Getting a loan when you have a poor credit rating
Getting a loan when you have a poor credit rating can be a challenge, but all is not lost –
Compare boat loans
- Check your eligibility from a range of loan providers
- Apply today and borrow between £1,000 and £50,000
Why compare boat loans
Find out which loans you are eligible for without harming your credit score and apply online.
You can compare boat loans from the UK's biggest brands
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You can then apply online and your application will be processed directly by the loan provider.
What is a boat loan?
A boat loan is a personal loan used to finance the purchase of a boat or cover related costs. Most are unsecured, which means the loan isn’t tied to the boat or any other asset. You repay the loan in fixed monthly instalments, typically over 1 to 7 years.
Whether you’re buying new or second-hand, a boat loan can offer a straightforward way to spread the cost.
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What can I use a boat loan for?
You can use your loan to fund a wide range of boat-related costs, including:
Buying a motorboat, sailing yacht, narrowboat or personal watercraft
Covering part of the cost if you’re putting down a deposit
Paying for upgrades or essential maintenance
Safety equipment or mooring costs as part of the initial purchase
Please note: the loan must be used for legal, personal purposes only. Commercial use is not covered.
What to consider before applying for a boat loan
Total cost
A lower monthly payment may seem appealing, but a longer loan term could mean you pay more overall.
Affordability
Make sure you can afford the repayments now and if your circumstances change.
Early repayment fees
Check if lenders charge penalties for settling your loan early.
Your wider finances
Don’t borrow more than you need. Consider how the loan fits alongside other financial commitments.
Set sail with the right boat loan
Dreaming of owning a boat? Whether it’s a small motorboat, a sailing yacht, or a narrowboat for weekend escapes, a boat loan could help make it happen — with manageable monthly repayments that suit your budget.
At MoneySpider, we make it easy to compare personal loans to fund your next adventure on the water.
Planning ahead for boat ownership
Owning a boat brings freedom, adventure and financial responsibility. As well as the upfront cost, be sure to consider ongoing expenses such as mooring fees, insurance, fuel, servicing, and winter storage.
Choosing the right loan can help you manage the purchase cost without compromising your budget. Always factor in the long-term running costs to ensure your boating experience remains enjoyable and stress-free.
FAQ
Need more help?
How much can I borrow?
Most lenders offer personal loans between £1,000 and £50,000. Loan amounts and terms depend on your credit profile and what you can afford to repay.
Can I get a boat loan with poor credit?
You may still be eligible, but interest rates could be higher. It’s important to only borrow what’s affordable and ensure repayments are manageable.
Will I own the boat outright?
Yes — with an unsecured loan, you receive the money and buy the boat yourself. The lender has no claim on the boat.
How quickly will I get the funds?
Many loans are paid out within 1–2 working days after approval, though this varies by lender.
Do I need to have a deposit?
Not necessarily. Some people use a boat loan to cover the full cost, while others use it alongside personal savings.
Helpful guides & articles
The pros and cons of secured vs. unsecured loans
When you’re in need of financial assistance, loans can be a valuable resource. However, before you borrow, it’s essential to
How to choose the right type of loan
Choosing the right type of loan is a critical financial decision that can significantly impact your financial well-being.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured against it.
