Boat Loans in Maryland Starting at $35,000.00 and Refinancing Starting at $75,000.00
Credit Scores 690 or Higher Are Required

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 in Maryland. 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.

Reasons Our Customers Love Us

Easy Online Application

Utilize our simple application. This allows you to apply for a boat loan immediately with a response provided within 24 hours.

Fast 24hr response

Chesapeake Financial will provide you a timely response within 24 hours of your application. Give us a call or get started online so you can stop wondering and start buying.

Flexible Financing

No matter what your financial background is we will work towards a positive solution. Get in touch today to see what your boat loan options are.

Years of Experience

Trust a team with over four decades of experience. You want to feel confident moving ahead with your financing, and we will get you there with professional reliability.

Important Reasons to do Business with Chesapeake Financial Services

Boating in Maryland

Maryland is a place for those who love the outdoors, and with many locations for boaters, you can spend most of your days atop the waters. With one of the most beautiful landscapes in the country, you'll find many places to enjoy. From river paths to marshlands and beaches, here are some places you should check out for boating:

Chesapeake Bay

Known to be the largest bay in the continental United States, the Chesapeake Bay is dotted with hundreds of bayside eateries and bars. It is the largest breeding grounds for the Atlantic striped bass, rockfish as the locals call them, blue crab, and as many as 30 other species of sea life.

boat loans
couple on boat on lake

Lake Needwood

A lake made for flood control has now become a place for recreational boaters. You can spend time here canoeing or just hanging out by your boat. You can also fish here, provided you have a license. With picturesque views all around, you’ll understand why it’s become a local favorite.

Jennings Randolph Lake

Jennings Randolph Lake is a popular summer destination. There’s something to do for boaters here, whether you’re into fishing or water activities like swimming and kayaking. People also go here to hike, hunt, and do some bird watching. With the lake spanning over 1,800 hectares, there are many places to hang out by the water.

man fishing on bow of boat
man boating on lake

Lake Kittamaqundi

Right at the center of Columbia, is a popular tourist destination in Lake Kittamaqundi. It’s the spot for festivals while boats can head out here if they want a different feel of the city. You can also visit the nearby Nomanisan Island through this lake. This lake is accessible year-round, making it an ideal spot if you want to be near the city.

The Atlantic Ocean

The Atlantic Ocean is the second largest body of saltwater in the world and covers twenty percent of the Earth's surface. It is home to an astounding number of coral reefs and has a number of aquatic wildlife including sharks, dolphins, whales, sea turtles, and manatees. There is an entire mountain range, known as the Mid-Atlantic Ridge, buried beneath the Atlantic Ocean. Whether sailing, fishing, or relaxing, the Atlantic Ocean is a go-to vacation spot that doesn't disappoint.

ocean

Other Notable Maryland Boating Locations

Most bodies of water in Maryland serve as centers for recreation and make for great summer destinations. There’s something for every type of boater in the state, so it’s a destination that can make you spoiled for options. Here are a few other places you may want to visit during your boating adventures:

• Deep Creek Lake

• Chester River

• Choptank River

• Clopper Lake

Call for a Consultation!

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.

Boat Loan Amounts

24-Hour Response

Minimum credit score

We Can’t Finance a Boat Loan If You’ve Had any of the Following Events

We realize that things happen in life, but there are some items that lenders don’t look favorably upon. If you’ve experienced any of the following events within the last several years, then we won’t be able to secure a boat loan for you.

boat loans maryland

New & Used Boat Loans in Maryland 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 in Maryland. 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 in Maryland. If you have any 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.

Down Payment options

  • 10% on boat loans up to $99,999 (depending on the value and age of the boat, possibly even less up to $49,999 on 2017 models or newer)
  • 15% on boat loans over $100,000
  • 20% on boat loans over $500,000
  • No Income verification is required on loans under $100k and up to $124999 on boats 2017 and newer.
  • State income program for boat loans as high as $200k with proper credit scores if not self-employed.

Interest Rates

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

Documents You’ll Need

Boats older than 2016 & over $100k normally requires full documentation including 2 years tax returns and a personal financial statement. Exceptions may apply. Personal liquidity (liquid assets) are an important part of a large loan approval process. Your personal financial statement will need enough liquidity to cover the loan

Give Us a Call

When you call us you'll be speaking with a knowledgeable expert in the boat loan industry. Our goal is to answer all of your questions and help you secure financing if we can. If you happen to call us and we don't answer, leave your name, number, and the we'll give you a call back as soon as we can. We will call you the same day you call us and you will never be left hanging. You may also contact us using our “Contact US” page.

Models Covered Under Our Older Boat Loans

Chesapeake Financial is a national lender that offers boat financing in Maryland on model years up to 20 years in age. Older boat model years 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 amounts on older boats start at $2500.00 We accommodate broker, dealer, and private sales for older boat loans.

Refinancing

Sometimes life calls for a change and 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 in Maryland 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 $75K*

*Based on value

Documents You’ll Need: 

  • Refinanced boat loans require full documentation including 2 years tax returns and a personal financial statement depending on your credit scores. State income refis are available with good credit.
  • Your personal financial statement will need enough liquidity to cover the loan.
four people eating lunch on boat

Call for Rates

Click the button below to call us today and discover your rate.

The Loan Process

1. Find the Boat of Your Dreams

2. Submit an Application.

Once the application is filled out, you’ll get a response from us within 24 hours at most. Usually the same day.

3. Get Approved.

Take your approval loan to the dealer, a private party or a broker. This will improve your purchase power.

4. Complete Your Loan Documents.

After the deal is finalized, contact us for the documents required and we’ll finalize your loan.

5. Funding.

We’ll send the funds overnight to you or the dealer. Wires are available.

6. Jump in Your Boat.

Feel the wind and spray of the open water on your new boat.

service areas

We are a national lender that deals in all of the contiguous 48 states

Check Out Our Outstanding Customer Reviews

My call was returned within minutes — not hours like other places. Phil got me a great loan with a great rate even though we were first-time “big boat” buyers. Very happy with EVERYTHING that was done!

– MARK MILLS

Great company to do business with and would refer anyone needing a boat loan over to them. Very knowledgeable and will go the extra mile to get you the best rate. Couldn’t be more pleased.

 

– SERGIO GALINDO

Phi is a pleasure to deal with. I have financed two boats with him and he has always made it an easy, quick process. I would highly recommend contacting Phil when shopping for your boat financing.

 

– VITO MANZI

Apply for a New Boat Loan in Maryland Today!

Frequently Asked Questions

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

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

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

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

Always within 24 hours and as fast as instantly.

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

Yes. No prepayment penalties are ever assessed.

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

By having good credit and calling us for valuation.