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Boat Loans Michigan Starting at $35,000.00
Interest Rates Starting at 5%
No Doc No Proof of Income Loans Available
Credit Scores 740 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. Our business is built upon helping customers get the boat they want and a boat loan that works for them. Want the boat of your dreams? Look no further than Chesapeake Financial for great boat loans in Michigan. 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, including your desired monthly payment and interest rate. Our fast online loan application 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 resources and expertise in the industry to secure financing and great rates and payment terms for you and if we can’t get you a loan, we’ll let you know why.

No Doc 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 doc 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. Give us a call to discuss your specific situation.

Reasons Our Customers Love Us

Easy Online Application

Utilize our simple application. This allows you to apply for a boat loan immediately. We'll look at your credit and other details and provide a response 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 Michigan

Michigan is a hotspot for boating and is often in the conversation in places you must visit for its waters. It has a peaceful climate for most of the year and the most freshwater among all states. As the home to the Great Lakes, its history and support of boating are extensive. Since the 19th century, boating has been a popular activity here. Here are some places you may want to visit while you’re there.

Lake Leelanau

With a name that means “Narrow body of water,” this 9,000-acre lake contains many spots for boaters. You can stop by some of the Boathouse vineyards in the area or experience award winning restaurants. You can also spend some time here fishing with many spots to occupy the north and south of the lake.

boat loans
couple on boat on lake

Higgins Lake

If you’re looking for somewhere colder, north of Roscommon you’ll find Higgins Lake. Its icy waters during the winter make it a popular ice fishing site where bass, trout, and northern pike abound. Because of its vast size and temperature, many find it hard to believe that they aren’t atop the ocean. During the warmer months, it is welcome for swimmers, snorkelers, and boaters.

Lake Charlevoix

One of the largest inland lakes in the state, this body of water's name comes from the nearby town of Charlevoix. Many love it here for its charm and family-friendly environment. You can spend time here boating, canoeing, or water skiing. Head to some of the smaller tributaries nearby or fish the day away.

man fishing on bow of boat
man boating on lake

Lake Michigan

What else does one need to say? Songs have been written about it and the great Mackinac Island is a must see by boat.

Other Notable Michigan Boating Locations

With so many places to boat, Michigan is a destination to hang out by the water during your vacation. There’s a lot of recreational activities around beautiful environments you can also explore. Take some time to get to know these places and find a favorite. Here are some other great boating spots you may want to spend time in while you’re in Michigan:

• Muskegon River

• Indian Lake

• Black River

• Lake Saint Claire

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.

24-Hour Response

Minimum credit score 740

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.

man jumping off a boat into water after getting one of the best boat loans michigan

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

Whether you’re planning to buy your first boat or a lifelong enthusiast, Chesapeake Financial can secure funding for your boat purchase. We offer the best loan rates, payment terms, and exceptional customer service that you’ll be hard-pressed to find anywhere else in Michigan. 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 online application to funding for your next boat. We even supply guidance on how and where to title your boat in Michigan. 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.

New and used boat loans begin at $35,000 and go as high as $22 Million. We do not finance boats that are older than 20 years of age. Interest rates vary by credit scores, age of boat, and equity positions. The wholesale value must be $50,000 or higher on boats older than 15 years of age and by no means, can we finance boats that are older than 20 years of age. We do not finance boats not listed in the NADA or BUC Value guides. Please refer to the section on what boats we can and cannot finance and the required down payments section.

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 2018 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 2018 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 and payment 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 rates possible for your situation.

Documents You’ll Need

Boats older than 2018 & 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 boat loan lender that offers boat financing in Michigan 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 and are based on wholesale valuations. Minimum loan amounts on boats older than 15 years of age start at $50,000. We accommodate broker, dealer, and private sales.

Refinancing

There are times in life when refinancing your boat makes perfect sense. Whether you’re wanting a lower payment, better interest rates, needing to change from joint ownership to single, or simply looking to extend your term, you’ll find that refinancing your boat loan in Michigan is a simple process with Chesapeake Financial. You’ll receive a fast response after submitting your online 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 today's rates. We'll give you a few options to compare.

The Loan Process

1. Find the Boat of Your Dreams

2. Submit an Application.

Once the online 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 approved 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 for closing the loan. 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 Michigan Today!

Frequently Asked Questions

The payment 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.