Your credit score is the primary factor in determining your interest rate and loan eligibility.

Beyond your credit score, lenders evaluate your "capacity" to repay the loan through several metrics:

Expect to provide 10% to 20% of the purchase price upfront. Larger down payments can lower your interest rate. Loan Terms and Features Boat Loans - Eagle Federal Credit Union

Lenders often check for liquid assets (cash, stocks, 401k) that could cover payments for 6–18 months in case of job loss.

Scores in this range typically secure the most competitive interest rates and favorable terms.

Lenders prefer a total DTI—including the new boat payment—of 35% to 45% or less.

Securing a boat loan depends heavily on your credit health, income, and the type of vessel you are purchasing. Because boats are considered , lenders often have stricter requirements than they do for standard auto loans. Credit Score Requirements

While some lenders accept scores as low as 600, you will likely face significantly higher interest rates or be required to provide more collateral. Financial Qualifications