from a private seller in addition to dealers, brokers and auctions. There are no penalties for private party transactions and the rates and terms are the same as purchasing from a dealer.