How Old of a Boat Can You Finance? A Complete Guide

Buying a boat is a big investment—and for many buyers, financing is the key to making that dream a reality. But what if the boat you're interested in isn’t brand-new? Can you still get financing for an older vessel?

The short answer is: yes, you can. But financing an older boat can be more challenging than securing a loan for a new one. Lenders evaluate used boats more cautiously due to depreciation, maintenance risks, and market value concerns.

In this guide, we’ll walk you through everything you need to know about financing an older boat: how old is too old, what loan terms to expect, and how to boost your chances of approval.

What is a Used Boat Loan?

A used boat loan is a type of financing designed for purchasing a pre-owned vessel. You can apply through banks, credit unions, marine lenders, or even boat dealerships.

Because used boats vary in condition and value, lenders take extra steps when evaluating them—often requiring a marine survey, proof of maintenance, and a more thorough review of the buyer’s credit profile.

Buyers with strong credit and a solid financial history are more likely to qualify for favorable terms, while those with lower credit scores may need a larger down payment or face higher interest rates.

How Old of a Boat Can You Finance?

Most lenders are comfortable financing boats that are up to 15–20 years old, but there’s no universal rule. Here’s a general breakdown:

• Banks & Credit Unions: Typically finance boats up to 15 years old
• Marine Lenders: May go up to 20–30 years, depending on the boat’s condition
• Private Lenders: May consider boats older than 30 years, but with shorter terms and higher rates

If you're financing a boat that’s more than 20 years old, you’ll likely need to provide:

• A detailed marine survey
• Proof of regular maintenance
• A strong credit profile
• A larger down payment

Typical Loan Terms for Older Boats

Loan terms depend on factors like boat age, loan amount, and the lender’s policies. Here's a rough guideline:

Boat AgeLoan Term Range0–10 years10–15 years11–20 years5–10 years20+ years2–5 years (case-by-case)

Longer terms mean lower monthly payments but more interest over time. Shorter terms have higher payments but cost less overall. A larger down payment often improves your chances of approval and better loan conditions.

How to Finance an Older Boat: Step-by-Step

1. Research Lenders

Not all lenders finance older boats. Compare terms, age limits, and interest rates across banks, credit unions, online lenders, and marine finance companies.

2. Check Your Credit Score

A credit score of 700+ gives you access to better rates and terms. If your score is lower, you may still qualify—but expect stricter requirements or higher rates.

3. Get Pre-Approved

Pre-approval gives you clarity on how much you can borrow, what your monthly payments might be, and which boats are realistically within budget.

4. Prepare a Down Payment

Older boats carry more risk for lenders, so a down payment of 10–20% is often required. This also lowers your loan amount and improves your loan-to-value ratio.

5. Obtain a Marine Survey

Lenders often require a professional inspection (marine survey) to confirm the boat’s condition and appraised value. This helps determine whether financing is viable.

6. Submit Your Application

Once you’ve gathered all documents, complete your loan application and wait for lender review. Older boat loans may take longer to process than newer ones.

Where to Get a Used Boat Loan

Here are the most common sources for used boat loans:

1. Online Lenders

Fast application and approval timelines, but often higher interest rates—especially for borrowers with average credit.

2. Banks

Competitive rates for borrowers with strong credit. However, most banks cap financing for boats at 10–15 years old.

3. Credit Unions

Known for lower interest rates and flexible terms. Long-standing members may find it easier to finance older boats—sometimes up to 20 years or more.

4. Boat Dealerships

Some dealerships offer in-house financing or partner with lenders. While convenient, rates may be higher than what you'd find elsewhere.

Conclusion

Financing an older boat is possible—it just requires extra preparation. The key is knowing what lenders expect: a well-maintained boat, a solid financial profile, and supporting documentation like a marine survey and down payment.

Whether you’re buying a 10-year-old fishing boat or a 25-year-old classic cruiser, US Dealer Financial Services can help. We specialize in flexible boat financing options—even for older vessels.

Ready to explore your options?
👉 Get Pre-Qualified in 2 Minutes with US-DFS

FAQs: Financing an Older Boat

Can you finance an old boat?
Yes. While lenders prefer boats under 20 years old, some will finance older boats in good condition—especially with a strong credit profile and marine survey.

How old of a boat can you finance?
Most lenders cap boat financing at 15–20 years, but some marine lenders and credit unions extend loans for boats up to 30 years old.

Is it hard to get a loan for a used boat?
It can be more challenging than for new boats. You may need to provide more documentation, such as a marine survey and a larger down payment.

What is a good interest rate for a used boat loan?
Rates typically range from 7% to 19% APR, depending on the lender and your credit score. Older boats may come with higher rates.

What’s the difference between a used and new boat loan?
Used boat loans usually have higher interest rates and shorter terms. Lenders may require additional inspections or documentation.

How do I get a loan for a used boat?

• Research lenders
• Check your credit score
• Get pre-approved
• Prepare a down payment
• Submit your application with required documentation