Boat Loans Starting at $35,000.00

Proof of Income Is Not Required on Most Loans Below $100,00.00 and $200,000.00 on 2010s and Newer
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Boat Loan Financing

As a national lender with over 30 years experience, the team at Chesapeake Financial are not only boat loan experts, we’re boat enthusiasts. We make boating adventures possible every day. Our business is built upon treating each customer with respect and helping them achieve financing for the boat of their dreams. We know how important customer service is, which is why when you contact us, you’ll be speaking with an expert in the field, not an automated system.


We’re the number one boat loan lender nationwide and proud of it. We work to ensure that every possible option is considered before making a loan determination. Our fast process also ensures that you’ll receive a response from us within 24 hours. We’ll go farther to qualify you for a boat loan than a bank would ever think about doing. We have the expertise in the industry to secure financing for you and if we can’t get you a loan, we’ll let you know why.

No Proof of Income Loans

Are you a self-employed business person looking for a no-income verification boat loan? At Chesapeake Financial, we specialize in no proof of income loans to help you acquire the boat you want.


A no-doc loan means the borrower doesn’t have to provide the lender with standard proof-of-income documents such as tax returns, paychecks, or W2s. We may verify your income through earning statements, savings, assets, stock holdings, and more. Traditionally, self-employed no-income verification boat loans have larger down payment requirements and higher interest rates. 


Over the last 32 years in business, we have become accustomed to the trials of the self-employed not having proof of income documentation. Well now we have the answer. If you do not have sufficient ability to prove your income but still maintain a high credit rating, we have more than one way of obtaining up to $199,999.00 even if you can’t. We can also overcome the lack of personal liquidity up to $299,999. That means that even if you can prove your income but lack the large savings or investment accounts that most lenders require, we can help there as well. Please feel free to give us a call to discuss these options.

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You have options with us

Used & New Boat Loans That Offer Flexible Financing

Important reasons to do business with Chesapeake Financial Services


Chesapeake Financial has the following advantages for its clients.


  • $35,000 Minimum Boat Loan Amount after down payment
  • Competitive interest rates 
  • We accommodate private sale, dealer and broker sale
  • Great rates and terms
  • Easy & Secure Application Process
  • 24-Hour Response
  • Easy Pre-Qualification with a short question and answer phone call
  • 100% Financing Available (for loans under $49,999 on 2018 models and up with appropriate credit scores and proper valuations.)
  • Flexible Proof of Income Requirements
  • Self-Employed Borrowers Welcome
  • The Best Customer Service
bad credit boat loans

We Can't Finance a Boat Loan if You've Had Any of the Following Events

  • Late Child Support Payments
  • Bankruptcies
  • Foreclosures
  • Credit Score Lower than 720
  • Forebearances
  • Late Car Payments
  • Late Mortgage Payments

We play by the rules, but we think outside the box. Why go to a banker when you know he’s only got two things to do: turn you down or approve you? We make every effort to secure a boat loan for you. Your approval is our success. 

sail boat loans
Affordable Down Payment Options

New & Used Boat Loans for Broker, Dealer, & Private Sales

Whether you’re a first-time boater or a lifelong enthusiast, Chesapeake Financial can secure funding for your boat purchase. We offer the best loan rates, terms, and exceptional customer service that you’ll be hard-pressed to find anywhere else.

The boat loan application process is simple. We always protect your credit file and secure a boat loan that fits your budget. Our process ensures a seamless transition from application to funding for your next boat. We even supply guidance on how and where to title your boat. If you have questions at any time, we’re only a phone call away. Check out our loan information below and give us a call to get the process started. 

Our minimum down payments for New & Used boat loans are:

  • 10% on boat loans up to $99,999 (depending on the value and age of the boat, possibly even less up to $50,000.00
  • 15% on boat loans over $100,000
  • 20% on boat loans over $500,000
  • No income verification required on boat loans under $100k and up to $124,999 on boats 2018 and newer.

What you should know about Chesapeake Financial’s boat financing. We do not finance boats that are older than 20 years of age. Boats older than 10 years of age require credit scores of 740 or higher and proper valuations. Loans on boats older than 15 years  old start at $50,000 and base wholesale values that must be a minimum amount of $50,000 or higher. Credit scores over 740 are also required for boats older than 10 years old. Rates will vary with credit scores.

Trade equity does count towards your down payment, so talk with us about your options. Income verification is not typically required on most boat loans under $100,000 on units 15 years old and newer and up to $124,999 on model years 2018 and newer.

Boats older than 2018 and over $100,000 normally require full documentation including 2 years tax returns and a personal financial statement. Exceptions may apply.

we look at your needs

Used & New Boat Loan Interest Rates that Work for You

Selecting Your Boat Loan

We offer Used & New boat loans with interest rates that can begin as low as 7.24% with excellent credit and sufficient loan to value equity. Other rates may apply based on the age of the boat, the finance amount, and your current credit scores.

The interest rate on a boat loan is based on the age of the boat, the total amount financed, your credit score, and boat valuation. We work with you to find the best rate possible for your situation.

Talk to us about what you’re looking for in a boat and we’ll provide you with the best boat loan financing options available. Give us a call and we promise to work towards a positive solution for your new or used boat loan. If we don’t answer, we’ll return your call the same day so please leave us a message. 

boat loans
Is Your Boat Covered

What Models Are Covered Under Our Older Boats Loans

Chesapeake Financial is a national lender that offers boat financing on model years up to 20 years in age. Boats older than 15 years of age are considered on a case-by-case basis and will vary based on the size of the boat loan, the age of the vessel, and your credit scores. Minimum loan amount for used boats older than 15 years in age is $50,000. We accommodate broker, dealer, and private sales for your older boat loans.

We Offer Boat Loans For:
We Do Not Finance:

Our Primary Service Areas

                                                                  We’re a national boat lender that serves the contiguous 48 states. Here are a few of the states where we service boat loans.

Why Choose Us

Easy Online Application

We offer a simple online application that allows you to apply for a boat loan immediately. Expect a response within 24hours from our team. 

Fast 24hr Response

Get a response within 24hours when you apply online or place a call to our team. Don’t be left waiting and wondering if you’re approved, know within a day if you received a Chesapeake Financial Services boat loan. 

Flexible Financing

Our experiences and professional resources allow us to work with clients with various financial backgrounds, We can always work towards a positive solution no matter what your budget is. 

Years of Experience

Over 40 years of experience has allowed us to ensure that your financial needs are handled with professionalism so you are confident making your boat purchase. Work with the team with a reliable reputation. 


There are times in life when refinancing your boat makes perfect sense. Whether you’re wanting a lower payment, a better interest rate, needing to change from joint ownership to single, or simply looking to extend your term, you’ll find that refinancing your boat loan is a simple process with Chesapeake Financial. You’ll receive a fast response after submitting your application through our secure portal. If you have any boat refinancing questions, feel free to give us a call. We look forward to speaking with you soon.

Refinancing starts at $100,000 and is based on the value of the boat.

Documents You'll Need

Refinanced boat loans require full documentation, including two full years tax returns and a personal financial statement. Your personal financial statement will need enough liquidity to cover the loan.

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How many years are used boat loans?

The term is based on the value and age of the boat you are purchasing.

Do you have 20 year boat loans?

Yes, in fact, we do 15-20 year boat loans.

Can you qualify me for a boat loan?

Yes, with a simple 5 question conversation. Please give us a call at your convenience.

What are the interest rates?

Interest rates are based on your credit score and the value of the boat you’re purchasing. Call us for specifics regarding your situation.

How can being prequalified help me when I’m boat shopping?

Call us. We will have a few short questions and you’re on your way.

How fast can I be approved for a boat loan?

Always within 24 hours and as fast as instantly.

Can I pay off my loan quicker than the payment schedule?

Yes. No prepayment penalties are ever assessed.

How many years are typical boat loans?

Depending on the age and amount borrowed, as many as 20 years in term.

How do I qualify for a boat loan?

By having good credit and calling us for valuation.