Boat loan down payment and credit score: what lenders publish

The National Marine Lenders Association says its member lenders offer financing “with down payments typically in the 10 percent to 20 percent range.” Navy Federal advertises options with no down payment. On credit, only a few lenders publish a floor: Trident Funding says 600+, Southeast Financial 575, and Truist sets none for secured boat loans.

What 10 to 20 percent means in dollars

At yacht prices, the gap between 10 and 20 percent is a lot of cash.

Purchase price	10% down	20% down	Loan at 20% down
$250,000	$25,000	$50,000	$200,000
$600,000	$60,000	$120,000	$480,000
$1,500,000	$150,000	$300,000	$1,200,000
$3,000,000	$300,000	$600,000	$2,400,000

That’s before sales tax, documentation fees and insurance. If you pay those in cash at closing, they come on top of the down payment. If you roll them into the loan, the loan gets bigger, which matters for the reason in the next section.

Why lenders care: loan-to-value

Loan-to-value (LTV) is the loan divided by the boat’s value. Put 20% down and nothing else in the loan, and LTV is 80%.

M&T Bank spells out why this matters to pricing. Its page says the bottom APR in its boat range requires a loan-to-value of 80% or less and a loan of at least $50,000. Those APRs also need an M&T MyChoice Premium or Power Checking account and autopay. The page’s rate data, read October 24, 2026 with no date shown, ran from 6.59% to 15.69% APR for boats. Where in that range you land depends partly on that 80% line.

U.S. Bank puts its LTV line for its advertised refinance rate at 100% or less, alongside a FICO score of 800 or higher and a boat under four years old.

Here’s how rolling costs into the loan moves LTV. This is an example with round numbers:

• Purchase price $500,000, down payment $100,000 (20%)
• Florida state sales tax: 6% would be $30,000, but the state cap holds it to $18,000
• Tax rolled into the loan: $400,000 + $18,000 = $418,000
• LTV against the $500,000 price: $418,000 ÷ $500,000 = 83.6%

The 20% down payment no longer gets you under 80%. Paying the tax in cash keeps you at 80%.

One more question to ask: does “value” mean the purchase price or the value in the marine survey? If the survey comes in below the price, the same loan is a higher share of the value. Find out which one the lender uses before you set the down payment. The marine survey guide covers what the survey reports.

Lenders that publish less than 10 percent

Navy Federal advertises “loan options with no down payment” and decisions within 24 hours. Its page also says boats “must be used for recreational purposes” and that a marine survey is required on every used boat. Its rates, stamped “Rates as of Oct 24, 2026,” ran from 6.95% to 8.95% APR for new boats and 7.45% to 9.90% APR for used boats, on terms up to 180 months. They assume excellent credit and vary with “credit history, model year, term, and loan amount.”

A no-down loan starts you at 100% LTV or higher if tax and fees are financed. That’s fine if you plan to keep the boat. It’s a problem if you need to sell in the first few years, since the loan balance may be more than a buyer will pay.

Trident Funding’s FAQ, like NMLA, says a typical down payment is 10 to 20 percent.

Published credit score minimums

Most lenders don’t publish one. These are the ones that did, on pages read October 24, 2026.

Lender	What the page says about credit
Trident Funding	“Minimum credit score 600+”
Southeast Financial	Minimum credit score of 575; “720+ credit scores may qualify for top-tier rates”
Truist	No set credit score requirement for secured boat loans or secured marine loans. Excellent credit is required for the bottom of its range, and fewer than half of applicants qualified for that rate
Navy Federal	No minimum published; advertised rates assume excellent credit
U.S. Bank	Its advertised refinance rate requires FICO 800 or higher
M&T Bank	Not published

A low published floor tells you who can apply, not what rate they’ll get. Truist’s own disclosure is the clearest on that point: no minimum score, but most applicants didn’t get the bottom of the range.

How down payment, credit and term work together

These three trade against each other. More down lowers LTV and the loan amount. A bigger loan can open longer terms, since lenders like Navy Federal and DuPage set minimum amounts for their longest terms (see how long you can finance a boat). Credit moves the rate.

Before you settle on a down payment, run two or three versions in the calculator: one with tax rolled in, one with tax paid in cash, and one at a lower down payment. Then compare the published lender terms to see which LTV and size lines you’re close to. None of this tells you what any lender will approve. If you have a question about your scenario, send us your numbers.